Rosenblatt Securities Lowers Barracuda Networks (NYSE:CUDA) to Neutral

Rosenblatt Securities cut shares of Barracuda Networks (NYSE:CUDA) from a buy rating to a neutral rating in a research report report published on Monday, November 27th.

A number of other brokerages have also weighed in on CUDA. BidaskClub raised Barracuda Networks from a strong sell rating to a sell rating in a research report on Saturday, October 7th. Robert W. Baird reaffirmed a buy rating and set a $29.00 price target on shares of Barracuda Networks in a research report on Wednesday, October 11th. J P Morgan Chase & Co reiterated a buy rating and set a $35.00 price objective on shares of Barracuda Networks in a research note on Wednesday, October 11th. KeyCorp restated a buy rating and issued a $30.00 price target on shares of Barracuda Networks in a research note on Wednesday, October 11th. Finally, Needham & Company LLC restated a buy rating and issued a $28.00 price target on shares of Barracuda Networks in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Barracuda Networks presently has an average rating of Hold and a consensus target price of $28.10.

Barracuda Networks (NYSE CUDA) traded up $0.08 during mid-day trading on Monday, hitting $27.58. 1,998,800 shares of the company’s stock traded hands, compared to its average volume of 850,199. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $27.75. The stock has a market capitalization of $1,474.10, a P/E ratio of 88.71, a PEG ratio of 7.34 and a beta of 3.28.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $93.32 million. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 earnings per share. analysts expect that Barracuda Networks will post 0.31 earnings per share for the current fiscal year.

In related news, SVP Michael D. Hughes sold 2,015 shares of the company’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $22.60, for a total value of $45,539.00. Following the completion of the sale, the senior vice president now directly owns 155,033 shares in the company, valued at $3,503,745.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael D. Hughes sold 1,390 shares of the stock in a transaction dated Friday, November 17th. The stock was 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. Insiders sold 2,341,774 shares of company stock worth $57,935,267 over the last three months. 13.90% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Barracuda Networks by 7.5% in the 2nd quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock valued at $67,660,000 after buying an additional 204,731 shares in the last quarter. Systematic Financial Management LP increased its position in Barracuda Networks by 24.4% during the 2nd quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after purchasing an additional 426,715 shares in the last quarter. ETF Managers Group LLC acquired a new position in Barracuda Networks during the 2nd quarter worth approximately $44,968,000. Renaissance Technologies LLC grew its holdings in Barracuda Networks by 35.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock worth $35,473,000 after acquiring an additional 402,605 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Barracuda Networks by 5.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,462,802 shares of the communications equipment provider’s stock worth $35,443,000 after acquiring an additional 69,759 shares during the last quarter. 75.55% of the stock is owned by 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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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