Barracuda Networks (NYSE:CUDA) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat reports. They currently have a $28.00 price target on the communications equipment provider’s stock. Robert W. Baird’s price target points to a potential upside of 1.82% from the stock’s current price.

The analysts wrote, “We are downgrading to Neutral given the lack of a higher bidder from Thoma Bravo’s previously announced offer of $27.55 per share. Per the proxy statement, Thoma Bravo rejected Barracuda’s request for a go-shop period, thus eliminating the potential for a bidding war. Despite modest valuation and premium, we continue to see this transaction as a good outcome for shareholders. FQ3 results. Barracuda reported FQ3 revenue/non-GAAP EPS of $94.7 million/ $0.21, above consensus of $93.7 million/$0.18. Core billings were solid, up 24% and up 22% excluding revenue acquired from Sonian. Dollar-based renewals were 101%, up from 91% in the prior quarter.””

Several other equities analysts also recently commented on the stock. Zacks Investment Research raised shares of Barracuda Networks from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. JPMorgan Chase & Co. downgraded shares of Barracuda Networks from an “overweight” rating to a “neutral” rating and set a $27.55 price objective for the company. in a research note on Tuesday, December 12th. Stephens downgraded shares of Barracuda Networks from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, November 28th. Needham & Company LLC downgraded shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Finally, ValuEngine raised shares of Barracuda Networks from a “sell” rating to a “hold” rating in a research note on Monday, November 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $28.19.

Shares of Barracuda Networks (NYSE CUDA) traded up $0.05 during trading hours on Tuesday, reaching $27.50. 1,138,877 shares of the company traded hands, compared to its average volume of 1,343,960. The company has a market cap of $1,460.00, a P/E ratio of 98.21, a price-to-earnings-growth ratio of 7.31 and a beta of 3.28. Barracuda Networks has a fifty-two week low of $19.06 and a fifty-two week high of $27.95.

Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. The business had revenue of $94.30 million during the quarter, compared to the consensus estimate 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 was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. equities research analysts anticipate that Barracuda Networks will post 0.31 EPS for the current year.

In other news, SVP Michael D. Hughes sold 2,015 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $22.60, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $23.10, for a total transaction of $28,875.00. Following the sale, the chief financial officer now owns 102,905 shares of the company’s stock, valued at $2,377,105.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,655 shares of company stock valued at $104,952. Corporate insiders own 13.90% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CUDA. Schwab Charles Investment Management Inc. increased its position in shares of Barracuda Networks by 81.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 346,753 shares of the communications equipment provider’s stock worth $7,997,000 after buying an additional 155,891 shares during the period. Rhumbline Advisers increased its position in shares of Barracuda Networks by 11.5% during the second quarter. Rhumbline Advisers now owns 26,330 shares of the communications equipment provider’s stock worth $607,000 after buying an additional 2,718 shares during the period. Bank of New York Mellon Corp increased its position in shares of Barracuda Networks by 27.8% during the second quarter. Bank of New York Mellon Corp now owns 156,269 shares of the communications equipment provider’s stock worth $3,603,000 after buying an additional 34,037 shares during the period. Legal & General Group Plc increased its position in shares of Barracuda Networks by 15.7% during the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 828 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Barracuda Networks by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 717 shares during the period. Institutional investors own 75.79% of the company’s stock.

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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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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