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

Zacks Investment Research downgraded shares of Barracuda Networks (NYSE:CUDA) from a hold rating to a sell rating in a research report report published on Thursday, February 8th.

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 research analysts have also commented on the stock. Imperial Capital lifted their price target 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. Robert W. Baird lowered shares of Barracuda Networks from an outperform rating to a neutral rating and set a $28.00 price target for the company. in a report on Tuesday, January 9th. JPMorgan Chase & Co. lowered shares of Barracuda Networks from an overweight rating to a neutral rating and set a $27.55 price target for the company. in a report on Tuesday, December 12th. Stephens lowered shares of Barracuda Networks from an overweight rating to an equal weight rating in a report on Tuesday, November 28th. Finally, Needham & Company LLC lowered shares of Barracuda Networks from a buy rating to a hold rating in a research note on Tuesday, November 28th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Barracuda Networks presently has a consensus rating of Hold and a consensus target price of $28.19.

Barracuda Networks (NYSE:CUDA) remained flat at $$27.54 during midday trading on Thursday. 6,174,200 shares of the stock traded hands, compared to its average volume of 1,553,386. Barracuda Networks has a 1-year low of $19.06 and a 1-year high of $27.95. The firm has a market capitalization of $1,480.00, a price-to-earnings ratio of 98.36, a price-to-earnings-growth ratio of 7.52 and a beta of 3.06.

Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Monday, January 8th. The communications equipment provider reported $0.05 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%. The business had revenue of $94.75 million during the quarter, compared to analyst estimates of $93.85 million. equities analysts forecast that Barracuda Networks will post 0.31 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the business. Legal & General Group Plc lifted its stake in shares of Barracuda Networks by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after acquiring an additional 828 shares during the period. California State Teachers Retirement System lifted its stake in shares of Barracuda Networks by 2.8% in the 2nd quarter. California State Teachers Retirement System now owns 44,551 shares of the communications equipment provider’s stock worth $1,027,000 after acquiring an additional 1,200 shares during the period. Nationwide Fund Advisors lifted its stake in shares of Barracuda Networks by 12.2% in the 2nd quarter. Nationwide Fund Advisors now owns 14,309 shares of the communications equipment provider’s stock worth $330,000 after acquiring an additional 1,551 shares during the period. Voya Investment Management LLC lifted its stake in shares of Barracuda Networks by 16.3% in the 2nd quarter. Voya Investment Management LLC now owns 11,208 shares of the communications equipment provider’s stock worth $258,000 after acquiring an additional 1,571 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its stake in shares of Barracuda Networks by 9.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 24,587 shares of the communications equipment provider’s stock worth $567,000 after acquiring an additional 2,108 shares during the period. 75.84% of the stock is owned by hedge funds and other institutional investors.

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About Barracuda Networks

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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