Barracuda Networks Inc. (NYSE:CUDA) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They currently have a $26.50 target price on the stock. Vetr‘s price objective indicates a potential upside of 13.20% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and set a $20.00 price target on shares of Barracuda Networks in a research report on Friday, July 8th. Rosenblatt Securities started coverage on shares of Barracuda Networks in a research report on Monday, August 1st. They set a “buy” rating and a $30.00 price target for the company. Pacific Crest reaffirmed a “hold” rating on shares of Barracuda Networks in a research report on Sunday, May 22nd. Finally, Summit Redstone reaffirmed a “hold” rating and set a $15.00 price target on shares of Barracuda Networks in a research report on Saturday, July 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. Barracuda Networks has a consensus rating of “Hold” and an average price target of $21.58.

Shares of Barracuda Networks (NYSE:CUDA) opened at 23.41 on Monday. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $28.37. The company has a 50-day moving average of $22.64 and a 200-day moving average of $18.04. The stock has a market capitalization of $1.22 billion, a P/E ratio of 585.25 and a beta of 3.63.

Barracuda Networks (NYSE:CUDA) last issued its earnings results on Thursday, July 7th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.09. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The business earned $86.70 million during the quarter. During the same period last year, the firm posted $0.09 EPS. Barracuda Networks’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, analysts anticipate that Barracuda Networks will post $0.57 EPS for the current year.

In other news, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total transaction of $497,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gordon Stitt acquired 4,000 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average cost of $20.81 per share, for a total transaction of $83,240.00. The disclosure for this purchase can be found here. 39.60% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. US Bancorp DE boosted its stake in shares of Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock valued at $107,000 after buying an additional 4,698 shares during the period. BlackRock Advisors LLC boosted its stake in shares of Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock valued at $156,000 after buying an additional 3,900 shares during the period. AHL Partners LLP purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $158,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $179,000. Finally, Algert Global LLC purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $182,000. 54.20% of the stock is currently owned by institutional investors and hedge funds.

About Barracuda Networks

Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.

5 Day Chart for NYSE:CUDA

To view Vetr’s full report, visit Vetr’s official website.

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