Zacks Investment Research upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a hold rating to a strong-buy rating in a research note released on Friday. The brokerage currently has $29.00 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. “

A number of other brokerages have also weighed in on CUDA. JMP Securities restated a sell rating on shares of Barracuda Networks in a report on Saturday, July 9th. Imperial Capital restated an in-line rating and issued a $17.00 price objective (up from $15.00) on shares of Barracuda Networks in a report on Tuesday, July 12th. Summit Research assumed coverage on shares of Barracuda Networks in a report on Friday, July 1st. They issued a hold rating on the stock. Summit Redstone restated a hold rating and issued a $15.00 price objective on shares of Barracuda Networks in a report on Saturday, July 2nd. Finally, DA Davidson lowered shares of Barracuda Networks from a neutral rating to an underperform rating and raised their price objective for the company from $17.00 to $19.50 in a report on Friday, August 12th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Barracuda Networks currently has an average rating of Hold and a consensus target price of $24.58.

Barracuda Networks (NYSE:CUDA) traded down 1.18% during midday trading on Friday, reaching $25.22. 255,381 shares of the company’s stock traded hands. The company has a market capitalization of $1.31 billion, a PE ratio of 630.50 and a beta of 3.60. The firm’s 50 day moving average price is $24.15 and its 200-day moving average price is $19.29. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69.

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. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. The company earned $87.90 million during the quarter. During the same period in the prior year, the business earned $0.10 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. Equities analysts expect that Barracuda Networks will post $0.57 EPS for the current year.

In related news, Director Jeffry R. Allen sold 6,403 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $20.75, for a total transaction of $132,862.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gordon Stitt purchased 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The shares were bought at an average cost of $20.81 per share, with a total value of $83,240.00. The disclosure for this purchase can be found here. Corporate insiders own 39.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in CUDA. Okumus Fund Management Ltd. acquired a new stake in Barracuda Networks during the first quarter valued at about $68,773,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Barracuda Networks during the second quarter valued at about $6,264,000. BlackRock Fund Advisors increased its stake in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares in the last quarter. State Street Corp increased its stake in Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares in the last quarter. Finally, Primecap Management Co. CA increased its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares in the last quarter. Institutional investors own 53.98% 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.

5 Day Chart for NYSE:CUDA

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