JPMorgan Chase & Co. increased its position in shares of Barracuda Networks Inc. (NYSE:CUDA) by 28.9% during the second quarter, Holdings Channel reports. The institutional investor owned 224,615 shares of the company’s stock after buying an additional 50,410 shares during the period. JPMorgan Chase & Co. owned approximately 0.43% of Barracuda Networks worth $3,400,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in CUDA. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Barracuda Networks during the second quarter valued at about $179,000. DIAM Co. Ltd. acquired a new stake in shares of Barracuda Networks during the second quarter valued at about $208,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Barracuda Networks during the second quarter valued at about $215,000. Bank of Montreal Can acquired a new stake in shares of Barracuda Networks during the second quarter valued at about $232,000. Finally, Hershey Trust Co. boosted its stake in shares of Barracuda Networks by 106.9% in the second quarter. Hershey Trust Co. now owns 19,827 shares of the company’s stock valued at $300,000 after buying an additional 10,245 shares during the period. 53.98% of the stock is currently owned by hedge funds and other institutional investors.
Barracuda Networks Inc. (NYSE:CUDA) opened at 23.96 on Tuesday. Barracuda Networks Inc. has a 12 month low of $9.44 and a 12 month high of $26.69. The firm has a market capitalization of $1.25 billion, a P/E ratio of 599.00 and a beta of 3.60. The stock’s 50 day moving average price is $24.23 and its 200-day moving average price is $19.42.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. The business had revenue of $87.90 million for the quarter. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 EPS. On average, analysts forecast that Barracuda Networks Inc. will post $0.57 earnings per share for the current year.
Several equities research analysts have issued reports on CUDA shares. Imperial Capital reaffirmed an “underweight” rating on shares of Barracuda Networks in a research note on Thursday, October 13th. Pacific Crest raised shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and lifted their target price for the stock from $23.27 to $30.00 in a research note on Tuesday, August 30th. DA Davidson set a $20.00 price target on shares of Barracuda Networks and gave the company a “sell” rating in a research report on Tuesday, October 4th. BTIG Research boosted their price target on shares of Barracuda Networks from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, October 12th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $23.00 price target (up previously from $19.00) on shares of Barracuda Networks in a research report on Wednesday, October 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $24.58.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 146,232 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $22.01, for a total value of $3,218,566.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Dean M. Drako sold 58,899 shares of the firm’s stock in a transaction dated Friday, October 14th. The stock was sold at an average price of $26.40, for a total value of $1,554,933.60. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
About Barracuda Networks
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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