J P Morgan Chase & Co downgraded shares of Barracuda Networks (NYSE:CUDA) from an overweight rating to a neutral rating in a research note released on Tuesday morning, MarketBeat Ratings reports. J P Morgan Chase & Co currently has $27.55 price objective on the communications equipment provider’s stock.

CUDA has been the topic of a number of other research reports. BidaskClub raised shares of Barracuda Networks from a strong sell rating to a sell rating in a report on Friday, September 8th. Robert W. Baird reissued a buy rating and issued a $29.00 price target on shares of Barracuda Networks in a report on Wednesday, October 11th. Rosenblatt Securities reissued a buy rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Monday, October 9th. KeyCorp reissued a buy rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Friday, November 10th. Finally, Needham & Company LLC reissued a buy rating and issued a $28.00 price target on shares of Barracuda Networks in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $27.60.

Shares of Barracuda Networks (CUDA) traded down $0.27 during trading on Tuesday, reaching $27.53. 1,531,400 shares of the company’s stock were exchanged, compared to its average volume of 867,157. The company has a market cap of $1,490.18, a price-to-earnings ratio of 89.68, a PEG ratio of 7.42 and a beta of 3.28. Barracuda Networks has a 1-year low of $19.06 and a 1-year high of $27.95.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. The business had revenue of $94.30 million for the quarter, compared to analyst estimates of $93.32 million. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. analysts anticipate that Barracuda Networks will post 0.31 earnings per share for the current year.

In related news, SVP Michael D. Hughes sold 1,390 shares of Barracuda Networks stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $21.97, for a total transaction of $30,538.30. Following the completion of the transaction, the senior vice president now directly owns 155,118 shares of the company’s stock, valued at approximately $3,407,942.46. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael D. Perone sold 322,898 shares of Barracuda Networks stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $24.50, for a total transaction of $7,911,001.00. Following the transaction, the director now directly owns 2,361,012 shares of the company’s stock, valued at $57,844,794. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,879,289 shares of company stock valued at $46,711,195. Corporate insiders own 13.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Barracuda Networks by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock valued at $67,660,000 after acquiring an additional 204,731 shares during the period. Systematic Financial Management LP lifted its position in Barracuda Networks by 24.4% during the 2nd quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock valued at $50,094,000 after acquiring an additional 426,715 shares during the period. ETF Managers Group LLC purchased a new position in Barracuda Networks during the 2nd quarter valued at about $44,968,000. Renaissance Technologies LLC lifted its position in Barracuda Networks by 35.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock valued at $35,473,000 after acquiring an additional 402,605 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Barracuda Networks by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 1,462,802 shares of the communications equipment provider’s stock worth $35,443,000 after buying an additional 69,759 shares during the last quarter. 75.79% of the stock is owned by institutional investors.

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Barracuda Networks Company Profile

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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