Zacks Investment Research upgraded shares of Barracuda Networks (NYSE:CUDA) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

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 analysts also recently issued reports about the company. Robert W. Baird reissued a buy rating and issued a $29.00 target price on shares of Barracuda Networks in a report on Tuesday, October 24th. Rosenblatt Securities reissued a buy rating on shares of Barracuda Networks in a report on Sunday, October 15th. J P Morgan Chase & Co reissued a buy rating and issued a $35.00 target price on shares of Barracuda Networks in a report on Wednesday, October 11th. KeyCorp reissued a buy rating and issued a $30.00 target price on shares of Barracuda Networks in a report on Wednesday, October 11th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $28.00 price objective on shares of Barracuda Networks in a research note on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $27.60.

Barracuda Networks (NYSE:CUDA) opened at $27.52 on Tuesday. Barracuda Networks has a one year low of $19.06 and a one year high of $27.95. The company has a market capitalization of $1,475.71, a price-to-earnings ratio of 88.81, a P/E/G ratio of 7.34 and a beta of 3.28.

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 the Zacks’ consensus estimate of $0.17. The company had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. Barracuda Networks’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 EPS. research analysts anticipate that Barracuda Networks will post 0.31 EPS for the current year.

In other Barracuda Networks news, Director Michael D. Perone sold 108,258 shares of the stock in a transaction on Monday, October 9th. The stock was sold at an average price of $25.77, for a total transaction of $2,789,808.66. Following the sale, the director now owns 1,378,038 shares in the company, valued at approximately $35,512,039.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael D. Perone sold 322,898 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $24.50, for a total value of $7,911,001.00. Following the sale, the director now owns 2,361,012 shares in the company, valued at approximately $57,844,794. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,879,289 shares of company stock worth $46,711,195. 13.90% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in CUDA. ETF Managers Group LLC purchased a new position in shares of Barracuda Networks during the 2nd quarter worth $44,968,000. Systematic Financial Management LP raised its position in shares of Barracuda Networks by 24.4% in the 2nd quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after buying an additional 426,715 shares during the period. Renaissance Technologies LLC raised its position in shares of Barracuda Networks by 35.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock worth $35,473,000 after buying an additional 402,605 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of Barracuda Networks in the 2nd quarter worth $9,125,000. Finally, Principal Financial Group Inc. raised its position in shares of Barracuda Networks by 1,011.8% in the 3rd quarter. Principal Financial Group Inc. now owns 333,588 shares of the communications equipment provider’s stock worth $8,083,000 after buying an additional 303,583 shares during the period. Hedge funds and other institutional investors own 75.79% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This story was first posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this story on another site, it was stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this story can be read at https://www.thecerbatgem.com/2017/12/16/barracuda-networks-cuda-upgraded-to-hold-by-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Barracuda Networks (CUDA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

Receive News & Stock Ratings for Barracuda Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Barracuda Networks and related stocks with our FREE daily email newsletter.