Needham & Company LLC downgraded shares of Barracuda Networks (NYSE:CUDA) from a buy rating to a hold rating in a research note published on Tuesday morning, MarketBeat Ratings reports.

Several other research firms have also recently commented on CUDA. Zacks Investment Research cut Barracuda Networks from a hold rating to a sell rating in a research report on Friday, October 13th. BidaskClub raised Barracuda Networks from a sell rating to a hold rating in a report on Friday, October 27th. Stifel Nicolaus restated a buy rating and set a $32.00 price objective on shares of Barracuda Networks in a research note on Tuesday, September 12th. KeyCorp reaffirmed a buy rating and set a $30.00 target price on shares of Barracuda Networks in a research note on Friday, November 10th. Finally, Robert W. Baird reissued a buy rating and issued a $29.00 price target on shares of Barracuda Networks in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Barracuda Networks currently has an average rating of Hold and a consensus target price of $28.10.

Shares of Barracuda Networks (NYSE CUDA) opened at $27.65 on Tuesday. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $27.75. The stock has a market capitalization of $1,470.00, a PE ratio of 89.16, a PEG ratio of 7.37 and a beta of 3.22.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.17. The company had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $93.32 million. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. Barracuda Networks’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 EPS. research analysts expect that Barracuda Networks will post 0.31 earnings per share for the current fiscal year.

In other news, CEO William D. Jenkins, Jr. sold 16,500 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $24.30, for a total transaction of $400,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Perone sold 269,352 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $24.17, for a total value of $6,510,237.84. Following the sale, the director now owns 2,833,027 shares of the company’s stock, valued at approximately $68,474,262.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,649,809 shares of company stock worth $65,389,370. 13.90% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Renaissance Group LLC grew its holdings in shares of Barracuda Networks by 2.5% in the 2nd quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock worth $326,000 after acquiring an additional 343 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in Barracuda Networks by 4.3% in the second 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 purchasing an additional 710 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Barracuda Networks by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock valued at $111,000 after purchasing an additional 717 shares during the period. Legal & General Group Plc grew 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 valued at $140,000 after purchasing an additional 828 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Barracuda Networks by 17.6% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after acquiring an additional 1,104 shares during the last quarter. 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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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