Engineers Gate Manager LP Cuts Holdings in Barracuda Networks, Inc. (CUDA)

Engineers Gate Manager LP lessened its holdings in shares of Barracuda Networks, Inc. (NYSE:CUDA) by 47.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,687 shares of the communications equipment provider’s stock after selling 20,984 shares during the quarter. Engineers Gate Manager LP’s holdings in Barracuda Networks were worth $546,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Asset Management One Co. Ltd. boosted its position in Barracuda Networks by 2.9% during the first quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock worth $146,000 after purchasing an additional 177 shares during the period. Renaissance Group LLC boosted its position in Barracuda Networks by 2.5% during the second quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock worth $326,000 after purchasing an additional 343 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Barracuda Networks by 1.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 52,327 shares of the communications equipment provider’s stock worth $1,209,000 after purchasing an additional 621 shares during the period. Parametric Portfolio Associates LLC boosted its position in Barracuda Networks by 2.0% during the first quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock worth $776,000 after purchasing an additional 655 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in Barracuda Networks by 4.3% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,396 shares of the communications equipment provider’s stock worth $401,000 after purchasing an additional 710 shares during the period. Hedge funds and other institutional investors own 65.98% of the company’s stock.

A number of brokerages have weighed in on CUDA. Stifel Nicolaus reiterated a “buy” rating and set a $32.00 target price on shares of Barracuda Networks in a research report on Tuesday, September 12th. Piper Jaffray Companies reiterated an “overweight” rating and set a $28.00 target price (down previously from $29.00) on shares of Barracuda Networks in a research report on Wednesday, July 12th. Robert W. Baird reiterated a “buy” rating on shares of Barracuda Networks in a research report on Tuesday, July 11th. Pacific Crest reiterated an “overweight” rating and set a $30.00 target price on shares of Barracuda Networks in a research report on Wednesday, June 28th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $30.00 target price on shares of Barracuda Networks in a research report on Monday, June 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Barracuda Networks currently has an average rating of “Buy” and an average price target of $26.59.

In other Barracuda Networks news, CEO William D. Jenkins, Jr. sold 80,612 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $24.02, for a total value of $1,936,300.24. Following the completion of the transaction, the chief executive officer now directly owns 621,108 shares in the company, valued at approximately $14,919,014.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael D. Perone sold 253,128 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $24.29, for a total value of $6,148,479.12. Following the completion of the transaction, the director now owns 2,544,290 shares of the company’s stock, valued at $61,800,804.10. The disclosure for this sale can be found here. Insiders sold a total of 1,679,330 shares of company stock valued at $40,539,426 over the last 90 days. 13.90% of the stock is currently owned by corporate insiders.

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Shares of Barracuda Networks, Inc. (CUDA) opened at 24.53 on Friday. Barracuda Networks, Inc. has a 52 week low of $19.06 and a 52 week high of $26.69. The stock has a market capitalization of $1.30 billion, a P/E ratio of 129.11 and a beta of 3.28. The company has a 50-day moving average of $23.44 and a 200-day moving average of $22.73.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. Barracuda Networks had a negative return on equity of 1,770.56% and a net margin of 2.81%. The business had revenue of $94.18 million during the quarter, compared to the consensus estimate of $91.18 million. During the same period in the prior year, the company posted $0.20 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts anticipate that Barracuda Networks, Inc. will post $0.76 EPS for the current year.

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.

Institutional Ownership by Quarter for Barracuda Networks (NYSE:CUDA)

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