The Manufacturers Life Insurance Company lifted its stake in shares of Barracuda Networks, Inc. (NYSE:CUDA) by 17.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 138,105 shares of the communications equipment provider’s stock after purchasing an additional 20,572 shares during the quarter. The Manufacturers Life Insurance Company owned 0.26% of Barracuda Networks worth $3,186,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised 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 raised 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. ETF Managers Group LLC bought a new stake in shares of Barracuda Networks during the 2nd quarter valued at $44,968,000. Renaissance Technologies LLC raised 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. Finally, Dimensional Fund Advisors LP raised its stake in shares of Barracuda Networks by 10.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,393,043 shares of the communications equipment provider’s stock valued at $32,123,000 after purchasing an additional 129,425 shares during the period. Institutional investors own 65.55% of the company’s stock.
A number of analysts recently issued reports on the company. J P Morgan Chase & Co reiterated a “buy” rating and set a $35.00 price objective on shares of Barracuda Networks in a research note on Wednesday, October 11th. Stifel Nicolaus restated a “buy” rating and issued a $32.00 target price on shares of Barracuda Networks in a research note on Tuesday, September 12th. Piper Jaffray Companies restated an “overweight” rating and issued a $28.00 target price (down from $29.00) on shares of Barracuda Networks in a research note on Wednesday, July 12th. Robert W. Baird restated a “buy” rating on shares of Barracuda Networks in a research note on Tuesday, July 11th. Finally, BidaskClub upgraded Barracuda Networks from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $28.10.
In other news, Director Michael D. Perone sold 236,987 shares of Barracuda Networks stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $24.02, for a total value of $5,692,427.74. Following the sale, the director now directly owns 2,988,898 shares of the company’s stock, valued at $71,793,329.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dustin Driggs sold 1,250 shares of Barracuda Networks stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $24.03, for a total value of $30,037.50. Following the completion of the sale, the chief financial officer now directly owns 103,093 shares in the company, valued at $2,477,324.79. The disclosure for this sale can be found here. Insiders sold 3,061,181 shares of company stock worth $75,273,789 over the last ninety days. Insiders own 13.90% of the company’s stock.
Barracuda Networks (NYSE:CUDA) last posted 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 business had revenue of $94.30 million for the quarter, compared to analysts’ expectations of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share.
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Barracuda Networks 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.
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