Insider Selling: Barracuda Networks, Inc. (CUDA) Director Sells 108,258 Shares of Stock
Barracuda Networks, Inc. (NYSE:CUDA) Director Michael D. Perone sold 108,258 shares of the business’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $25.77, for a total value of $2,789,808.66. Following the completion of the transaction, the director now directly owns 1,378,038 shares in the company, valued at $35,512,039.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Barracuda Networks, Inc. (NYSE:CUDA) traded down 12.00% during trading on Wednesday, hitting $22.65. The stock had a trading volume of 8,430,431 shares. The company’s 50 day moving average is $24.18 and its 200-day moving average is $22.91. Barracuda Networks, Inc. has a 12 month low of $19.06 and a 12 month high of $26.40. The company has a market cap of $1.20 billion, a PE ratio of 119.21 and a beta of 3.27.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, hitting the Zacks’ 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 last year, the business posted $0.21 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Barracuda Networks, Inc. will post $0.76 earnings per share for the current year.
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A number of research analysts recently commented on CUDA shares. Robert W. Baird reissued a “buy” rating on shares of Barracuda Networks in a report on Tuesday, July 11th. Northland Securities reissued a “buy” rating and issued a $28.00 price target on shares of Barracuda Networks in a report on Friday, June 30th. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Monday, June 26th. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Thursday, July 13th. Finally, BTIG Research reissued a “buy” rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $27.25.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Barracuda Networks by 7.5% during the second 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 in the last quarter. Systematic Financial Management LP increased its stake in Barracuda Networks by 24.4% during the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after acquiring an additional 426,715 shares during the last quarter. Clearbridge Investments LLC increased its stake in Barracuda Networks by 0.8% during the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock worth $47,006,000 after acquiring an additional 16,324 shares during the last quarter. ETF Managers Group LLC acquired a new stake in Barracuda Networks during the second quarter worth $44,968,000. Finally, Renaissance Technologies LLC increased its stake in Barracuda Networks by 35.5% during the second quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock worth $35,473,000 after acquiring an additional 402,605 shares during the last quarter. Hedge funds and other institutional investors own 65.96% 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.
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