Barracuda Networks (NYSE:CUDA) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Tuesday. They currently have a $28.00 price objective on the communications equipment provider’s stock. Robert W. Baird’s price target indicates a potential upside of 1.82% from the company’s current price.
The analysts wrote, “We are downgrading to Neutral given the lack of a higher bidder from Thoma Bravo’s previously announced offer of $27.55 per share. Per the proxy statement, Thoma Bravo rejected Barracuda’s request for a go-shop period, thus eliminating the potential for a bidding war. Despite modest valuation and premium, we continue to see this transaction as a good outcome for shareholders. FQ3 results. Barracuda reported FQ3 revenue/non-GAAP EPS of $94.7 million/ $0.21, above consensus of $93.7 million/$0.18. Core billings were solid, up 24% and up 22% excluding revenue acquired from Sonian. Dollar-based renewals were 101%, up from 91% in the prior quarter.””
Other research analysts have also issued research reports about the stock. BTIG Research lowered shares of Barracuda Networks from a “buy” rating to a “neutral” rating in a research note on Monday, November 27th. Needham & Company LLC lowered shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 price target on shares of Barracuda Networks in a research note on Tuesday, September 12th. Zacks Investment Research lowered shares of Barracuda Networks from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Finally, BidaskClub lowered shares of Barracuda Networks from a “hold” rating to a “sell” rating in a research note on Saturday, November 4th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $28.19.
Shares of Barracuda Networks (NYSE:CUDA) traded up $0.05 on Tuesday, reaching $27.50. 1,138,877 shares of the company were exchanged, compared to its average volume of 1,343,960. Barracuda Networks has a twelve month low of $19.06 and a twelve month high of $27.95. The firm has a market cap of $1,460.00, a price-to-earnings ratio of 98.21, a P/E/G ratio of 7.31 and a beta of 3.28.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.17. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The business had revenue of $94.30 million for the quarter, compared to analyst estimates of $93.32 million. During the same quarter in the prior year, the business earned $0.21 EPS. Barracuda Networks’s quarterly revenue was up 7.3% on a year-over-year basis. equities research analysts predict that Barracuda Networks will post 0.31 EPS for the current year.
In other 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 completion of the sale, the senior vice president now owns 155,033 shares of the company’s stock, valued at approximately $3,503,745.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael D. Hughes sold 1,390 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $21.97, for a total transaction of $30,538.30. Following the sale, the senior vice president now directly owns 155,118 shares of the company’s stock, valued at approximately $3,407,942.46. The disclosure for this sale can be found here. Insiders sold a total of 4,655 shares of company stock valued at $104,952 in the last three months. Insiders own 13.90% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in shares of Barracuda Networks by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after acquiring an additional 717 shares during the period. Pinebridge Investments L.P. bought a new stake in shares of Barracuda Networks during the 3rd quarter worth approximately $121,000. Legal & General Group Plc lifted its holdings in shares of Barracuda Networks by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after acquiring an additional 828 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Barracuda Networks during the 3rd quarter worth approximately $162,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Barracuda Networks by 17.6% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after acquiring an additional 1,104 shares during the period. 75.79% 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.
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