Barracuda Networks Inc. (CUDA) Lowered to Hold at Zacks Investment Research
Barracuda Networks Inc. (NYSE:CUDA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 research analysts also recently issued research reports about the stock. BWS Financial upped their price target on shares of Barracuda Networks to $30.00 in a research report on Wednesday. Rosenblatt Securities initiated coverage on shares of Barracuda Networks in a research report on Monday, August 1st. They issued a “buy” rating and a $30.00 price target for the company. BTIG Research restated a “buy” rating and issued a $20.00 price target on shares of Barracuda Networks in a research report on Friday, July 8th. Vetr downgraded shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $24.75 price target for the company. in a research report on Wednesday, August 24th. Finally, Stifel Nicolaus upped their price target on shares of Barracuda Networks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $23.79.
Shares of Barracuda Networks (NYSE:CUDA) traded up 9.17% on Wednesday, hitting $25.47. The company had a trading volume of 7,126,563 shares. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69. The company has a 50-day moving average of $23.86 and a 200 day moving average of $19.13. The stock has a market cap of $1.33 billion, a PE ratio of 636.75 and a beta of 3.61.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. Analysts anticipate that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other news, CFO David Faugno sold 25,000 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $19.90, for a total transaction of $497,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gordon Stitt purchased 4,000 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were acquired at an average price of $20.81 per share, for a total transaction of $83,240.00. The disclosure for this purchase 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 the company. US Bancorp DE raised its position in shares of Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock valued at $107,000 after buying an additional 4,698 shares during the period. BlackRock Advisors LLC raised its position in shares of Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock valued at $156,000 after buying an additional 3,900 shares during the period. AHL Partners LLP acquired a new position in shares of Barracuda Networks during the second quarter valued at approximately $158,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Barracuda Networks during the second quarter valued at approximately $179,000. Finally, Algert Global LLC acquired a new position in shares of Barracuda Networks during the second quarter valued at approximately $182,000. 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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