Morgan Stanley reissued their equal weight rating on shares of Barracuda Networks Inc. (NYSE:CUDA) in a research report sent to investors on Wednesday. Morgan Stanley currently has a $23.00 price objective on the stock, up from their prior price objective of $19.00.
CUDA has been the topic of several other reports. Pacific Crest upgraded shares of Barracuda Networks from a sector weight rating to an overweight rating and boosted their price target for the stock from $23.27 to $30.00 in a report on Tuesday, August 30th. DA Davidson set a $20.00 price target on shares of Barracuda Networks and gave the stock a sell rating in a report on Tuesday, October 4th. Vetr upgraded shares of Barracuda Networks from a buy rating to a strong-buy rating and set a $26.50 price target on the stock in a report on Tuesday, August 30th. Rosenblatt Securities started coverage on shares of Barracuda Networks in a report on Monday, August 1st. They set a buy rating and a $30.00 price target on the stock. Finally, Imperial Capital restated an in-line rating and set a $17.00 price target (up from $15.00) on shares of Barracuda Networks in a report on Tuesday, July 12th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $24.58.
Shares of Barracuda Networks (NYSE:CUDA) opened at 25.05 on Wednesday. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $26.69. The company has a 50-day moving average of $24.23 and a 200 day moving average of $19.42. The firm has a market capitalization of $1.31 billion, a P/E ratio of 626.25 and a beta of 3.60.
Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.13 by $0.08. The company earned $87.90 million during the quarter. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 earnings per share. Equities research analysts anticipate that Barracuda Networks will post $0.57 earnings per share for the current year.
In related news, major shareholder Dean M. Drako sold 58,899 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $26.40, for a total transaction of $1,554,933.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Dean M. Drako sold 93,585 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $22.15, for a total transaction of $2,072,907.75. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CUDA. Algert Global LLC raised 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 during the period. Schwab Charles Investment Management Inc. raised its stake in 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. purchased a new stake in Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in Barracuda Networks during the second quarter worth $250,000. Finally, Numeric Investors LLC purchased a new stake in Barracuda Networks during the second quarter worth $321,000. 53.98% of the stock is currently owned by institutional investors and hedge funds.
Barracuda Networks Company Profile