Seeking Alpha

Barracuda Networks posts solid IPO, aided by conservative pricing

  • After pricing its 4.14M-share IPO at $18 (the low end of an $18-$21 range), Barracuda Networks (CUDA) opened at $22 and is currently trading at $22.86, up 27%. That gives the security hardware vendor a market cap of $1.14B, or 5.7x FY13 (ended Feb. '13) sales.
  • Peers Check Point (CHKP +1.6%) and FireEye (FEYE +1.9%) are up slightly, FireEye delivered a scorching IPO in September.
  • S-1, IPO filing/recent results, IPO preview
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