Several other brokerages have also recently commented on CUDA. Pacific Crest raised shares of Barracuda Networks from a sector weight rating to an overweight rating and raised their price target for the company from $23.27 to $30.00 in a research report on Tuesday, August 30th. Vetr raised shares of Barracuda Networks from a buy rating to a strong-buy rating and set a $26.50 price target for the company in a research report on Tuesday, August 30th. Rosenblatt Securities initiated coverage on shares of Barracuda Networks in a research report on Monday, August 1st. They issued a buy rating and a $30.00 price target for the company. Imperial Capital reissued an in-line rating and issued a $17.00 price target (up previously from $15.00) on shares of Barracuda Networks in a research report on Tuesday, July 12th. Finally, Zacks Investment Research cut shares of Barracuda Networks from a buy rating to a hold rating in a research report on Monday, July 11th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $20.72.
Barracuda Networks (NYSE:CUDA) traded down 1.53% during trading on Wednesday, hitting $24.48. The stock had a trading volume of 18,813 shares. The company’s 50 day moving average is $23.61 and its 200 day moving average is $18.86. The firm has a market cap of $1.28 billion, a PE ratio of 612.00 and a beta of 3.61. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $25.77.
In related news, major shareholder Dean M. Drako sold 60,000 shares of the business’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $19.62, for a total transaction of $1,177,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William D. Jenkins, Jr. sold 4,000 shares of the business’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $20.23, for a total transaction of $80,920.00. Following the sale, the chief executive officer now directly owns 625,934 shares in the company, valued at approximately $12,662,644.82. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CUDA. Okumus Fund Management Ltd. bought a new stake in Barracuda Networks during the first quarter worth approximately $68,773,000. Spark Investment Management LLC bought a new stake in Barracuda Networks during the first quarter worth approximately $1,262,000. A.R.T. Advisors LLC increased its stake in Barracuda Networks by 18.7% in the first quarter. A.R.T. Advisors LLC now owns 103,890 shares of the company’s stock worth $1,599,000 after buying an additional 16,400 shares in the last quarter. Jana Partners LLC bought a new stake in Barracuda Networks during the first quarter worth approximately $1,540,000. Finally, Prudential Financial Inc. bought a new stake in Barracuda Networks during the first quarter worth approximately $2,512,000. 54.20% of the stock is currently owned by hedge funds and other institutional investors.
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.
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