Why Barracuda Networks (CUDA) Stock Is Soaring Today

NEW YORK (TheStreet) -- Barracuda Networks (CUDA) stock rose 12.5% to $32.60 in trading on Tuesday. 

The stock is currently trading on light volume of 112,000 compared to its three month daily average of 167,689 shares.

The jump in price follows the IT cloud and security provider's announcement that it was ranked number one in integrated purpose built backup appliance units shipped worldwide, with a 53.5% market share for 2013.

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The company recently received a consensus "buy" rating from eight different ratings companies.

Seven firms had a "buy" rating while one analyst gave the shares a "hold" rating. 

The stock has a 1 year low of $18.63 and a 1 year high of $44.40. During its last earnings report release in January, the company reported an EPS of 1 cent earnings per share on revenue of $59.40 million for the quarter.

CUDA Chart

CUDA data by YCharts

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