Barracuda Networks Inc. (CUDA) Downgraded by Vetr Inc.
Barracuda Networks Inc. (NYSE:CUDA) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. They presently have a $24.75 price target on the stock. Vetr‘s price target points to a potential upside of 3.86% from the stock’s current price.
Several other research analysts have also weighed in on CUDA. JMP Securities reaffirmed a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. DA Davidson reaffirmed a “neutral” rating and set a $15.50 price target on shares of Barracuda Networks in a research report on Wednesday, July 6th. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and set a $20.00 price target on shares of Barracuda Networks in a research report on Friday, July 8th. Finally, Imperial Capital reaffirmed an “in-line” rating and set a $15.00 price target (down previously from $16.00) on shares of Barracuda Networks in a research report on Thursday, June 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $21.07.
Barracuda Networks (NYSE:CUDA) opened at 23.83 on Tuesday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 595.75 and a beta of 3.61. The firm’s 50-day moving average price is $23.75 and its 200 day moving average price is $18.96. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77.
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In other news, major shareholder Dean M. Drako sold 146,232 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $22.01, for a total transaction of $3,218,566.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael D. Hughes sold 4,468 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $25.05, for a total value of $111,923.40. Following the sale, the senior vice president now owns 113,971 shares of the company’s stock, valued at $2,854,973.55. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its position in Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the period. American Century Companies Inc. acquired a new position in Barracuda Networks during the second quarter worth approximately $3,356,000. Metropolitan Life Insurance Co. NY acquired a new position in Barracuda Networks during the second quarter worth approximately $250,000. Numeric Investors LLC acquired a new position in Barracuda Networks during the second quarter worth approximately $321,000. Finally, AHL Partners LLP acquired a new position in Barracuda Networks during the second quarter worth approximately $158,000. Hedge funds and other institutional investors own 54.20% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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