Other research analysts also recently issued research reports about the company. JMP Securities reiterated a sell rating on shares of Barracuda Networks in a report on Saturday, July 9th. Summit Research assumed coverage on Barracuda Networks in a report on Friday, July 1st. They issued a hold rating on the stock. Summit Redstone reiterated a hold rating and issued a $15.00 price objective on shares of Barracuda Networks in a report on Saturday, July 2nd. DA Davidson downgraded Barracuda Networks from a neutral rating to an underperform rating and lifted their price objective for the stock from $17.00 to $19.50 in a report on Friday, August 12th. They noted that the move was a valuation call. Finally, Vetr downgraded Barracuda Networks from a hold rating to a sell rating and set a $21.50 price objective on the stock. in a report on Monday, August 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $24.46.
Shares of Barracuda Networks (NYSE:CUDA) traded up 2.0887% during midday trading on Thursday, hitting $25.8897. The stock had a trading volume of 944,197 shares. The firm’s 50-day moving average price is $24.05 and its 200-day moving average price is $19.21. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 647.2425 and a beta of 3.61.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The firm earned $87.90 million during the quarter. During the same period last year, the firm earned $0.10 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts forecast that Barracuda Networks will post $0.57 earnings per share for the current year.
In related news, major shareholder Dean M. Drako sold 93,585 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $22.15, for a total value of $2,072,907.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Michael D. Hughes sold 4,468 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $25.05, for a total value of $111,923.40. Following the completion of the transaction, the senior vice president now directly owns 113,971 shares in the company, valued at $2,854,973.55. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Okumus Fund Management Ltd. acquired a new position in Barracuda Networks during the first quarter valued at about $68,773,000. Vanguard Group Inc. raised its stake in shares of Barracuda Networks by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,523,258 shares of the company’s stock worth $23,063,000 after buying an additional 47,118 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock worth $14,091,000 after buying an additional 250,000 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Barracuda Networks by 32.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 574,917 shares of the company’s stock worth $8,704,000 after buying an additional 140,555 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock worth $8,562,000 after buying an additional 330,942 shares in the last quarter. 54.20% of the stock is currently owned by institutional investors and hedge funds.
Barracuda Networks Company Profile
Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.
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