Barracuda Networks Inc. (CUDA) Lowered to Underperform at Imperial Capital
Imperial Capital downgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from an in-line rating to an underperform rating in a research note issued to investors on Tuesday. Imperial Capital currently has $20.00 target price on the stock, up from their prior target price of $17.00.
A number of other equities research analysts also recently weighed in on CUDA. JMP Securities downgraded Barracuda Networks from a market perform rating to an underperform rating and set a $13.00 target price on the stock. in a research report on Monday, June 6th. Vetr raised Barracuda Networks from a hold rating to a buy rating and set a $17.50 target price on the stock in a research report on Monday, June 6th. Summit Research initiated coverage on Barracuda Networks in a research report on Friday, July 1st. They set a hold rating on the stock. Summit Redstone reissued a hold rating and set a $15.00 target price on shares of Barracuda Networks in a research report on Saturday, July 2nd. Finally, DA Davidson reissued a neutral rating and set a $15.50 target price on shares of Barracuda Networks in a research report on Wednesday, July 6th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $20.72.
Barracuda Networks (NYSE:CUDA) traded up 1.22% during mid-day trading on Tuesday, reaching $24.95. The company had a trading volume of 120,185 shares. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 623.75 and a beta of 3.61. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $25.77. The company’s 50 day moving average is $23.52 and its 200 day moving average is $18.82.
In other news, SVP Michael D. Hughes sold 5,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $101,150.00. Following the sale, the senior vice president now directly owns 114,513 shares of the company’s stock, valued at approximately $2,316,597.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffry R. Allen sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $19.38, for a total transaction of $193,800.00. Following the completion of the sale, the director now directly owns 7,762 shares in the company, valued at $150,427.56. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. boosted its stake in shares of Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the last quarter. American Century Companies Inc. purchased a new stake in shares of Barracuda Networks during the second quarter worth about $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Barracuda Networks during the second quarter worth about $250,000. Numeric Investors LLC purchased a new stake in shares of Barracuda Networks during the second quarter worth about $321,000. Finally, AHL Partners LLP purchased a new stake in shares of Barracuda Networks during the second quarter worth about $158,000. 54.20% of the stock is currently owned by institutional investors.
Barracuda Networks Company Profile
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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