CUDA Stock: Barracuda Networks Target of Unusually Large Options Trading

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Barracuda Networks, Inc. (NYSE:CUDA) was the target of unusually large options trading on Monday. Investors purchased 1,151 call options on the stock. This represents an increase of 1,193% compared to the average daily volume of 89 call options.

Several equities analysts have commented on the stock. KeyCorp reissued a “buy” rating and set a $30.00 target price on shares of Barracuda Networks in a research report on Friday, November 10th. BidaskClub downgraded shares of Barracuda Networks from a “hold” rating to a “sell” rating in a research report on Saturday, November 4th. Robert W. Baird reissued a “buy” rating and set a $29.00 target price on shares of Barracuda Networks in a research report on Tuesday, October 24th. Rosenblatt Securities reaffirmed a “buy” rating on shares of Barracuda Networks in a research report on Sunday, October 15th. Finally, Zacks Investment Research downgraded Barracuda Networks from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Barracuda Networks has a consensus rating of “Buy” and an average price target of $28.10.

Barracuda Networks (CUDA) opened at $23.69 on Friday. The company has a market cap of $1,250.00, a PE ratio of 75.84, a price-to-earnings-growth ratio of 6.27 and a beta of 3.22. Barracuda Networks has a one year low of $19.06 and a one year high of $26.16.

Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. The firm had revenue of $94.30 million during the quarter, compared to analysts’ expectations of $93.32 million. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 earnings per share. equities analysts forecast that Barracuda Networks will post 0.31 earnings per share for the current fiscal year.

In other Barracuda Networks news, SVP Michael D. Hughes sold 2,015 shares of the stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $22.60, for a total transaction of $45,539.00. Following the transaction, the senior vice president now directly owns 155,033 shares of the company’s stock, valued at $3,503,745.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $24.03, for a total transaction of $30,037.50. Following the transaction, 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. Over the last quarter, insiders have sold 2,667,559 shares of company stock valued at $65,815,738. 13.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its stake in Barracuda Networks by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 717 shares during the period. Advisors Asset Management Inc. bought a new position in shares of Barracuda Networks in the second quarter valued at approximately $113,000. Pinebridge Investments L.P. bought a new position in shares of Barracuda Networks in the third quarter valued at approximately $121,000. Legal & General Group Plc raised its stake in shares of Barracuda Networks by 15.7% in the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock valued at $140,000 after acquiring an additional 828 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new position in shares of Barracuda Networks in the third quarter valued at approximately $162,000. Hedge funds and other institutional investors own 68.10% of the company’s stock.

About Barracuda Networks

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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