Rosenblatt Reiterates Buy on Barracuda Networks (CUDA) Following 2Q Report

October 12, 2016 9:15 AM EDT
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Price: $24.34 +1.33%

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    13 Buy, 5 Hold, 3 Sell

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Rosenblatt reiterated a Buy rating and $30.00 price target on Barracuda Networks (NYSE: CUDA) following the company's 2Q earnings report. EPS came in at $0.21, a penny better than the street while both billings of $100.3 million and revenue of $87.9 million were ahead of guidance and expectations. Office 365 is just starting to provide a tailwind for Barracuda. Microsoft reports they are adding 50,000 new SMB customers to Office 365 every month.

Analyst Marshall Senk commented, "Barracuda delivered a solid Q2 beat last night as the company’s strategic shift towards the cloud continues to drive results. Core billings growth continued to outperform up 20% in the quarter driven by strength in both NGFW (across platforms) and email. Appliance revenue has stabilized at $21.5 million as the company has worked to bring new features from cloud products to the boxes. Customers continue to tell us that they view product consistency and a consistent management environment as key competitive advantages for Barracuda as they plan cloud migration over time."

For an analyst ratings summary and ratings history on Barracuda Networks click here. For more ratings news on Barracuda Networks click here.

Shares of Barracuda Networks closed at $23.33 yesterday.

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