Barracuda Networks, Inc. (CUDA) Receives “Buy” Rating from KeyCorp

KeyCorp reissued their buy rating on shares of Barracuda Networks, Inc. (NYSE:CUDA) in a research note released on Friday morning. They currently have a $30.00 target price on the communications equipment provider’s stock.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus reissued a buy rating and set a $32.00 price target on shares of Barracuda Networks in a research report on Tuesday, September 12th. BTIG Research reaffirmed a buy rating and issued a $30.00 target price on shares of Barracuda Networks in a research report on Thursday, July 13th. Robert W. Baird reaffirmed a buy rating and issued a $29.00 target price on shares of Barracuda Networks in a research report on Tuesday, October 24th. BidaskClub cut shares of Barracuda Networks from a hold rating to a sell rating in a research report on Saturday, November 4th. Finally, Zacks Investment Research cut shares of Barracuda Networks from a hold rating to a sell rating in a research report on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Barracuda Networks has a consensus rating of Buy and an average price target of $28.10.

Shares of Barracuda Networks (NYSE:CUDA) traded up $0.31 during mid-day trading on Friday, hitting $22.42. 467,100 shares of the stock traded hands, compared to its average volume of 797,194. The firm has a market cap of $1,178.05, a PE ratio of 71.32, a price-to-earnings-growth ratio of 5.90 and a beta of 3.22. Barracuda Networks has a 1 year low of $19.06 and a 1 year high of $26.16.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $93.32 million. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS. sell-side analysts expect that Barracuda Networks will post 0.31 earnings per share for the current fiscal year.

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In related news, SVP Michael D. Hughes sold 2,015 shares of the company’s stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $22.60, for a total transaction of $45,539.00. Following the sale, the senior vice president now directly owns 155,033 shares in the company, valued at $3,503,745.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Dustin Driggs sold 1,250 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $24.03, for a total transaction of $30,037.50. Following the sale, the chief financial officer now owns 103,093 shares in the company, valued at $2,477,324.79. The disclosure for this sale can be found here. Insiders have sold 3,062,431 shares of company stock worth $75,302,664 over the last quarter. Insiders own 13.90% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake 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 buying an additional 717 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of Barracuda Networks during the second quarter worth approximately $113,000. Legal & General Group Plc increased its stake 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 buying an additional 828 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Barracuda Networks during the third quarter worth approximately $162,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake 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 buying an additional 1,104 shares during the period. Hedge funds and other institutional investors own 65.59% of the company’s stock.

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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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