Piper Jaffray Cos. upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a neutral rating to an overweight rating in a report released on Wednesday. Piper Jaffray Cos. currently has $32.00 price objective on the stock, up from their prior price objective of $18.00.
A number of other equities research analysts have also recently commented on CUDA. Pacific Crest raised Barracuda Networks from a sector weight rating to an overweight rating and raised their price target for the company from $23.27 to $30.00 in a report on Tuesday, August 30th. DA Davidson set a $20.00 price target on Barracuda Networks and gave the company a sell rating in a report on Tuesday, October 4th. Vetr raised Barracuda Networks from a buy rating to a strong-buy rating and set a $26.50 price target on the stock in a report on Tuesday, August 30th. Rosenblatt Securities began coverage on Barracuda Networks in a report on Monday, August 1st. They set a buy rating and a $30.00 price target on the stock. Finally, Imperial Capital reissued an in-line rating and set a $17.00 price target (up from $15.00) on shares of Barracuda Networks in a report on Tuesday, July 12th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Barracuda Networks has a consensus rating of Hold and a consensus target price of $23.79.
Barracuda Networks (NYSE:CUDA) traded down 0.2744% during mid-day trading on Wednesday, reaching $25.4001. The company had a trading volume of 258,341 shares. The stock has a 50 day moving average price of $23.96 and a 200-day moving average price of $19.17. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $26.69. The stock has a market capitalization of $1.32 billion, a P/E ratio of 635.0025 and a beta of 3.61.
Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The company had revenue of $87.90 million for the quarter. During the same period in the prior year, the business posted $0.10 earnings per share. Barracuda Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts anticipate that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In related news, CEO William D. Jenkins, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $20.23, for a total value of $80,920.00. Following the completion of the sale, the chief executive officer now owns 625,934 shares in the company, valued at $12,662,644.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Dean M. Drako sold 93,585 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $22.15, for a total value of $2,072,907.75. The disclosure for this sale can be found here. Company insiders own 39.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Okumus Fund Management Ltd. purchased a new stake in shares of Barracuda Networks during the first quarter worth about $68,773,000. Spark Investment Management LLC acquired a new position in shares of Barracuda Networks during the first quarter worth approximately $1,262,000. A.R.T. Advisors LLC increased its position in shares of Barracuda Networks by 18.7% in the first quarter. A.R.T. Advisors LLC now owns 103,890 shares of the company’s stock worth $1,599,000 after buying an additional 16,400 shares during the period. Jana Partners LLC acquired a new position in shares of Barracuda Networks during the first quarter worth approximately $1,540,000. Finally, Prudential Financial Inc. acquired a new position in shares of Barracuda Networks during the first quarter worth approximately $2,512,000. 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.
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