Barracuda Networks, Inc. (CUDA) Stock Rating Upgraded by BidaskClub
BidaskClub upgraded shares of Barracuda Networks, Inc. (NYSE:CUDA) from a sell rating to a hold rating in a research note issued to investors on Friday.
Several other brokerages also recently issued reports on CUDA. Stifel Nicolaus reiterated a buy rating and issued a $32.00 price target on shares of Barracuda Networks in a report on Wednesday, July 19th. Robert W. Baird reiterated a buy rating and issued a $29.00 price target on shares of Barracuda Networks in a report on Wednesday, October 11th. Rosenblatt Securities reiterated a buy rating on shares of Barracuda Networks in a report on Sunday, October 15th. Northland Securities reissued a buy rating and issued a $28.00 price objective on shares of Barracuda Networks in a research report on Friday, June 30th. Finally, BTIG Research reissued a buy rating and issued a $30.00 price objective on shares of Barracuda Networks in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $28.10.
Barracuda Networks (CUDA) opened at 23.04 on Friday. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.16. The company has a 50-day moving average price of $23.91 and a 200-day moving average price of $22.87. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 135.53 and a beta of 3.27.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The firm had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. During the same period in the prior year, the firm earned $0.21 EPS. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts forecast that Barracuda Networks will post $0.75 earnings per share for the current year.
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In other Barracuda Networks news, CEO William D. Jenkins, Jr. sold 16,500 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.00, for a total value of $396,000.00. Following the transaction, the chief executive officer now owns 604,608 shares of the company’s stock, valued at $14,510,592. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael D. Perone sold 236,987 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $24.02, for a total transaction of $5,692,427.74. Following the completion of the transaction, the director now directly owns 2,988,898 shares in the company, valued at approximately $71,793,329.96. The disclosure for this sale can be found here. Insiders have sold 3,061,181 shares of company stock worth $75,273,789 in the last ninety days. Corporate insiders own 13.90% of the company’s stock.
Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Barracuda Networks by 7.5% in the second quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock valued at $67,660,000 after purchasing an additional 204,731 shares during the period. Systematic Financial Management LP increased its stake in shares of Barracuda Networks by 24.4% in the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock valued at $50,094,000 after purchasing an additional 426,715 shares during the period. Clearbridge Investments LLC increased its stake in shares of Barracuda Networks by 0.8% in the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock valued at $47,006,000 after purchasing an additional 16,324 shares during the period. ETF Managers Group LLC acquired a new stake in shares of Barracuda Networks in the second quarter valued at approximately $44,968,000. Finally, Renaissance Technologies LLC increased its stake in shares of Barracuda Networks by 35.5% in the second quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock valued at $35,473,000 after purchasing an additional 402,605 shares during the period. Institutional investors own 65.55% of the company’s stock.
About Barracuda Networks
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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