Barracuda Networks, Inc. (NYSE:CUDA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

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. “

CUDA has been the topic of several other research reports. Piper Jaffray Companies reiterated an “overweight” rating and set a $28.00 price target (down previously from $29.00) on shares of Barracuda Networks in a research report on Wednesday, July 12th. BTIG Research reiterated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Thursday. Robert W. Baird reiterated a “buy” rating on shares of Barracuda Networks in a research report on Tuesday, July 11th. Imperial Capital boosted their price target on shares of Barracuda Networks from $20.00 to $21.00 and gave the company an “in-line” rating in a research report on Wednesday, July 12th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Barracuda Networks currently has an average rating of “Buy” and an average target price of $26.59.

Shares of Barracuda Networks (CUDA) traded up 1.94% during mid-day trading on Monday, reaching $23.14. 666,227 shares of the company’s stock were exchanged. Barracuda Networks has a one year low of $19.06 and a one year high of $26.69. The stock has a market cap of $1.23 billion, a PE ratio of 121.79 and a beta of 3.32. The company has a 50 day moving average price of $22.41 and a 200-day moving average price of $22.65.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The firm had revenue of $94.18 million for the quarter, compared to analysts’ expectations of $91.18 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts predict that Barracuda Networks will post $0.76 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Lowers Barracuda Networks, Inc. (CUDA) to Hold” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this article on another website, it was stolen and republished in violation of U.S. and international copyright & trademark law. The legal version of this article can be viewed at https://www.americanbankingnews.com/2017/07/17/zacks-investment-research-lowers-barracuda-networks-inc-cuda-to-hold.html.

In other news, Director Michael D. Perone sold 403,060 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $24.13, for a total value of $9,725,837.80. Following the transaction, the director now owns 3,112,640 shares in the company, valued at $75,108,003.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael D. Hughes sold 4,467 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $20.44, for a total transaction of $91,305.48. Following the completion of the transaction, the senior vice president now owns 113,040 shares in the company, valued at approximately $2,310,537.60. The disclosure for this sale can be found here. Insiders have sold 504,358 shares of company stock worth $12,122,372 in the last three months. 13.90% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Barracuda Networks by 3.5% in the fourth quarter. State Street Corp now owns 469,832 shares of the communications equipment provider’s stock valued at $10,068,000 after buying an additional 15,785 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Barracuda Networks by 52.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,032,111 shares of the communications equipment provider’s stock valued at $22,118,000 after buying an additional 353,726 shares in the last quarter. Federated Investors Inc. PA increased its position in shares of Barracuda Networks by 277.3% in the fourth quarter. Federated Investors Inc. PA now owns 24,281 shares of the communications equipment provider’s stock valued at $520,000 after buying an additional 17,846 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Barracuda Networks by 1.3% in the fourth quarter. AQR Capital Management LLC now owns 203,902 shares of the communications equipment provider’s stock valued at $4,369,000 after buying an additional 2,651 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Barracuda Networks during the fourth quarter valued at about $20,352,000. Hedge funds and other institutional investors own 62.77% of the company’s stock.

About Barracuda Networks

Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.

Get a free copy of the Zacks research report on Barracuda Networks (CUDA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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.