The Barracuda Networks Inc. (CUDA) Lowered to Underperform at Imperial Capital

The Barracuda Networks Inc. (CUDA) Lowered to Underperform at Imperial Capital

Imperial Capital cut shares of Barracuda Networks Inc. (NYSE:CUDA) from an in-line rating to an underperform rating in a research note issued to investors on Tuesday. The brokerage currently has $20.00 price target on the stock, up from their prior price target of $17.00.

A number of other brokerages also recently weighed in on CUDA. Zacks Investment Research downgraded shares of Barracuda Networks from a strong-buy rating to a hold rating in a research note on Wednesday, September 7th. Vetr downgraded shares of Barracuda Networks from a strong-buy rating to a buy rating and set a $26.50 price target for the company. in a research note on Monday, September 5th. Pacific Crest raised shares of Barracuda Networks from a sector weight rating to an overweight rating and lifted their price target for the company from $23.27 to $30.00 in a research note on Tuesday, August 30th. Rosenblatt Securities started coverage on shares of Barracuda Networks in a research note on Monday, August 1st. They issued a buy rating and a $30.00 price target for the company. Finally, DA Davidson downgraded shares of Barracuda Networks from a neutral rating to an underperform rating and lifted their price target for the company from $17.00 to $19.50 in a research note on Friday, August 12th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $20.72.

Shares of Barracuda Networks (NYSE:CUDA) traded up 1.22% during midday trading on Tuesday, hitting $24.95. 120,185 shares of the stock were exchanged. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 623.75 and a beta of 3.61. The firm’s 50 day moving average is $23.52 and its 200-day moving average is $18.82.

In other Barracuda Networks news, major shareholder Dean M. Drako sold 3,768 shares of Barracuda Networks stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $22.01, for a total value of $82,933.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jeffry R. Allen sold 10,000 shares of Barracuda Networks stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $19.38, for a total transaction of $193,800.00. Following the completion of the sale, the director now directly owns 7,762 shares in the company, valued at approximately $150,427.56. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in CUDA. Norges Bank acquired a new stake in Barracuda Networks during the fourth quarter valued at about $8,979,000. Prudential Financial Inc. acquired a new stake in Barracuda Networks during the first quarter valued at about $2,512,000. Spark Investment Management LLC acquired a new stake in Barracuda Networks during the first quarter valued at about $1,262,000. Primecap Management Co. CA raised its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares during the period. Finally, Geode Capital Management LLC raised its stake in Barracuda Networks by 1.1% in the first quarter. Geode Capital Management LLC now owns 127,648 shares of the company’s stock valued at $1,964,000 after buying an additional 1,373 shares during the period. 54.20% of the stock is currently owned by institutional investors and hedge funds.

Barracuda Networks Company Profile

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