Barracuda Networks (CUDA) Upgraded to Hold by Zacks Investment Research
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) 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.
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.
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