Barracuda Networks (NYSE:CUDA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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. “

Several other research firms also recently weighed in on CUDA. Robert W. Baird reiterated a “buy” rating and set a $29.00 price target on shares of Barracuda Networks in a research note on Wednesday, October 11th. Rosenblatt Securities reiterated a “buy” rating on shares of Barracuda Networks in a research note on Sunday, October 15th. Piper Jaffray Companies downgraded Barracuda Networks from an “overweight” rating to a “neutral” rating in a research note on Monday, November 27th. J P Morgan Chase & Co downgraded Barracuda Networks from an “overweight” rating to a “neutral” rating and set a $27.55 price target for the company. in a research note on Tuesday. Finally, KeyCorp reiterated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research note on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Barracuda Networks presently has a consensus rating of “Hold” and a consensus price target of $27.60.

Shares of Barracuda Networks (NYSE:CUDA) traded down $0.04 during trading hours on Tuesday, reaching $27.57. The company’s stock had a trading volume of 1,456,859 shares, compared to its average volume of 860,009. The company has a market cap of $1,470.00, a P/E ratio of 88.81, a PEG ratio of 7.34 and a beta of 3.28. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $27.75.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. sell-side analysts predict that Barracuda Networks will post 0.31 earnings per share for the current fiscal year.

In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $24.37, for a total value of $30,462.50. Following the sale, the chief financial officer now owns 101,843 shares of the company’s stock, valued at approximately $2,481,913.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $24.30, for a total value of $400,950.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,132,417 shares of company stock worth $52,859,674. Insiders own 13.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TFS Capital LLC raised its holdings in shares of Barracuda Networks by 195.4% during the 4th quarter. TFS Capital LLC now owns 137,990 shares of the communications equipment provider’s stock valued at $2,578,000 after buying an additional 91,282 shares in the last quarter. Okumus Fund Management Ltd. purchased a new position in Barracuda Networks in the 1st quarter worth approximately $68,773,000. Boston Partners purchased a new position in Barracuda Networks in the 4th quarter worth approximately $1,093,000. Penserra Capital Management LLC purchased a new position in Barracuda Networks in the 4th quarter worth approximately $40,919,000. Finally, AQR Capital Management LLC increased its stake in Barracuda Networks by 1.3% in the 4th quarter. AQR Capital Management LLC now owns 203,902 shares of the communications equipment provider’s stock worth $4,369,000 after purchasing an additional 2,651 shares during the period. 75.79% of the stock is currently owned by institutional investors.

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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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