Barracuda Networks, Inc. (CUDA) Lowered to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Barracuda Networks, Inc. (NYSE:CUDA) from a sell rating to a strong sell rating in a report published on Saturday morning.

A number of other research firms have also weighed in on CUDA. Stifel Nicolaus reaffirmed a buy rating and issued a $32.00 price objective on shares of Barracuda Networks in a research note on Wednesday, July 19th. Northland Securities reaffirmed a buy rating and issued a $28.00 price objective on shares of Barracuda Networks in a research note on Friday, June 30th. BTIG Research reaffirmed a buy rating and issued a $30.00 price objective on shares of Barracuda Networks in a research note on Thursday, July 13th. Zacks Investment Research raised shares of Barracuda Networks from a hold rating to a buy rating and set a $26.00 price objective on the stock in a research note on Thursday, July 13th. Finally, Needham & Company LLC reiterated a buy rating and issued a $28.00 target price on shares of Barracuda Networks in a report on Tuesday, September 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $26.59.

Shares of Barracuda Networks (NYSE:CUDA) traded down 0.33% during midday trading on Friday, reaching $24.09. 350,837 shares of the company’s stock traded hands. The firm has a market cap of $1.28 billion, a PE ratio of 126.79 and a beta of 3.28. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $26.69. The company has a 50 day moving average of $23.54 and a 200 day moving average of $22.73.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The firm had revenue of $94.18 million for the quarter, compared to analyst estimates of $91.18 million. During the same period last year, the firm earned $0.20 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities analysts predict that Barracuda Networks will post $0.76 EPS for the current fiscal year.

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In related news, Director Michael D. Perone sold 253,629 shares of the firm’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $24.33, for a total transaction of $6,170,793.57. Following the completion of the sale, the director now owns 2,151,074 shares in the company, valued at $52,335,630.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael D. Perone sold 403,060 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $24.13, for a total transaction of $9,725,837.80. Following the sale, the director now owns 3,112,640 shares of the company’s stock, valued at approximately $75,108,003.20. The disclosure for this sale can be found here. Insiders have sold 2,256,482 shares of company stock valued at $54,636,658 in the last 90 days. 13.90% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its stake in shares of Barracuda Networks by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 717 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in shares of Barracuda Networks in the second quarter worth about $113,000. Legal & General Group Plc increased its stake in shares of 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 in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Barracuda Networks by 2.9% in the first quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock worth $146,000 after purchasing an additional 177 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Barracuda Networks by 17.6% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after purchasing an additional 1,104 shares in the last quarter. Institutional investors and hedge funds own 65.96% of the company’s stock.

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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