Insider Selling: Barracuda Networks, Inc. (CUDA) Director Sells 598,000 Shares of Stock

Barracuda Networks, Inc. (NYSE:CUDA) Director Michael D. Perone sold 598,000 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $25.72, for a total transaction of $15,380,560.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Shares of Barracuda Networks, Inc. (NYSE:CUDA) traded down 12.00% during trading on Wednesday, hitting $22.65. 8,430,431 shares of the company were exchanged. Barracuda Networks, Inc. has a 1-year low of $19.06 and a 1-year high of $26.40. The company has a 50 day moving average of $24.18 and a 200-day moving average of $22.91. The stock has a market capitalization of $1.20 billion, a PE ratio of 119.21 and a beta of 3.27.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Barracuda Networks had a negative return on equity of 1,770.56% and a net margin of 2.81%. The company had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. During the same period last year, the company earned $0.21 EPS. Barracuda Networks’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts forecast that Barracuda Networks, Inc. will post $0.76 earnings per share for the current year.

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CUDA has been the subject of several recent analyst reports. Robert W. Baird reiterated a “buy” rating on shares of Barracuda Networks in a research note on Tuesday, July 11th. Northland Securities reiterated a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a research note on Friday, June 30th. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a research note on Monday, June 26th. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Thursday, July 13th. Finally, BTIG Research reiterated a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.25.

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Barracuda Networks by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock valued at $67,660,000 after purchasing an additional 204,731 shares during the period. Systematic Financial Management LP grew its stake in shares of Barracuda Networks by 24.4% during the 2nd quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock valued at $50,094,000 after purchasing an additional 426,715 shares during the period. Clearbridge Investments LLC grew its stake in shares of Barracuda Networks by 0.8% during the 1st quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock valued at $47,006,000 after purchasing an additional 16,324 shares during the period. ETF Managers Group LLC bought a new stake in shares of Barracuda Networks during the 2nd quarter valued at about $44,968,000. Finally, Renaissance Technologies LLC grew its stake in shares of Barracuda Networks by 35.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,538,300 shares of the communications equipment provider’s stock valued at $35,473,000 after purchasing an additional 402,605 shares during the period. Institutional investors and hedge funds own 65.96% of the company’s stock.

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.

Insider Buying and Selling by Quarter for Barracuda Networks (NYSE:CUDA)

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