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.
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