Barracuda Networks, Inc. (NYSE:CUDA) Rating Lowered to Strong Sell at BidaskClub

Barracuda Networks, Inc. (NYSE:CUDA) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Friday.

CUDA has been the topic of a number of other reports. Stifel Nicolaus restated a “buy” rating and set a $32.00 price target on shares of Barracuda Networks in a research report on Tuesday, April 18th. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Thursday, July 13th. Pacific Crest restated an “overweight” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Wednesday, June 28th. TheStreet upgraded shares of Barracuda Networks from a “d” rating to a “c” rating in a research report on Monday, April 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $26.59.

Shares of Barracuda Networks (CUDA) traded up 8.551% during mid-day trading on Friday, hitting $23.675. 835,321 shares of the stock traded hands. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $26.69. The firm has a 50 day moving average of $22.99 and a 200 day moving average of $22.71. The company has a market cap of $1.25 billion, a P/E ratio of 124.605 and a beta of 3.30.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $94.18 million for the quarter, compared to analyst estimates of $91.18 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. Barracuda Networks’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. Equities analysts anticipate that Barracuda Networks will post $0.76 EPS for the current fiscal year.

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In other news, CEO William D. Jenkins, Jr. sold 80,612 shares of the business’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $24.02, for a total value of $1,936,300.24. Following the sale, the chief executive officer now directly owns 621,108 shares of the company’s stock, valued at approximately $14,919,014.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael D. Perone sold 403,060 shares of the business’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $24.13, for a total transaction of $9,725,837.80. Following the completion of the sale, the director now directly owns 3,112,640 shares in the company, valued at $75,108,003.20. The disclosure for this sale can be found here. Insiders sold a total of 501,766 shares of company stock worth $12,073,560 over the last three months. Insiders own 13.90% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC bought a new stake in Barracuda Networks during the fourth quarter worth about $307,000. Gotham Asset Management LLC increased its stake in Barracuda Networks by 2.5% in the first quarter. Gotham Asset Management LLC now owns 35,109 shares of the communications equipment provider’s stock worth $811,000 after buying an additional 871 shares during the period. Clearbridge Investments LLC increased its stake in Barracuda Networks by 0.8% in the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock worth $47,006,000 after buying an additional 16,324 shares during the period. American Century Companies Inc. increased its stake in Barracuda Networks by 3.0% in the first quarter. American Century Companies Inc. now owns 286,968 shares of the communications equipment provider’s stock worth $6,632,000 after buying an additional 8,477 shares during the period. Finally, Ameriprise Financial Inc. bought a new stake in Barracuda Networks during the first quarter worth about $4,867,000. 63.70% of the stock is currently owned by institutional investors and hedge funds.

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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