Barracuda Networks (NYSE:CUDA) Given Buy Rating at KeyCorp

Barracuda Networks (NYSE:CUDA)‘s stock had its “buy” rating reaffirmed by investment analysts at KeyCorp in a research report issued on Friday, November 10th. They currently have a $30.00 target price on the communications equipment provider’s stock. KeyCorp’s price target indicates a potential upside of 8.81% from the stock’s current price.

CUDA has been the subject of a number of other reports. J P Morgan Chase & Co reissued a “buy” rating and set a $35.00 price target on shares of Barracuda Networks in a research note on Wednesday, October 11th. Stifel Nicolaus reissued a “buy” rating and set a $32.00 price target on shares of Barracuda Networks in a research note on Tuesday, September 12th. BidaskClub raised Barracuda Networks from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. BTIG Research reaffirmed a “buy” rating and set a $30.00 target price on shares of Barracuda Networks in a research report on Saturday, July 22nd. Finally, Zacks Investment Research lowered 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, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $28.10.

Shares of Barracuda Networks (NYSE:CUDA) traded down $0.07 during mid-day trading on Friday, hitting $27.57. The company had a trading volume of 3,247,300 shares, compared to its average volume of 834,943. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $27.75. The company has a market cap of $1,262.23, a price-to-earnings ratio of 76.42, a P/E/G ratio of 6.32 and a beta of 3.22.

Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The firm had revenue of $94.30 million during the quarter, compared to analyst estimates of $93.32 million. During the same period last year, the company earned $0.21 EPS. Barracuda Networks’s quarterly revenue was up 7.3% compared to the same quarter last year. research analysts anticipate that Barracuda Networks will post 0.31 EPS for the current year.

In related news, CFO Dustin Driggs sold 1,250 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $24.03, for a total value of $30,037.50. Following the completion of the transaction, the chief financial officer now owns 103,093 shares of the company’s stock, valued at approximately $2,477,324.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $24.02, for a total value of $396,330.00. Following the completion of the transaction, the chief executive officer now directly owns 588,108 shares of the company’s stock, valued at approximately $14,126,354.16. The disclosure for this sale can be found here. In the last three months, insiders sold 2,667,559 shares of company stock valued at $65,815,738. Insiders own 13.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Group LLC raised its holdings in Barracuda Networks by 2.5% in the 2nd quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock worth $326,000 after purchasing an additional 343 shares during the period. Parametric Portfolio Associates LLC raised its holdings in shares of Barracuda Networks by 2.0% during the first quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock valued at $776,000 after acquiring an additional 655 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Barracuda Networks by 4.3% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,396 shares of the communications equipment provider’s stock valued at $401,000 after acquiring an additional 710 shares during the last quarter. Victory Capital Management Inc. raised its holdings 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 valued at $111,000 after acquiring an additional 717 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings 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 valued at $140,000 after acquiring an additional 828 shares during the last quarter. 76.01% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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