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Analysts Remain Bullish On Barracuda Networks

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Analysts Remain Bullish On Barracuda Networks

Two network security companies issued updates recently, with Barracuda Networks Inc (NYSE: CUDA) delivering better-than-expected results for the second quarter and Fortinet Inc (NASDAQ: FTNT) providing a downbeat forecast for the third quarter.

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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Latest Ratings for CUDA

DateFirmActionFromTo
Jan 2018DowngradesOutperformNeutral
Dec 2017DowngradesOverweightNeutral
Nov 2017DowngradesOverweightSector Weight

View More Analyst Ratings for CUDA
View the Latest Analyst Ratings

Posted-In: Analyst Color Earnings Long Ideas News Guidance Upgrades Price Target Reiteration

 

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