Barracuda Networks (CUDA) Downgraded by J P Morgan Chase & Co

Barracuda Networks (NYSE:CUDA) was downgraded by stock analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. They currently have a $27.55 price target on the communications equipment provider’s stock. J P Morgan Chase & Co’s price objective would suggest a potential upside of 0.11% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. BTIG Research lowered Barracuda Networks from a “buy” rating to a “neutral” rating in a research report on Monday, November 27th. Needham & Company LLC downgraded Barracuda Networks from a “buy” rating to a “hold” rating in a report on Tuesday, November 28th. Robert W. Baird reaffirmed a “buy” rating and set a $29.00 target price on shares of Barracuda Networks in a report on Tuesday, October 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 target price on shares of Barracuda Networks in a report on Tuesday, September 12th. Finally, Zacks Investment Research downgraded Barracuda Networks from a “hold” rating to a “sell” rating in a report on Friday, October 13th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Barracuda Networks has a consensus rating of “Hold” and a consensus target price of $27.60.

Shares of Barracuda Networks (NYSE CUDA) traded down $0.01 during mid-day trading on Tuesday, reaching $27.52. The company had a trading volume of 1,764,691 shares, compared to its average volume of 1,682,820. The company has a market cap of $1,475.18, a price-to-earnings ratio of 88.77, a P/E/G ratio of 7.34 and a beta of 3.28. Barracuda Networks has a twelve month low of $19.06 and a twelve month high of $27.95.

Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.17. The business had revenue of $94.30 million for the quarter, compared to analyst estimates of $93.32 million. Barracuda Networks had a return on equity of 38.68% and a net margin of 1.65%. Barracuda Networks’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS. equities analysts expect that Barracuda Networks will post 0.32 EPS for the current year.

In other news, Director Michael D. Perone sold 253,629 shares of the business’s stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $24.33, for a total value of $6,170,793.57. Following the transaction, the director now directly owns 2,151,074 shares of the company’s stock, valued at approximately $52,335,630.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the business’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. Insiders sold a total of 1,879,289 shares of company stock worth $46,711,195 over the last three months. 13.90% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in CUDA. Credit Suisse AG raised its stake in Barracuda Networks by 84.0% during the 1st quarter. Credit Suisse AG now owns 33,638 shares of the communications equipment provider’s stock worth $777,000 after buying an additional 15,353 shares during the period. US Bancorp DE raised its stake in Barracuda Networks by 33.5% during the 2nd quarter. US Bancorp DE now owns 10,980 shares of the communications equipment provider’s stock worth $253,000 after buying an additional 2,754 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Barracuda Networks by 81.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 346,753 shares of the communications equipment provider’s stock worth $7,997,000 after buying an additional 155,891 shares during the period. First Trust Advisors LP raised its stake in Barracuda Networks by 52.3% during the 2nd quarter. First Trust Advisors LP now owns 408,135 shares of the communications equipment provider’s stock worth $9,412,000 after buying an additional 140,204 shares during the period. Finally, Rhumbline Advisers raised its stake in Barracuda Networks by 11.5% during the 2nd quarter. Rhumbline Advisers now owns 26,330 shares of the communications equipment provider’s stock worth $607,000 after buying an additional 2,718 shares during the period. 75.79% of the stock is currently owned by institutional investors.

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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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