Vetr Inc. Downgrades Barracuda Networks Inc. (CUDA) to Hold
Barracuda Networks Inc. (NYSE:CUDA) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. They presently have a $24.75 target price on the stock. Vetr‘s target price suggests a potential downside of 0.80% from the company’s previous close.
Several other equities analysts also recently weighed in on the stock. Imperial Capital downgraded shares of Barracuda Networks from an “in-line” rating to an “underperform” rating and increased their price target for the stock from $17.00 to $20.00 in a report on Tuesday. Zacks Investment Research downgraded shares of Barracuda Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 7th. Pacific Crest upgraded shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and increased their price target for the stock from $23.27 to $30.00 in a report on Tuesday, August 30th. DA Davidson upgraded shares of Barracuda Networks from an “underperform” rating to a “neutral” rating in a report on Monday, August 15th. Finally, Rosenblatt Securities assumed coverage on shares of Barracuda Networks in a report on Monday, August 1st. They issued a “buy” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. Barracuda Networks currently has a consensus rating of “Hold” and a consensus target price of $20.72.
Shares of Barracuda Networks (NYSE:CUDA) traded down 1.84% during midday trading on Tuesday, reaching $24.49. 364,031 shares of the company traded hands. The stock has a 50 day moving average price of $23.43 and a 200 day moving average price of $18.75. The firm has a market capitalization of $1.28 billion, a PE ratio of 612.25 and a beta of 3.60. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Thursday, July 7th. The company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.09. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The company had revenue of $86.70 million for the quarter. During the same quarter last year, the company posted $0.09 EPS. Barracuda Networks’s quarterly revenue was up 11.2% compared to the same quarter last year. Analysts expect that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, Director Jeffry R. Allen sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $19.38, for a total transaction of $193,800.00. Following the transaction, the director now owns 7,762 shares in the company, valued at approximately $150,427.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William D. Jenkins, Jr. sold 4,000 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $80,920.00. Following the transaction, the chief executive officer now owns 625,934 shares in the company, valued at approximately $12,662,644.82. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CUDA. Okumus Fund Management Ltd. acquired a new position in shares of Barracuda Networks during the first quarter worth about $68,773,000. Norges Bank acquired a new position in shares of Barracuda Networks during the fourth quarter worth about $8,979,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Barracuda Networks during the second quarter worth about $6,264,000. BlackRock Fund Advisors raised its position in shares of Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock worth $8,562,000 after buying an additional 330,942 shares during the period. Finally, State Street Corp raised its position in shares of Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock worth $6,219,000 after buying an additional 283,843 shares during the period. Hedge funds and other institutional investors own 54.20% of the company’s stock.
About Barracuda Networks
Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.
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