Barracuda Networks (CUDA) Stock Rating Lowered by Zacks Investment Research

Barracuda Networks (NYSE:CUDA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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. “

Other equities analysts have also issued reports about the stock. Imperial Capital lifted their price objective on shares of Barracuda Networks from $22.00 to $27.55 and gave the company a “line” rating in a report on Wednesday, January 10th. BTIG Research lowered shares of Barracuda Networks from a “buy” rating to a “neutral” rating in a report on Monday, November 27th. Needham & Company LLC lowered shares of Barracuda Networks from a “buy” rating to a “hold” rating in a report on Tuesday, November 28th. 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, BidaskClub lowered shares of Barracuda Networks from a “hold” rating to a “sell” rating in a report on Saturday, November 4th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks has a consensus rating of “Hold” and an average target price of $28.19.

Barracuda Networks (NYSE:CUDA) traded up $0.01 during trading on Thursday, hitting $27.54. 3,357,892 shares of the stock traded hands, compared to its average volume of 1,381,806. Barracuda Networks has a 1 year low of $19.06 and a 1 year high of $27.95. The company has a market capitalization of $1,478.00, a P/E ratio of 98.36, a PEG ratio of 7.28 and a beta of 3.07.

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

In other Barracuda Networks news, SVP Michael D. Hughes sold 1,390 shares of Barracuda Networks stock in a transaction on Friday, November 17th. The shares were sold at an average price of $21.97, for a total value of $30,538.30. Following the transaction, the senior vice president now directly owns 155,118 shares of the company’s stock, valued at $3,407,942.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 13.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc grew its holdings in Barracuda Networks by 15.7% in the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after purchasing an additional 828 shares during the last quarter. California State Teachers Retirement System grew its holdings in Barracuda Networks by 2.8% in the second quarter. California State Teachers Retirement System now owns 44,551 shares of the communications equipment provider’s stock worth $1,027,000 after purchasing an additional 1,200 shares during the last quarter. Nationwide Fund Advisors grew its holdings in Barracuda Networks by 12.2% in the second quarter. Nationwide Fund Advisors now owns 14,309 shares of the communications equipment provider’s stock worth $330,000 after purchasing an additional 1,551 shares during the last quarter. Voya Investment Management LLC grew its holdings in Barracuda Networks by 16.3% in the second quarter. Voya Investment Management LLC now owns 11,208 shares of the communications equipment provider’s stock worth $258,000 after purchasing an additional 1,571 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in Barracuda Networks by 9.4% in the second quarter. UBS Asset Management Americas Inc. now owns 24,587 shares of the communications equipment provider’s stock worth $567,000 after purchasing an additional 2,108 shares during the last quarter. 74.46% of the stock is currently owned by institutional investors and hedge funds.

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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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