Zacks Investment Research upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a hold rating to a strong-buy rating in a report released on Friday morning. The firm currently has $27.00 price target on the stock.

According to Zacks, “Barracuda Networks, Inc. is engaged in designing and delivering security and storage solutions. Its products span three distinct markets, including: 1) content security, 2) networking and application delivery and 3) data storage, protection and disaster recovery. It offers cloud-connected solutions that help its customers address security threats, enhance network performance, and protect and store their data. Barracuda Networks, Inc. is headquartered in Campbell, California. “

Other equities analysts also recently issued research reports about the stock. Rosenblatt Securities initiated coverage on shares of Barracuda Networks in a research note on Monday, August 1st. They set a buy rating and a $30.00 price target for the company. BTIG Research reaffirmed a buy rating and set a $20.00 price target on shares of Barracuda Networks in a research note on Friday, July 8th. Vetr downgraded shares of Barracuda Networks from a strong-buy rating to a buy rating and set a $24.75 target price for the company. in a research note on Wednesday, August 24th. Pacific Crest reissued a hold rating on shares of Barracuda Networks in a research note on Thursday, July 7th. Finally, Summit Redstone reissued a hold rating and set a $15.00 target price on shares of Barracuda Networks in a research note on Saturday, July 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $21.07.

Barracuda Networks (NYSE:CUDA) traded up 2.18% during trading on Friday, hitting $24.35. 131,861 shares of the stock were exchanged. The firm’s 50-day moving average is $23.75 and its 200 day moving average is $18.96. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $25.77. The firm has a market cap of $1.27 billion, a PE ratio of 608.75 and a beta of 3.60.

In related news, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $19.90, for a total transaction of $497,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William D. Jenkins, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $20.23, for a total transaction of $80,920.00. Following the sale, the chief executive officer now directly owns 625,934 shares in the company, valued at approximately $12,662,644.82. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of CUDA. American Century Companies Inc. purchased a new stake in Barracuda Networks during the second quarter worth $3,356,000. Strs Ohio raised its stake in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock worth $1,452,000 after buying an additional 18,000 shares during the period. Bank of Montreal Can purchased a new stake in Barracuda Networks during the second quarter worth $232,000. Hershey Trust Co. raised its stake in Barracuda Networks by 106.9% in the second quarter. Hershey Trust Co. now owns 19,827 shares of the company’s stock worth $300,000 after buying an additional 10,245 shares during the period. Finally, Hamilton Lane Advisors LLC purchased a new stake in Barracuda Networks during the second quarter worth $849,000. 54.20% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NYSE:CUDA

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