Barracuda Networks Inc. (CUDA) Lifted to “Strong-Buy” at Zacks Investment Research
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The firm currently has a $27.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 13.30% from the stock’s previous close.
According to Zacks, “Barracuda Networks, Inc. is engaged in designing and delivering security and storage solutions. Its products span three distinct markets, including: 1) content security, 2) networking and application delivery and 3) data storage, protection and disaster recovery. It offers cloud-connected solutions that help its customers address security threats, enhance network performance, and protect and store their data. Barracuda Networks, Inc. is headquartered in Campbell, California. “
Other research analysts also recently issued reports about the stock. JMP Securities reaffirmed a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. Imperial Capital reiterated an “in-line” rating and issued a $17.00 target price (up from $15.00) on shares of Barracuda Networks in a research note on Tuesday, July 12th. Summit Research assumed coverage on shares of Barracuda Networks in a research note on Friday, July 1st. They issued a “hold” rating for the company. Summit Redstone reiterated a “hold” rating and issued a $15.00 target price on shares of Barracuda Networks in a research note on Saturday, July 2nd. Finally, DA Davidson cut shares of Barracuda Networks from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $17.00 to $19.50 in a research note on Friday, August 12th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $21.07.
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Barracuda Networks (NYSE:CUDA) traded down 3.29% during midday trading on Friday, reaching $23.83. 405,974 shares of the company were exchanged. The firm’s 50-day moving average is $23.69 and its 200-day moving average is $18.90. Barracuda Networks has a one year low of $9.44 and a one year high of $25.77. The firm has a market cap of $1.24 billion, a P/E ratio of 595.75 and a beta of 3.61.
In other news, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $19.90, for a total value of $497,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Dean M. Drako sold 60,000 shares of the company’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $19.62, for a total transaction of $1,177,200.00. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Barracuda Networks during the fourth quarter valued at $8,979,000. Prudential Financial Inc. purchased a new stake in Barracuda Networks during the first quarter valued at $2,512,000. Spark Investment Management LLC purchased a new stake in Barracuda Networks during the first quarter valued at $1,262,000. Primecap Management Co. CA raised its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Barracuda Networks by 1.1% in the first quarter. Geode Capital Management LLC now owns 127,648 shares of the company’s stock valued at $1,964,000 after buying an additional 1,373 shares during the last quarter. 54.20% of the stock is currently 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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