Piper Jaffray Cos. upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a neutral rating to an overweight rating in a research note published on Wednesday. Piper Jaffray Cos. currently has $32.00 price target on the stock, up from their previous price target of $18.00.
A number of other equities research analysts have also commented on the company. Zacks Investment Research upgraded Barracuda Networks from a hold rating to a strong-buy rating and set a $27.00 price objective for the company in a research report on Friday, October 7th. Summit Redstone restated a hold rating and set a $15.00 price objective on shares of Barracuda Networks in a research report on Saturday, July 2nd. Vetr lowered Barracuda Networks from a strong-buy rating to a buy rating and set a $26.50 price objective for the company. in a research report on Monday, September 19th. Pacific Crest upgraded Barracuda Networks from a sector weight rating to an overweight rating and raised their price objective for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. Finally, DA Davidson lowered Barracuda Networks from a neutral rating to an underperform rating and raised their price objective for the stock from $17.00 to $19.50 in a research report on Friday, August 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks currently has an average rating of Hold and an average price target of $24.58.
Shares of Barracuda Networks (NYSE:CUDA) opened at 25.52 on Wednesday. The firm has a 50-day moving average of $24.15 and a 200 day moving average of $19.29. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69. The firm has a market cap of $1.33 billion, a P/E ratio of 638.00 and a beta of 3.60.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. The firm had revenue of $87.90 million for the quarter. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.10 EPS. On average, equities research analysts anticipate that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other news, Director Gordon Stitt acquired 4,000 shares of the stock in a transaction dated Tuesday, November 8th. The shares were acquired at an average cost of $20.81 per share, for a total transaction of $83,240.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffry R. Allen sold 6,403 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $20.75, for a total value of $132,862.25. The disclosure for this sale can be found here. 39.60% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC boosted its stake in Barracuda Networks by 242.5% in the third quarter. Algert Global LLC now owns 41,130 shares of the company’s stock worth $1,048,000 after buying an additional 29,122 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the period. American Century Companies Inc. bought a new stake in shares of Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY bought a new stake in shares of Barracuda Networks during the second quarter worth $250,000. Finally, Numeric Investors LLC bought a new stake in shares of Barracuda Networks during the second quarter worth $321,000. Institutional investors and hedge funds own 53.98% of the company’s stock.
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