NEW YORK (TheStreet) -- Shares of Barracuda Networks (CUDA) were gaining 11.23% to $25.95 in pre-market trading on Wednesday after the company posted better-than-expected fiscal 2017 second-quarter results. 

After yesterday's closing bell, Barracuda reported adjusted earnings of 21 cents per share, beating Wall Street's projected 13 cents per share. 

Revenue came in at $87.9 million, surpassing analysts' expectations of $85.3 million. 

As a result, Piper Jaffray raised its rating on the stock to "overweight" from "neutral" and hiked its price target to $32 from $18, TheFly reports. 

The Campbell, CA-based company's subscription-based cloud portfolio product is almost ready to be released, which should help propel billings growth in the second half of 2017, the firm noted.

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Stifel also lifted its price target to $32 from $26 this morning on the stock. The firm has a "buy" rating on shares of Barracuda, according to TheFly

Barracuda has "meaningful traction" in core products and continues to attract new customers through its email security and public cloud services, the firm said. 

These segments are poised to keep growing, Stifel added.

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