Rosenblatt Reiterates Buy on Barracuda Networks (CUDA) Following 2Q Report
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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."
Shares of Barracuda Networks closed at $23.33 yesterday.
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