Barracuda Networks Inc. (NYSE:CUDA) had its target price lifted by analysts at BTIG Research from $26.00 to $28.00 in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 20.02% from the company’s previous close.
CUDA has been the topic of a number of other research reports. Vetr cut Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 price objective on the stock. in a research note on Monday, September 19th. Stifel Nicolaus upped their price objective on Barracuda Networks from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Friday, July 8th. Piper Jaffray Cos. upgraded Barracuda Networks from a “neutral” rating to an “overweight” rating in a research note on Wednesday. Finally, JMP Securities reissued a “sell” rating on shares of Barracuda Networks in a report on Saturday, July 9th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.26.
Barracuda Networks (NYSE:CUDA) opened at 23.33 on Wednesday. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.61. The stock’s 50 day moving average is $23.86 and its 200 day moving average is $19.13. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $25.77.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The company had revenue of $87.90 million for the quarter. During the same quarter in the prior year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, Director Gordon Stitt bought 4,000 shares of the company’s stock in a transaction on Tuesday, November 8th. The stock was purchased at an average cost of $20.81 per share, for a total transaction of $83,240.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dean M. Drako sold 3,768 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $22.01, for a total value of $82,933.68. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CUDA. Bank of New York Mellon Corp increased its position in Barracuda Networks by 69.3% in the second quarter. Bank of New York Mellon Corp now owns 81,445 shares of the company’s stock valued at $1,232,000 after buying an additional 33,349 shares in the last quarter. American Century Companies Inc. purchased a new position in Barracuda Networks during the second quarter valued at approximately $3,356,000. Strs Ohio increased its position in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock valued at $1,452,000 after buying an additional 18,000 shares in the last quarter. Bank of Montreal Can purchased a new position in Barracuda Networks during the second quarter valued at approximately $232,000. Finally, Hershey Trust Co. increased its position in 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 in the last quarter. 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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