The Zacks Investment Research lowers the Stock rating of Barracuda Networks Inc. (CUDA)

The Zacks Investment Research lowers the Stock rating of Barracuda Networks Inc. (CUDA)

Barracuda Networks Inc. (NYSE:CUDA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

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 equities analysts also recently weighed in on the stock. BWS Financial raised their target price on shares of Barracuda Networks from $26.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday. JMP Securities raised their price target on shares of Barracuda Networks from $13.00 to $15.00 and gave the stock a “market underperform” rating in a research note on Wednesday. BTIG Research raised their price target on shares of Barracuda Networks from $26.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and set a $23.00 price target (up from $19.00) on shares of Barracuda Networks in a research note on Wednesday. Finally, Stifel Nicolaus raised their price target on shares of Barracuda Networks from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $24.46.

Shares of Barracuda Networks (NYSE:CUDA) opened at 25.36 on Wednesday. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The stock has a market capitalization of $1.32 billion, a P/E ratio of 634.00 and a beta of 3.61. The stock has a 50 day moving average of $24.05 and a 200-day moving average of $19.21.

Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. The firm earned $87.90 million during the quarter. During the same quarter last year, the business posted $0.10 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. Equities research analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.

In related news, major shareholder Dean M. Drako sold 146,232 shares of Barracuda Networks stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total value of $3,218,566.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael D. Hughes sold 5,000 shares of Barracuda Networks stock in a transaction on Monday, August 1st. The stock was sold at an average price of $22.22, for a total transaction of $111,100.00. Following the completion of the sale, the senior vice president now owns 109,513 shares of the company’s stock, valued at approximately $2,433,378.86. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Okumus Fund Management Ltd. bought a new stake in shares of Barracuda Networks during the first quarter worth about $68,773,000. Vanguard Group Inc. raised its stake in shares of Barracuda Networks by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,523,258 shares of the company’s stock worth $23,063,000 after buying an additional 47,118 shares during the period. Primecap Management Co. CA raised its stake in shares of Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock worth $14,091,000 after buying an additional 250,000 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Barracuda Networks by 32.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 574,917 shares of the company’s stock worth $8,704,000 after buying an additional 140,555 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock worth $8,562,000 after buying an additional 330,942 shares during the period. Institutional investors and hedge funds own 54.20% of the company’s stock.

About Barracuda Networks

Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.

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