Vetr downgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning. They currently have $24.75 target price on the stock.
Other analysts have also issued reports about the stock. Rosenblatt Securities initiated coverage on shares of Barracuda Networks in a report on Monday, August 1st. They set a buy rating and a $30.00 target price for the company. Zacks Investment Research upgraded shares of Barracuda Networks from a hold rating to a buy rating and set a $21.00 target price for the company in a report on Friday, July 8th. BTIG Research reiterated a buy rating and set a $20.00 target price on shares of Barracuda Networks in a report on Friday, July 8th. Pacific Crest reiterated a hold rating on shares of Barracuda Networks in a report on Thursday, July 7th. Finally, Summit Redstone reissued a hold rating and issued a $15.00 price target on shares of Barracuda Networks in a research note on Saturday, July 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and an average price target of $21.07.
Barracuda Networks (NYSE:CUDA) opened at 23.83 on Tuesday. The stock has a 50 day moving average price of $23.75 and a 200-day moving average price of $18.96. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $25.77. The stock has a market cap of $1.24 billion, a P/E ratio of 595.75 and a beta of 3.61.
In related news, CFO David Faugno sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $19.90, for a total value of $497,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Dean M. Drako sold 3,768 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $22.01, for a total transaction of $82,933.68. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
A number of large investors have recently modified their holdings of CUDA. Norges Bank bought a new stake in shares of Barracuda Networks during the fourth quarter valued at about $8,979,000. Prudential Financial Inc. acquired a new position in shares of Barracuda Networks during the first quarter valued at $2,512,000. Spark Investment Management LLC acquired a new position in shares of Barracuda Networks during the first quarter valued at $1,262,000. Primecap Management Co. CA boosted its position in shares of Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Barracuda Networks by 1.1% in the first quarter. Geode Capital Management LLC now owns 127,648 shares of the company’s stock valued at $1,964,000 after buying an additional 1,373 shares in the last quarter. Institutional investors own 54.20% of the company’s stock.
Barracuda Networks Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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