Barracuda Networks (CUDA) Stock Rating Lowered by Robert W. Baird
Robert W. Baird cut shares of Barracuda Networks (NYSE:CUDA) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has $28.00 price target on the communications equipment provider’s stock.
“We are downgrading to Neutral given the lack of a higher bidder from Thoma Bravo’s previously announced offer of $27.55 per share. Per the proxy statement, Thoma Bravo rejected Barracuda’s request for a go-shop period, thus eliminating the potential for a bidding war. Despite modest valuation and premium, we continue to see this transaction as a good outcome for shareholders. FQ3 results. Barracuda reported FQ3 revenue/non-GAAP EPS of $94.7 million/ $0.21, above consensus of $93.7 million/$0.18. Core billings were solid, up 24% and up 22% excluding revenue acquired from Sonian. Dollar-based renewals were 101%, up from 91% in the prior quarter.”,” the firm’s analyst wrote.
Several other analysts have also weighed in on the company. Zacks Investment Research raised Barracuda Networks from a sell rating to a hold rating in a research note on Tuesday, December 12th. BidaskClub raised Barracuda Networks from a sell rating to a hold rating in a research note on Friday, October 27th. KeyCorp reaffirmed a buy rating and issued a $30.00 price objective on shares of Barracuda Networks in a research note on Friday, November 10th. JPMorgan Chase & Co. lowered Barracuda Networks from an overweight rating to a neutral rating and set a $27.55 price objective on the stock. in a research note on Tuesday, December 12th. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $32.00 price objective on shares of Barracuda Networks in a research note on Tuesday, September 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $28.19.
In other news, SVP Michael D. Hughes sold 1,390 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was 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 in the company, valued at $3,407,942.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Dustin Driggs sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $23.10, for a total value of $28,875.00. Following the transaction, the chief financial officer now owns 102,905 shares of the company’s stock, valued at $2,377,105.50. The disclosure for this sale can be found here. Insiders have sold 4,655 shares of company stock worth $104,952 over the last three months. Insiders own 13.90% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Barracuda Networks by 7.5% during the second quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock worth $67,660,000 after acquiring an additional 204,731 shares during the last quarter. ETF Managers Group LLC purchased a new position in shares of Barracuda Networks in the 2nd quarter worth $44,968,000. Renaissance Technologies LLC boosted its stake 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 last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Barracuda Networks by 5.0% in the 3rd 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. Finally, Rothschild Asset Management Inc. boosted its stake in shares of Barracuda Networks by 5.9% in the 3rd quarter. Rothschild Asset Management Inc. now owns 900,328 shares of the communications equipment provider’s stock worth $21,815,000 after buying an additional 50,500 shares during the last quarter. Institutional investors own 75.79% of the company’s stock.
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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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