Barracuda Networks, Inc. (CUDA) Downgraded by BidaskClub

BidaskClub lowered shares of Barracuda Networks, Inc. (NYSE:CUDA) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Other research analysts have also issued research reports about the company. Stifel Nicolaus reaffirmed a buy rating and set a $32.00 price target on shares of Barracuda Networks in a research report on Tuesday, September 12th. BTIG Research reaffirmed a buy rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Saturday, July 22nd. Piper Jaffray Companies reissued an overweight rating and set a $28.00 target price (down from $29.00) on shares of Barracuda Networks in a report on Wednesday, July 12th. Imperial Capital boosted their target price on Barracuda Networks from $20.00 to $21.00 and gave the stock an in-line rating in a report on Wednesday, July 12th. Finally, Robert W. Baird reissued a buy rating and set a $29.00 target price on shares of Barracuda Networks in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Barracuda Networks currently has a consensus rating of Buy and a consensus price target of $28.10.

Shares of Barracuda Networks (CUDA) opened at $22.27 on Friday. The stock has a market cap of $1,187.64, a PE ratio of 71.90, a P/E/G ratio of 5.95 and a beta of 3.22.

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 Zacks’ consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. 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 firm earned $0.21 EPS. Barracuda Networks’s revenue for the quarter was up 7.3% compared to the same quarter last year. equities analysts expect that Barracuda Networks will post 0.31 EPS for the current year.

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In other news, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $23.10, for a total value of $28,875.00. Following the completion of the sale, the chief financial officer now owns 102,905 shares of the company’s stock, valued at $2,377,105.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael D. Hughes sold 2,015 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $22.60, for a total value of $45,539.00. Following the completion of the sale, the senior vice president now directly owns 155,033 shares of the company’s stock, valued at approximately $3,503,745.80. The disclosure for this sale can be found here. Insiders have sold a total of 3,062,431 shares of company stock valued at $75,302,664 in the last three months. 13.90% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in shares of Barracuda Networks by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock valued at $111,000 after purchasing an additional 717 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Barracuda Networks during the 2nd quarter valued at about $113,000. Legal & General Group Plc boosted its position in shares of Barracuda Networks by 15.7% during the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock valued at $140,000 after purchasing an additional 828 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Barracuda Networks by 17.6% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock valued at $167,000 after purchasing an additional 1,104 shares in the last quarter. Finally, Exane Derivatives boosted its position in shares of Barracuda Networks by 1,004.9% during the 3rd quarter. Exane Derivatives now owns 7,624 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 6,934 shares in the last quarter. 65.59% of the stock is owned by institutional investors.

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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