BidaskClub Lowers Barracuda Networks, Inc. (CUDA) to Sell

BidaskClub downgraded shares of Barracuda Networks, Inc. (NYSE:CUDA) from a hold rating to a sell rating in a report issued on Saturday, November 4th.

CUDA has been the subject of several other research reports. Zacks Investment Research raised shares of Barracuda Networks from a hold rating to a buy rating and set a $26.00 price target for the company in a research report on Thursday, July 13th. Rosenblatt Securities reissued a buy rating and issued a $30.00 price target on shares of Barracuda Networks in a research report on Monday, October 9th. Robert W. Baird reissued a buy rating and issued a $29.00 price target on shares of Barracuda Networks in a research report on Wednesday, October 11th. Needham & Company LLC reaffirmed a buy rating and set a $28.00 price objective on shares of Barracuda Networks in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co reaffirmed a buy rating and set a $35.00 price objective on shares of Barracuda Networks in a report on Wednesday, October 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $28.10.

Barracuda Networks (NYSE CUDA) traded up $0.64 during midday trading on Friday, reaching $23.51. 871,400 shares of the company traded hands, compared to its average volume of 787,318. Barracuda Networks has a twelve month low of $19.06 and a twelve month high of $26.16. The firm has a market cap of $1,218.54, a P/E ratio of 73.77, a P/E/G ratio of 6.10 and a beta of 3.22.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the 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 during the quarter, compared to the consensus estimate of $93.32 million. During the same quarter last year, the firm posted $0.21 EPS. Barracuda Networks’s revenue was up 7.3% compared to the same quarter last year. analysts forecast that Barracuda Networks will post 0.31 EPS for the current fiscal year.

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In other news, SVP Michael D. Hughes sold 1,390 shares of Barracuda Networks stock in a transaction on Friday, November 17th. The stock was sold at an average price of $21.97, for a total transaction of $30,538.30. Following the sale, the senior vice president now directly owns 155,118 shares in the company, valued at approximately $3,407,942.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dustin Driggs sold 1,250 shares of Barracuda Networks stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $23.10, for a total value of $28,875.00. Following the sale, the chief financial officer now owns 102,905 shares in the company, valued at $2,377,105.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,667,559 shares of company stock worth $65,815,738 over the last quarter. Company insiders own 13.90% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Group LLC raised its stake in Barracuda Networks by 2.5% in the 2nd quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock valued at $326,000 after acquiring an additional 343 shares during the period. Parametric Portfolio Associates LLC raised its stake in Barracuda Networks by 2.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock valued at $776,000 after acquiring an additional 655 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in Barracuda Networks by 4.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,396 shares of the communications equipment provider’s stock valued at $401,000 after acquiring an additional 710 shares during the period. Victory Capital Management Inc. raised its stake in Barracuda Networks by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 717 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Barracuda Networks by 15.7% during the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock valued at $140,000 after buying an additional 828 shares during the period. Institutional investors and hedge funds own 68.10% of the company’s stock.

Barracuda Networks Company Profile

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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