Barracuda Networks, Inc. (NYSE:CUDA) has been assigned an average recommendation of “Buy” from the twenty-two ratings firms that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $27.32.
CUDA has been the subject of several recent analyst reports. Northland Securities reiterated a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a research note on Friday, June 30th. Zacks Investment Research downgraded shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Pacific Crest reiterated an “overweight” rating and issued a $30.00 target price on shares of Barracuda Networks in a research note on Wednesday, June 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a research note on Monday, June 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 target price on shares of Barracuda Networks in a research note on Tuesday, September 12th.
Barracuda Networks (CUDA) traded down 12.00% during trading on Wednesday, hitting $22.65. The stock had a trading volume of 8,422,992 shares. The stock has a 50 day moving average price of $24.20 and a 200 day moving average price of $22.91. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.69. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 119.21 and a beta of 3.27.
Barracuda Networks (NYSE:CUDA) last issued its earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The business had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. During the same period last year, the business posted $0.21 EPS. Barracuda Networks’s revenue was up 7.3% on a year-over-year basis. Equities research analysts forecast that Barracuda Networks will post $0.76 earnings per share for the current year.
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In other Barracuda Networks news, CFO Dustin Driggs sold 5,135 shares of the stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $24.85, for a total value of $127,604.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.00, for a total transaction of $396,000.00. Following the completion of the transaction, the chief executive officer now directly owns 604,608 shares in the company, valued at $14,510,592. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,354,783 shares of company stock worth $57,100,375. Insiders own 13.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in shares of Barracuda Networks by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 717 shares during the period. Advisors Asset Management Inc. bought a new position in shares of Barracuda Networks during the second quarter worth approximately $113,000. Legal & General Group Plc increased its holdings in shares of Barracuda Networks by 15.7% during the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after purchasing an additional 828 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of Barracuda Networks by 2.9% during the first quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock worth $146,000 after purchasing an additional 177 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Barracuda Networks by 17.6% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after purchasing an additional 1,104 shares during the period. 65.96% of the stock is currently owned by institutional investors.
Barracuda Networks Company Profile
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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