Barracuda Networks (CUDA) Cut to Sell at Zacks Investment Research

Barracuda Networks (NYSE:CUDA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 analysts also recently weighed in on the stock. BidaskClub raised shares of Barracuda Networks from a “sell” rating to a “hold” rating in a report on Friday, October 27th. KeyCorp reaffirmed a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a report on Friday, November 10th. JPMorgan Chase & Co. downgraded shares of Barracuda Networks from an “overweight” rating to a “neutral” rating and set a $27.55 price objective for the company. in a report on Tuesday, December 12th. Robert W. Baird reissued a “buy” rating and set a $29.00 price objective on shares of Barracuda Networks in a report on Tuesday, October 24th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $30.00 price objective on shares of Barracuda Networks in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $28.19.

Shares of Barracuda Networks (NYSE:CUDA) traded down $0.01 during trading on Tuesday, reaching $27.54. 924,331 shares of the company traded hands, compared to its average volume of 1,150,193. The company has a market cap of $1,470.00, a P/E ratio of 98.36, a P/E/G ratio of 7.28 and a beta of 3.28. Barracuda Networks has a one year low of $19.06 and a one year high of $27.95.

Barracuda Networks (NYSE:CUDA) last issued its earnings results on Monday, January 8th. The communications equipment provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.02). Barracuda Networks had a return on equity of 74.59% and a net margin of 4.09%. equities research analysts expect that Barracuda Networks will post 0.32 EPS for the current year.

In related news, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $23.10, for a total value of $28,875.00. Following the completion of the transaction, the chief financial officer now owns 102,905 shares of the company’s stock, valued at approximately $2,377,105.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael D. Hughes sold 1,390 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $21.97, for a total transaction of $30,538.30. Following the completion of the transaction, the senior vice president now directly owns 155,118 shares of the company’s stock, valued at approximately $3,407,942.46. The disclosure for this sale can be found here. 13.90% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in shares of Barracuda Networks by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 717 shares during the last quarter. Pinebridge Investments L.P. bought a new position in shares of Barracuda Networks in the 3rd quarter valued at about $121,000. Legal & General Group Plc lifted its holdings in shares of Barracuda Networks by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock valued at $140,000 after acquiring an additional 828 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Barracuda Networks in the 3rd quarter valued at about $162,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Barracuda Networks by 17.6% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock valued at $167,000 after acquiring an additional 1,104 shares during the last quarter. 75.22% of the stock is owned by hedge funds and other 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.

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