Zacks Investment Research Upgrades Barracuda Networks Inc. (CUDA) to “Strong-Buy”
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday. The firm currently has a $27.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 13.30% from the company’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. “
Several other equities research analysts have also commented on the company. Summit Redstone restated a “hold” rating and set a $15.00 target price on shares of Barracuda Networks in a research report on Saturday, July 2nd. Vetr lowered Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 target price on the stock. in a research report on Monday, September 19th. Piper Jaffray Cos. restated a “neutral” rating and set a $18.00 target price (up previously from $17.00) on shares of Barracuda Networks in a research report on Sunday, July 10th. DA Davidson lowered Barracuda Networks from a “neutral” rating to an “underperform” rating and upped their target price for the company from $17.00 to $19.50 in a research report on Friday, August 12th. They noted that the move was a valuation call. Finally, Pacific Crest upgraded Barracuda Networks from a “sector weight” rating to an “overweight” rating and upped their target price for the company from $23.27 to $30.00 in a research report on Tuesday, August 30th. 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 given a strong buy rating to the company’s stock. Barracuda Networks currently has an average rating of “Hold” and a consensus target price of $21.07.
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Barracuda Networks (NYSE:CUDA) traded down 3.29% on Friday, reaching $23.83. The company’s stock had a trading volume of 405,974 shares. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $25.77. The firm’s 50-day moving average price is $23.69 and its 200 day moving average price is $18.90. The company has a market cap of $1.24 billion, a P/E ratio of 595.75 and a beta of 3.61.
In other Barracuda Networks news, SVP Michael D. Hughes sold 4,468 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $25.05, for a total transaction of $111,923.40. Following the completion of the transaction, the senior vice president now directly owns 113,971 shares of the company’s stock, valued at $2,854,973.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David Faugno sold 25,000 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $19.90, for a total value of $497,500.00. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC raised its position in shares of Barracuda Networks by 0.7% in the second quarter. Parametric Portfolio Associates LLC now owns 38,620 shares of the company’s stock valued at $585,000 after buying an additional 271 shares during the period. Geode Capital Management LLC raised its position in Barracuda Networks by 1.1% in the first quarter. Geode Capital Management LLC now owns 127,648 shares of the company’s stock worth $1,964,000 after buying an additional 1,373 shares during the last quarter. BlackRock Advisors LLC raised its position 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. US Bancorp DE raised its position in 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 during the last quarter. Finally, American International Group Inc. raised its position in Barracuda Networks by 166.8% in the second quarter. American International Group Inc. now owns 12,670 shares of the company’s stock worth $192,000 after buying an additional 7,922 shares during the last quarter. 54.20% of the stock is owned by institutional investors and hedge funds.
Barracuda Networks Company Profile
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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