Barracuda Networks, Inc. (NYSE:CUDA) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Saturday.

CUDA has been the subject of several other research reports. Stifel Nicolaus restated a “buy” rating and set a $32.00 target price on shares of Barracuda Networks in a research note on Wednesday, July 19th. Northland Securities restated a “buy” rating and set a $28.00 target price on shares of Barracuda Networks in a research note on Friday, June 30th. BTIG Research restated a “buy” rating and set a $30.00 target price on shares of Barracuda Networks in a research note on Thursday, July 13th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Thursday, July 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $28.00 target price on shares of Barracuda Networks in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $26.59.

Barracuda Networks (NYSE:CUDA) traded down 0.33% during trading on Friday, reaching $24.09. The company had a trading volume of 350,837 shares. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $26.69. The stock has a 50 day moving average of $23.54 and a 200-day moving average of $22.73. The company has a market capitalization of $1.28 billion, a P/E ratio of 126.79 and a beta of 3.28.

Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.18. The business had revenue of $94.18 million for the quarter, compared to analyst estimates of $91.18 million. Barracuda Networks had a negative return on equity of 1,770.56% and a net margin of 2.81%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 EPS. Equities research analysts expect that Barracuda Networks will post $0.76 EPS for the current fiscal year.

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In related news, Director Michael D. Perone sold 253,629 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $24.33, for a total transaction of $6,170,793.57. Following the completion of the transaction, the director now owns 2,151,074 shares in the company, valued at approximately $52,335,630.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Dustin Driggs sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $22.85, for a total value of $28,562.50. Following the transaction, the chief financial officer now owns 104,221 shares of the company’s stock, valued at approximately $2,381,449.85. The disclosure for this sale can be found here. Insiders sold a total of 2,256,482 shares of company stock valued at $54,636,658 in the last quarter. Corporate insiders own 13.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Barracuda Networks by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock worth $67,660,000 after buying an additional 204,731 shares during the period. Systematic Financial Management LP lifted its position in shares of Barracuda Networks by 24.4% during the 2nd quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after buying an additional 426,715 shares during the period. Clearbridge Investments LLC lifted its position in shares of Barracuda Networks by 0.8% during the 1st quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock worth $47,006,000 after buying an additional 16,324 shares during the period. ETF Managers Group LLC bought a new position in shares of Barracuda Networks during the 2nd quarter worth approximately $44,968,000. Finally, Renaissance Technologies LLC lifted its position in shares of Barracuda Networks by 35.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock worth $35,473,000 after buying an additional 402,605 shares during the period. Institutional investors and hedge funds own 65.96% of the company’s stock.

Barracuda Networks Company Profile

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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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