Needham Initiates Coverage On Barracuda Networks Inc to Buy with Price Target $28

Needham Initiates Coverage On Barracuda Networks Inc(CUDA). In a research note issued to the investors, the brokerage major Announces the price-target to $28 per share. The shares have been rated Buy. The rating by Needham was issued on Feb 6, 2017.

In a different note, On Jan 3, 2017, JMP Securities said it Upgrades its rating on Barracuda Networks Inc. The shares have been rated ‘Market Perform’ by the firm.

Barracuda Networks Inc (CUDA) made into the market gainers list on Tuesdays trading session with the shares advancing 1.00% or 0.24 points. Due to strong positive momentum, the stock ended at $24.24, which is also near the day’s high of $24.48. The stock began the session at $24 and the volume stood at 9,59,203 shares. The 52-week high of the shares is $26.6899 and the 52 week low is $9.94. The company has a current market capitalization of $1,279 M and it has 5,27,76,391 shares in outstanding.

Barracuda Networks Inc(CUDA) last announced its earnings results on Oct 11, 2016 for Fiscal Year 2017 and Q2.Company reported revenue of $87.93M. Analysts had an estimated revenue of $85.27M. Earnings per share were $0.21. The reported EPS was above estimates by $0.08 or 61.54%. Analysts had estimated an EPS of $0.13.

Several Insider Transactions has been reported to the SEC. On Feb 3, 2017, Dean M Drako (10% owner) sold 20,000 shares at $22.62 per share price.Also, On Feb 3, 2017, Michael D Hughes (SVP, Worldwide Sales) sold 4,468 shares at $23.51 per share price.On Jan 27, 2017, Michael D Perone (director officer 10% owner (Chief Marketing Offic) sold 10,474 shares at $24.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Barracuda Networks Inc. (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services which enable continuous software updates offsite redundancy and distributed capacity and are offered on a subscription basis. Its solutions are delivered as cloud-connected appliances and virtual appliances as well as cloud-only solutions. Its cloud-only solutions are designed for customers who cannot or do not wish to deploy additional on-premises infrastructure. The Company’s appliances and virtual appliances leverage its cloud services to deliver hybrid cloud-connected solutions to its customers. Its security offerings include e-mail security Web security next-generation firewall application security and integrated network security among others.

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