Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by stock analysts at Robert W. Baird in a note issued to investors on Tuesday. They presently have a $29.00 price objective on the communications equipment provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 25.22% from the stock’s previous close.
The analysts wrote, “We hosted investor meetings with Barracuda management last week. No surprise, the ongoing business model transition to more subscriptions and cloud-based delivery remained a common theme.””
A number of other equities research analysts also recently weighed in on CUDA. Rosenblatt Securities restated a “buy” rating on shares of Barracuda Networks in a research report on Sunday, October 15th. BidaskClub downgraded Barracuda Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. KeyCorp restated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Wednesday, October 11th. Needham & Company LLC restated a “buy” rating and set a $28.00 price target on shares of Barracuda Networks in a research report on Tuesday, September 12th. Finally, Zacks Investment Research cut Barracuda Networks from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $28.10.
Barracuda Networks (NYSE CUDA) opened at 23.16 on Tuesday. The company’s 50 day moving average price is $24.02 and its 200-day moving average price is $22.87. The company has a market capitalization of $1.23 billion, a P/E ratio of 136.24 and a beta of 3.27. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.16.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The company had revenue of $94.30 million for the quarter, compared to the consensus estimate of $93.32 million. During the same quarter last year, the business posted $0.21 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. Equities analysts forecast that Barracuda Networks will post $0.75 earnings per share for the current fiscal year.
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In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $22.63, for a total transaction of $28,287.50. Following the completion of the sale, the chief financial officer now directly owns 105,471 shares in the company, valued at approximately $2,386,808.73. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael D. Perone sold 108,258 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $25.77, for a total transaction of $2,789,808.66. Following the sale, the director now owns 1,378,038 shares of the company’s stock, valued at $35,512,039.26. The disclosure for this sale can be found here. Insiders have sold 3,062,431 shares of company stock valued at $75,302,076 over the last quarter. Company insiders own 13.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. AlphaMark Advisors LLC raised its stake in Barracuda Networks by 63.7% during the 2nd quarter. AlphaMark Advisors LLC now owns 44,200 shares of the communications equipment provider’s stock valued at $1,019,000 after buying an additional 17,200 shares during the last quarter. Gotham Asset Management LLC raised its stake in Barracuda Networks by 2.5% during the 1st quarter. Gotham Asset Management LLC now owns 35,109 shares of the communications equipment provider’s stock valued at $811,000 after buying an additional 871 shares during the last quarter. Atria Investments LLC purchased a new stake in Barracuda Networks during the 2nd quarter valued at $204,000. Clearbridge Investments LLC raised its stake in Barracuda Networks by 0.8% during the 1st quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock valued at $47,006,000 after buying an additional 16,324 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Barracuda Networks during the 1st quarter valued at $4,867,000. Institutional investors and hedge funds own 65.50% of the company’s stock.
Barracuda Networks Company Profile
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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