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.
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