Barracuda Networks, Inc. (NYSE:CUDA) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.

A number of other equities research analysts have also recently issued reports on the stock. Northland Securities reissued a “buy” rating and issued a $28.00 price target on shares of Barracuda Networks in a research note on Friday, June 30th. Zacks Investment Research cut shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Pacific Crest reissued an “overweight” rating and issued a $30.00 price target on shares of Barracuda Networks in a research note on Wednesday, June 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 target price on shares of Barracuda Networks in a research note on Monday, June 26th. Finally, Imperial Capital lifted their target price on shares of Barracuda Networks from $20.00 to $21.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Barracuda Networks presently has a consensus rating of “Buy” and an average target price of $26.59.

Barracuda Networks (NYSE CUDA) opened at 24.09 on Friday. The stock has a 50 day moving average of $23.54 and a 200 day moving average of $22.73. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.69. The stock has a market cap of $1.28 billion, a P/E ratio of 126.79 and a beta of 3.28.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings results on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The firm had revenue of $94.18 million for the quarter, compared to analysts’ expectations of $91.18 million. During the same quarter last year, the company earned $0.20 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Barracuda Networks will post $0.76 earnings per share for the current fiscal year.

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In other news, Director Michael D. Perone sold 253,629 shares of Barracuda Networks stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $24.33, for a total transaction of $6,170,793.57. Following the transaction, the director now owns 2,151,074 shares in the company, valued at approximately $52,335,630.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Diane Honda sold 7,026 shares of Barracuda Networks stock in a transaction on Saturday, July 1st. The stock was sold at an average price of $22.89, for a total value of $160,825.14. Following the transaction, the vice president now owns 100,085 shares in the company, valued at approximately $2,290,945.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,256,482 shares of company stock worth $54,636,658. Insiders own 13.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Asset Management One Co. Ltd. raised its holdings in Barracuda Networks by 2.9% in the 1st quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock valued at $146,000 after buying an additional 177 shares during the period. Renaissance Group LLC raised its holdings in Barracuda Networks by 2.5% in the 2nd quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock valued at $326,000 after buying an additional 343 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Barracuda Networks by 1.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 52,327 shares of the communications equipment provider’s stock valued at $1,209,000 after buying an additional 621 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Barracuda Networks by 2.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock valued at $776,000 after buying an additional 655 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. raised its holdings in Barracuda Networks by 4.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,396 shares of the communications equipment provider’s stock valued at $401,000 after buying an additional 710 shares during the period. Institutional investors and hedge funds own 65.96% of the company’s stock.

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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