Barracuda Networks shares plummeted in after-hours trading Thursday despite earnings coming in better than expectations.
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The cyber-security and software storage company report first quarter earnings of 9 cents per diluted share on revenue of $78 million. Excluding stock-based compensation and acquisition costs, the company generated an earnings per share of 9 cents. That compared to consensus estimates from Thomson Reuters for EPS of $0.08 and $77.25 million in revenue.
Barracuda Networks has gapped open sharply lower Friday morning and is now down 7.27 at $31.85 on above average volume.
Barracuda Networks Inc (NYSE:CUDA) has received a hold rating for the short term, according to the latest rank of 3 from research firm, Zacks. “The company’s weaknesses can be seen in multiple areas, such as its deteriorating net income and feeble growth in its earnings per share”. The agreement should make the company’s product available to a wider market across the United States by the use of Tech Data’s advanced infrastructure Solutions division.
On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The Officer (VP, General Counsel, Secretary), of Barracuda Networks Inc, Honda Diane had unloaded 702 shares at $43.04 per share in a transaction on June 22, 2015. They set a “buy” rating and a $50.00 price target on the stock. (NYSE:CUDA) which led to swings in the share price. The 52-week low of the share price is at $23.95. This short term price target has been shared by 8 analysts.
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Total billings grew by 12% year-over-year on a constant currency basis. The company has a market cap of $2,060 million and the number of outstanding shares has been calculated to be 53,211,000 shares. Jenkins, Jr. sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.26, for a total transaction of $81,778.58. The disclosure for this sale can be found here. Barracuda Networks said it signed some more big storage contracts after the quarter ended. Barracuda Networks, Inc. has dropped 11.17% during the last 3-month period. Its solutions are created to simplify information technology (IT) operations for its customers. Its product portfolio includes Barracuda Spam & Virus Firewall, Barracuda Email Security Service, Barracuda Web Filter, Barracuda Web Security Service, Barracuda Firewall, Barracuda NG Firewall, Barracuda Web Application Firewall, Barracuda Load Balancer ADC Barracuda SSL VPN, Barracuda Backup, Barracuda Message Archiver, Copy and SignNow.
