Barracuda Networks Inc. (NYSE:CUDA) was upgraded by stock analysts at Vetr from a “sell” rating to a “hold” rating in a report released on Tuesday. The brokerage currently has a $22.90 target price on the stock. Vetr‘s price objective points to a potential downside of 1.84% from the stock’s current price.
Other equities research analysts have also issued research reports about the stock. JMP Securities reaffirmed a “sell” rating on shares of Barracuda Networks in a report on Saturday, July 9th. Imperial Capital reissued an “in-line” rating and set a $17.00 price target (up previously from $15.00) on shares of Barracuda Networks in a research report on Tuesday, July 12th. Summit Research assumed coverage on shares of Barracuda Networks in a research report on Friday, July 1st. They set a “hold” rating on the stock. DA Davidson cut shares of Barracuda Networks from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $17.00 to $19.50 in a research report on Friday, August 12th. They noted that the move was a valuation call. Finally, Summit Redstone reissued a “hold” rating and set a $15.00 price target on shares of Barracuda Networks in a research report on Saturday, July 2nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $20.96.
Barracuda Networks (NYSE:CUDA) traded down 2.95% on Tuesday, reaching $23.33. 1,492,059 shares of the company traded hands. The stock has a 50 day moving average of $23.86 and a 200-day moving average of $19.13. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.60. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77.
Barracuda Networks (NYSE:CUDA) last released its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The business earned $87.90 million during the quarter, compared to analyst estimates of $85.27 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that Barracuda Networks will post $0.57 EPS for the current year.
In related news, major shareholder Dean M. Drako sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $19.62, for a total transaction of $1,177,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total transaction of $497,500.00. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. raised its stake in Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the last quarter. American Century Companies Inc. purchased a new stake in Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in Barracuda Networks during the second quarter worth $250,000. Numeric Investors LLC purchased a new stake in Barracuda Networks during the second quarter worth $321,000. Finally, AHL Partners LLP purchased a new stake in Barracuda Networks during the second quarter worth $158,000. Hedge funds and other institutional investors own 54.20% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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