The Barracuda Networks Inc. (CUDA) Upgraded by Vetr Inc. to “Strong-Buy”

The Barracuda Networks Inc. (CUDA) Upgraded by Vetr Inc. to “Strong-Buy”

Vetr upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a buy rating to a strong-buy rating in a research report released on Monday. Vetr currently has $27.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Barracuda Networks from a buy rating to a hold rating in a research note on Friday, January 13th. Rosenblatt Securities set a $30.00 price target on shares of Barracuda Networks and gave the stock a buy rating in a research note on Tuesday, January 10th. Imperial Capital set a $21.00 price target on shares of Barracuda Networks and gave the stock a sell rating in a research note on Wednesday, January 11th. Piper Jaffray Cos. reiterated an overweight rating and issued a $32.00 price target on shares of Barracuda Networks in a research note on Tuesday, January 10th. Finally, William Blair reiterated a market perform rating on shares of Barracuda Networks in a research note on Tuesday, January 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks presently has a consensus rating of Hold and an average price target of $25.41.

Shares of Barracuda Networks (NYSE:CUDA) opened at 23.14 on Monday. The stock has a market cap of $1.22 billion, a P/E ratio of 121.79 and a beta of 3.42. Barracuda Networks has a 12-month low of $9.94 and a 12-month high of $26.69. The company’s 50-day moving average is $22.69 and its 200-day moving average is $22.76.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Monday, January 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.08. The company had revenue of $88.80 million for the quarter. Barracuda Networks had a net margin of 2.95% and a negative return on equity of 101.22%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 EPS. On average, equities research analysts anticipate that Barracuda Networks will post $0.78 earnings per share for the current year.

In other Barracuda Networks news, Director Jeffry R. Allen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 25th. The shares were sold at an average price of $23.95, for a total transaction of $359,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Perone sold 297,974 shares of the stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $24.15, for a total transaction of $7,196,072.10. Following the sale, the insider now directly owns 3,924,440 shares of the company’s stock, valued at $94,775,226. The disclosure for this sale can be found here. Insiders sold a total of 3,083,348 shares of company stock valued at $73,407,722 over the last three months. 39.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CUDA. State of Wisconsin Investment Board purchased a new position in Barracuda Networks during the third quarter worth approximately $3,949,000. PNC Financial Services Group Inc. increased its position in Barracuda Networks by 7,280.4% in the third quarter. PNC Financial Services Group Inc. now owns 124,139 shares of the company’s stock worth $3,162,000 after buying an additional 122,457 shares in the last quarter. Strs Ohio increased its position in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock worth $1,452,000 after buying an additional 18,000 shares in the last quarter. Swiss National Bank increased its position in Barracuda Networks by 54.1% in the second quarter. Swiss National Bank now owns 45,000 shares of the company’s stock worth $681,000 after buying an additional 15,800 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position 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 in the last quarter. Hedge funds and other institutional investors own 54.78% 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.

To view Vetr’s full report, visit Vetr’s official website.

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