Barracuda Networks Inc. (CUDA) Rating 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 report released 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 brokerages also recently issued reports on CUDA. Pacific Crest raised shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and boosted their price objective for the company from $23.27 to $30.00 in a research report on Tuesday, August 30th. DA Davidson set a $20.00 price objective on shares of Barracuda Networks and gave the company a “sell” rating in a research report on Tuesday, October 4th. BTIG Research boosted their price objective on shares of Barracuda Networks from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley boosted their price objective on shares of Barracuda Networks from $19.00 to $23.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Vetr raised shares of Barracuda Networks from a “buy” rating to a “strong-buy” rating and set a $26.50 price objective on the stock in a research report on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $23.79.
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Shares of Barracuda Networks (NYSE:CUDA) traded up 9.17% during mid-day trading on Wednesday, hitting $25.47. 7,126,563 shares of the stock traded hands. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The company’s 50-day moving average price is $23.86 and its 200 day moving average price is $19.13. The company 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 issued its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating 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 firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 earnings per share. Equities research analysts forecast that Barracuda Networks will post $0.57 EPS for the current fiscal year.
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 transaction of $497,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael D. Hughes sold 4,468 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $25.05, for a total transaction of $111,923.40. Following the sale, the senior vice president now directly owns 113,971 shares of the company’s stock, valued at approximately $2,854,973.55. The disclosure for this sale can be found here. Company insiders own 39.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Algert Global LLC raised its stake in Barracuda Networks by 242.5% in the third quarter. Algert Global LLC now owns 41,130 shares of the company’s stock valued at $1,048,000 after buying an additional 29,122 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake 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 valued at $1,146,000 after buying an additional 24,436 shares during the last quarter. American Century Companies Inc. acquired a new stake in Barracuda Networks during the second quarter valued at approximately $3,356,000. Metropolitan Life Insurance Co. NY acquired a new stake in Barracuda Networks during the second quarter valued at approximately $250,000. Finally, Numeric Investors LLC acquired a new stake in Barracuda Networks during the second quarter valued at approximately $321,000. 54.20% of the stock is owned by hedge funds and other institutional investors.
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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