Barracuda Networks Inc. (CUDA) Lowered to Hold at Zacks Investment Research
Barracuda Networks Inc. (NYSE:CUDA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
A number of other analysts have also commented on the stock. Summit Redstone reissued a “hold” rating and issued a $15.00 price objective on shares of Barracuda Networks in a research report on Saturday, July 2nd. Vetr lowered shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 price objective on the stock. in a research report on Monday, September 19th. Piper Jaffray Cos. reissued a “neutral” rating and issued a $18.00 price objective (up previously from $17.00) on shares of Barracuda Networks in a research report on Sunday, July 10th. DA Davidson downgraded shares of Barracuda Networks from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $17.00 to $19.50 in a report on Friday, August 12th. They noted that the move was a valuation call. Finally, Pacific Crest upgraded shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and boosted their target price for the stock from $23.27 to $30.00 in a report on Tuesday, August 30th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $23.79.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/barracuda-networks-inc-cuda-lowered-to-hold-at-zacks-investment-research.html
Shares of Barracuda Networks (NYSE:CUDA) traded up 9.17% on Wednesday, hitting $25.47. 7,126,563 shares of the stock traded hands. The firm’s 50 day moving average is $23.86 and its 200 day moving average is $19.13. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $26.69. The firm has a market capitalization of $1.33 billion, a PE ratio of 636.75 and a beta of 3.61.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. The business had revenue of $87.90 million for the quarter. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 EPS. On average, analysts expect that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In related news, SVP Michael D. Hughes sold 5,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $101,150.00. Following the transaction, the senior vice president now directly owns 114,513 shares in the company, valued at $2,316,597.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gordon Stitt purchased 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average price of $20.81 per share, for a total transaction of $83,240.00. The disclosure for this purchase can be found here. 39.60% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Okumus Fund Management Ltd. acquired a new position in Barracuda Networks during the first quarter valued at approximately $68,773,000. Fuller & Thaler Asset Management Inc. acquired a new position in Barracuda Networks during the second quarter valued at approximately $6,264,000. BlackRock Fund Advisors increased its position in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares during the period. State Street Corp increased its position in Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares during the period. Finally, Primecap Management Co. CA increased its position 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 period. Institutional investors and hedge funds 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Barracuda Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Barracuda Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.