Barracuda Networks, Inc. (CUDA) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Barracuda Networks, Inc. (NYSE:CUDA) from a hold rating to a sell rating in a research note issued to investors on Friday.

According to Zacks, “Barracuda Networks, Inc. is engaged in designing and delivering security and storage solutions. Its products span three distinct markets, including: 1) content security, 2) networking and application delivery and 3) data storage, protection and disaster recovery. It offers cloud-connected solutions that help its customers address security threats, enhance network performance, and protect and store their data. Barracuda Networks, Inc. is headquartered in Campbell, California. “

Other analysts have also issued research reports about the stock. Northland Securities reiterated a buy rating and issued a $28.00 target price on shares of Barracuda Networks in a research report on Friday, June 30th. Stifel Nicolaus reiterated a buy rating and issued a $32.00 target price on shares of Barracuda Networks in a research report on Tuesday, September 12th. BTIG Research reiterated a buy rating and issued a $30.00 target price on shares of Barracuda Networks in a research report on Saturday, July 22nd. Imperial Capital lifted their target price on shares of Barracuda Networks from $20.00 to $21.00 and gave the company an in-line rating in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies reiterated an overweight rating and issued a $28.00 target price (down previously from $29.00) on shares of Barracuda Networks in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks presently has a consensus rating of Buy and an average target price of $28.10.

Shares of Barracuda Networks (CUDA) traded up 0.63% during mid-day trading on Friday, reaching $22.31. 1,826,590 shares of the company’s stock traded hands. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.16. The company has a market cap of $1.18 billion, a P/E ratio of 117.42 and a beta of 3.27. The company’s 50 day moving average is $24.14 and its 200 day moving average is $22.90.

Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The business had revenue of $94.30 million for the quarter, compared to analyst estimates of $93.32 million. During the same quarter last year, the business earned $0.21 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts predict that Barracuda Networks will post $0.75 EPS for the current fiscal year.

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In other Barracuda Networks news, Director Michael D. Perone sold 598,000 shares of Barracuda Networks stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $25.72, for a total transaction of $15,380,560.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael D. Perone sold 236,987 shares of Barracuda Networks stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $24.02, for a total transaction of $5,692,427.74. Following the transaction, the director now directly owns 2,988,898 shares in the company, valued at $71,793,329.96. The disclosure for this sale can be found here. Insiders have sold 3,061,041 shares of company stock worth $75,270,743 over the last 90 days. 13.90% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Barracuda Networks by 7.5% during the second quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock worth $67,660,000 after purchasing an additional 204,731 shares during the period. Systematic Financial Management LP raised its stake in Barracuda Networks by 24.4% during the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after purchasing an additional 426,715 shares during the period. Clearbridge Investments LLC raised its stake in Barracuda Networks by 0.8% during the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock worth $47,006,000 after purchasing an additional 16,324 shares during the period. ETF Managers Group LLC purchased a new position in Barracuda Networks during the second quarter worth about $44,968,000. Finally, Renaissance Technologies LLC raised its stake in Barracuda Networks by 35.5% during the second quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock worth $35,473,000 after purchasing an additional 402,605 shares during the period. 65.96% of the stock is currently owned by institutional investors.

About Barracuda Networks

Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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