Analysts Remain Bullish On Barracuda Networks

Both the events triggered actions from different brokerages. Predictably, most of the analysts remained bullish on Barracuda shares and some of them lifted the target price too on the stock.

Related Link: Fortinet's Billings Miss Stands In Contrast To Results From Peers

The following brokerages have given their comments on Barracuda shares:

• Piper Jaffray upgraded the shares from Neutral to Overweight rating and lifted price objective from $18 to $32.
• Stifel maintains a Buy rating and boosted price target from $26 to $32.
• Stephens reiterated the equivalent of a Neutral rating but increased price objective from $18 to $24.
• Morgan Stanley boosted the target price from $19 to $23 while maintaining an Equal-Weight rating, citing stable billings growth and more than 20 percent growth in recurring revenue apart from margins.
• BTIG maintains Buy rating and lifted price objective from $26 to $28, pointing out the improving momentum in the core business.
• D.A. Davidson reiterated Underperform rating and $22 as the target price citing limited upside and the considerable competitive environment.

At Last Check ...

• Barracuda was up 8.06 percent at $25.22.
• Fortinet was down 10.09 percent at $30.65.

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