Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by equities research analysts at Robert W. Baird in a research report issued on Wednesday. They presently have a $29.00 price target on the communications equipment provider’s stock. Robert W. Baird’s price target indicates a potential upside of 12.67% from the company’s previous close.

Several other research analysts also recently issued reports on the company. Northland Securities reaffirmed a “buy” rating and set a $28.00 price objective on shares of Barracuda Networks in a report on Friday, June 30th. Zacks Investment Research downgraded Barracuda Networks from a “buy” rating to a “hold” rating in a report on Monday, July 17th. Pacific Crest reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Barracuda Networks in a report on Wednesday, June 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 price objective on shares of Barracuda Networks in a report on Monday, June 26th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 price objective on shares of Barracuda Networks in a report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $27.25.

Shares of Barracuda Networks (CUDA) traded down 11.77% during mid-day trading on Wednesday, reaching $22.71. The company’s stock had a trading volume of 7,501,494 shares. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $26.69. The company has a 50 day moving average of $24.20 and a 200-day moving average of $22.91. The firm has a market capitalization of $1.20 billion, a P/E ratio of 113.55 and a beta of 3.27.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Barracuda Networks had a negative return on equity of 1,770.56% and a net margin of 2.81%. The firm had revenue of $94.30 million for the quarter, compared to the consensus estimate of $93.32 million. During the same quarter in the prior year, the business earned $0.21 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts forecast that Barracuda Networks will post $0.76 EPS for the current year.

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In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $24.37, for a total transaction of $30,462.50. Following the completion of the transaction, the chief financial officer now owns 101,843 shares in the company, valued at approximately $2,481,913.91. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael D. Perone sold 322,898 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $24.50, for a total value of $7,911,001.00. Following the transaction, the director now owns 2,361,012 shares of the company’s stock, valued at approximately $57,844,794. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,354,783 shares of company stock valued at $57,100,375. 13.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in CUDA. Wells Fargo & Company MN increased its holdings in Barracuda Networks by 18.5% during the 1st quarter. Wells Fargo & Company MN now owns 152,787 shares of the communications equipment provider’s stock worth $3,531,000 after purchasing an additional 23,901 shares in the last quarter. US Bancorp DE increased its holdings in Barracuda Networks by 170.8% during the 1st quarter. US Bancorp DE now owns 8,226 shares of the communications equipment provider’s stock worth $191,000 after purchasing an additional 5,188 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Barracuda Networks by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 122,232 shares of the communications equipment provider’s stock worth $2,825,000 after purchasing an additional 4,694 shares in the last quarter. Comerica Bank bought a new position in Barracuda Networks during the 1st quarter worth about $949,000. Finally, Ameriprise Financial Inc. bought a new position in Barracuda Networks during the 1st quarter worth about $4,867,000. Hedge funds and other institutional investors 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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