Barracuda Networks Inc. (NYSE:CUDA) was downgraded by stock analysts at Imperial Capital from an “in-line” rating to an “underperform” rating in a note issued to investors on Tuesday. They presently have a $20.00 price target on the stock, up from their prior price target of $17.00. Imperial Capital’s price target would indicate a potential downside of 19.84% from the company’s previous close.
CUDA has been the subject of a number of other reports. Vetr upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $17.50 price target for the company in a research note on Monday, June 6th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Friday, July 8th. JMP Securities reaffirmed a “sell” rating on shares of Barracuda Networks in a report on Saturday, July 9th. Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $18.00 price target (up previously from $17.00) on shares of Barracuda Networks in a report on Sunday, July 10th. Finally, BTIG Research reaffirmed a “buy” rating and set a $20.00 price target on shares of Barracuda Networks in a report on Friday, July 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $20.82.
Barracuda Networks (NYSE:CUDA) traded down 0.64% during midday trading on Tuesday, hitting $24.79. The company had a trading volume of 186,267 shares. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $25.77. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 619.75 and a beta of 3.60. The company’s 50 day moving average is $23.43 and its 200 day moving average is $18.75.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Thursday, July 7th. The company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.09. The business earned $86.70 million during the quarter. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. On average, equities analysts anticipate that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other news, CEO William D. Jenkins, Jr. sold 4,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total transaction of $80,920.00. Following the completion of the transaction, the chief executive officer now owns 625,934 shares of the company’s stock, valued at $12,662,644.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael D. Hughes sold 5,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total transaction of $101,150.00. Following the transaction, the senior vice president now directly owns 114,513 shares of the company’s stock, valued at approximately $2,316,597.99. The disclosure for this sale can be found here. Company insiders own 39.60% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE raised its position in shares of Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock worth $107,000 after buying an additional 4,698 shares in the last quarter. BlackRock Advisors LLC boosted its stake in Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock worth $156,000 after buying an additional 3,900 shares during the last quarter. AHL Partners LLP acquired a new stake in Barracuda Networks during the second quarter worth $158,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Barracuda Networks during the second quarter worth $179,000. Finally, Algert Global LLC acquired a new stake in Barracuda Networks during the second quarter worth $182,000. 54.20% of the stock is owned by institutional investors and hedge funds.
About Barracuda Networks
Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.
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