First Trust Advisors LP lowered its position in shares of Barracuda Networks Inc. (NYSE:CUDA) by 40.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,868 shares of the company’s stock after selling 46,623 shares during the period. First Trust Advisors LP owned approximately 0.13% of Barracuda Networks worth $1,043,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Okumus Fund Management Ltd. purchased a new stake in Barracuda Networks during the first quarter worth $68,773,000. Primecap Management Co. CA increased its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock worth $14,091,000 after buying an additional 250,000 shares in the last quarter. Norges Bank purchased a new stake in Barracuda Networks during the fourth quarter worth $8,979,000. American Century Companies Inc. purchased a new stake in Barracuda Networks during the second quarter worth $3,356,000. Finally, Prudential Financial Inc. purchased a new stake in Barracuda Networks during the first quarter worth $2,512,000. 54.20% of the stock is owned by institutional investors and hedge funds.
Shares of Barracuda Networks Inc. (NYSE:CUDA) traded up 1.14% during midday trading on Wednesday, reaching $24.93. The company had a trading volume of 202,829 shares. Barracuda Networks Inc. has a 1-year low of $9.44 and a 1-year high of $25.77. The stock has a market capitalization of $1.30 billion, a PE ratio of 623.25 and a beta of 3.61. The company’s 50-day moving average is $23.52 and its 200-day moving average is $18.82.
CUDA has been the topic of a number of research analyst reports. Pacific Crest upgraded Barracuda Networks from a “sector weight” rating to an “overweight” rating and increased their price target for the stock from $23.27 to $30.00 in a report on Tuesday, August 30th. Vetr upgraded Barracuda Networks from a “buy” rating to a “strong-buy” rating and set a $26.50 price target on the stock in a report on Tuesday, August 30th. DA Davidson restated a “neutral” rating and set a $15.50 price target on shares of Barracuda Networks in a report on Wednesday, July 6th. Rosenblatt Securities initiated coverage on Barracuda Networks in a report on Monday, August 1st. They set a “buy” rating and a $30.00 price target on the stock. Finally, Imperial Capital restated an “in-line” rating and set a $17.00 price target (up from $15.00) on shares of Barracuda Networks in a report on Tuesday, July 12th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $20.72.
In other Barracuda Networks news, CEO William D. Jenkins, Jr. sold 4,000 shares of the business’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $20.23, for a total value of $80,920.00. Following the sale, the chief executive officer now directly owns 625,934 shares of the company’s stock, valued at $12,662,644.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Faugno sold 25,000 shares of the business’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total value of $497,500.00. The disclosure for this sale can be found here. 39.60% of the stock is owned by corporate insiders.
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.
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