Barracuda Networks IPO raises $75M — here's everything you need to know about the stock
- Jon Xavier
- Web Producer- Silicon Valley Business Journal
- Email | Twitter | Google+
Barracuda brought in about $75 million on the deal. Its shares hit the market priced at $18, on the low end of its range of $18-$21. Barracuda's stock shot up over $20 almost immediately after the opening bell. It's currently up 27 percent to around $22.80, with a market cap of $1.14 billion.
Looking at the financials, Barracuda is a bit of a mixed bag. On the one hand, it has seen phenomenal topline growth over the past three years, and it maintains very high gross margins at around 77 percent. On the other hand, it is operating at a loss, and that loss has widened over that same period.
Related: Post IPO, Barracuda CEO BJ Jenkins outlines the company's plans to get to $1B in sales
The company's market — storage, security and networking equipment — is also extremely competitive, with the company going up against much bigger rivals like Cisco Systems, EMC and Hewlett-Packard. But it's a big market opportunity, worth at least $30 billion in 2012, according to Barracuda's estimates.
Barracuda brings in most of its revenue from subscriptions to its cloud services, which could be a good thing or a bad thing depending on what kind of investor you are. It makes it a bit harder to gauge the company's financial health in the moment because of how the proceeds of those subscriptions are put on the books, but on the other hand, its renewals are sky-high, hovering around 90 percent. That's a good indication of steady business.
Jon Xavier is Web Producer at the Business Journal. His phone number is 408.299.1826.
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