Todays Report: The Barracuda Networks Inc. (CUDA) Price Target Increased to $15.00 by Analysts at JMP Securities

The Barracuda Networks Inc. (CUDA) Price Target Increased to $15.00 by Analysts at JMP Securities

Barracuda Networks Inc. (NYSE:CUDA) had its target price upped by JMP Securities from $13.00 to $15.00 in a report published on Wednesday morning. They currently have a market underperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. BTIG Research raised their target price on Barracuda Networks from $26.00 to $28.00 and gave the company a buy rating in a research report on Wednesday. Morgan Stanley raised their target price on Barracuda Networks from $19.00 to $23.00 and gave the company an equal weight rating in a research report on Wednesday. Stifel Nicolaus raised their target price on Barracuda Networks from $26.00 to $32.00 and gave the company a buy rating in a research report on Wednesday. Piper Jaffray Cos. upgraded Barracuda Networks from a neutral rating to an overweight rating and raised their target price for the company from $18.00 to $32.00 in a research report on Wednesday. Finally, Vetr upgraded Barracuda Networks from a sell rating to a hold rating and set a $22.90 target price on the stock in a research report on Tuesday. 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. Barracuda Networks has a consensus rating of Hold and a consensus price target of $23.79.

Barracuda Networks (NYSE:CUDA) traded up 1.49% on Wednesday, hitting $25.85. The stock had a trading volume of 572,871 shares. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $26.69. The firm has a market cap of $1.35 billion, a PE ratio of 646.25 and a beta of 3.61. The company has a 50-day moving average price of $23.96 and a 200 day moving average price of $19.17.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. Equities analysts forecast that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.

In other news, CEO William D. Jenkins, Jr. sold 4,000 shares of Barracuda Networks stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $20.23, for a total transaction of $80,920.00. Following the sale, the chief executive officer now owns 625,934 shares of the company’s stock, valued at approximately $12,662,644.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Dean M. Drako sold 3,768 shares of Barracuda Networks stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $22.01, for a total transaction of $82,933.68. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CUDA. Okumus Fund Management Ltd. purchased a new stake in Barracuda Networks during the first quarter valued at approximately $68,773,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Barracuda Networks during the second quarter valued at approximately $6,264,000. BlackRock Fund Advisors raised its stake in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares during the last quarter. State Street Corp raised its stake in Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares during the last quarter. 54.20% of the stock is currently owned by hedge funds and other institutional investors.

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