Barracuda Networks (CUDA) Rating Lowered to Equal Weight at Stephens
Barracuda Networks (NYSE:CUDA) was downgraded by equities researchers at Stephens from an “overweight” rating to an “equal weight” rating in a report released on Tuesday.
Other research analysts also recently issued reports about the company. Needham & Company LLC downgraded Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Tuesday. BTIG Research downgraded Barracuda Networks from a “buy” rating to a “neutral” rating in a research note on Monday. Stifel Nicolaus restated a “buy” rating and issued a $32.00 price target on shares of Barracuda Networks in a research note on Tuesday, September 12th. Robert W. Baird restated a “buy” rating and issued a $29.00 price target on shares of Barracuda Networks in a research note on Tuesday, October 24th. Finally, Zacks Investment Research downgraded Barracuda Networks from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $28.10.
Barracuda Networks (NYSE:CUDA) opened at $27.57 on Tuesday. The stock has a market capitalization of $1,481.60, a PE ratio of 89.16, a P/E/G ratio of 7.37 and a beta of 3.22. Barracuda Networks has a fifty-two week low of $19.06 and a fifty-two week high of $27.75.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.17. The firm had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.21 earnings per share. equities analysts expect that Barracuda Networks will post 0.31 EPS for the current fiscal year.
In related news, CEO William D. Jenkins, Jr. sold 16,500 shares of Barracuda Networks stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $24.02, for a total transaction of $396,330.00. Following the completion of the sale, the chief executive officer now directly owns 588,108 shares of the company’s stock, valued at approximately $14,126,354.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael D. Perone sold 598,000 shares of Barracuda Networks stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $25.72, for a total value of $15,380,560.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,667,559 shares of company stock valued at $65,815,738. Insiders own 13.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CUDA. ETF Managers Group LLC acquired a new stake in Barracuda Networks during the 2nd quarter worth approximately $44,968,000. Vanguard Group Inc. lifted its holdings in Barracuda Networks by 19.0% during the 1st quarter. Vanguard Group Inc. now owns 2,729,373 shares of the communications equipment provider’s stock worth $63,075,000 after purchasing an additional 436,541 shares during the last quarter. Systematic Financial Management LP lifted its holdings 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 during the last quarter. Renaissance Technologies LLC lifted 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 purchasing an additional 402,605 shares during the last quarter. Finally, Frontier Capital Management Co. LLC acquired a new stake in Barracuda Networks during the 2nd quarter worth approximately $9,125,000. 76.01% of the stock is owned by institutional investors and hedge funds.
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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.
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