Barracuda Networks, Inc. (NYSE:CUDA) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Friday.

Other equities analysts have also issued research reports about the stock. Northland Securities reissued a “buy” rating and issued a $28.00 price objective on shares of Barracuda Networks in a research report on Friday, June 30th. BTIG Research reissued a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research report on Thursday, July 13th. Stifel Nicolaus reissued a “buy” rating and issued a $32.00 price objective on shares of Barracuda Networks in a research report on Wednesday, July 19th. Imperial Capital boosted their price objective on shares of Barracuda Networks from $20.00 to $21.00 and gave the company an “in-line” rating in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies reissued an “overweight” rating and issued a $28.00 price objective (down previously from $29.00) on shares of Barracuda Networks in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $26.59.

Shares of Barracuda Networks (NYSE:CUDA) opened at 24.14 on Friday. Barracuda Networks has a one year low of $19.06 and a one year high of $26.69. The firm has a market cap of $1.28 billion, a P/E ratio of 127.05 and a beta of 3.28. The stock’s 50 day moving average is $23.28 and its 200-day moving average is $22.70.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $94.18 million during the quarter, compared to analyst estimates of $91.18 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. Analysts anticipate that Barracuda Networks will post $0.76 EPS for the current fiscal year.

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In other Barracuda Networks news, Director Michael D. Perone sold 403,060 shares of the business’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $24.13, for a total transaction of $9,725,837.80. Following the completion of the sale, the director now directly owns 3,112,640 shares in the company, valued at $75,108,003.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Diane Honda sold 7,026 shares of the business’s stock in a transaction that occurred on Saturday, July 1st. The stock was sold at an average price of $22.89, for a total transaction of $160,825.14. Following the sale, the vice president now owns 100,085 shares of the company’s stock, valued at $2,290,945.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,178,162 shares of company stock valued at $28,371,489. 13.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its stake in Barracuda Networks by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 717 shares during the period. Advisors Asset Management Inc. purchased a new stake in Barracuda Networks during the second quarter worth approximately $113,000. Legal & General Group Plc grew its stake in Barracuda Networks by 15.7% during the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 828 shares during the period. Asset Management One Co. Ltd. grew its stake in Barracuda Networks by 2.9% during the first quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock worth $146,000 after buying an additional 177 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Barracuda Networks by 17.6% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after buying an additional 1,104 shares during the period. Institutional investors own 65.98% of the company’s stock.

About Barracuda Networks

Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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