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.

Barracuda Networks (CUDA) remained flat at $$27.50 during trading hours on Tuesday. 545,145 shares of the stock were exchanged, compared to its average volume of 1,177,709. The firm has a market capitalization of $1,475.99, a price-to-earnings ratio of 98.21, a price-to-earnings-growth ratio of 7.24 and a beta of 3.28. Barracuda Networks has a 1-year low of $19.06 and a 1-year high of $27.95.

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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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