There has been some selling insider activity on Barracuda Networks, Inc. (NYSE:CUDA) recently. VP Diane Honda sold 975 shares at an average price of $24.00 on July 10th. The VP now owns $2,210,016 of the stock as reported to the SEC. Director Michael D. Perone disclosed the sale of 403,060 shares of CUDA stock. The shares were purchased at an average price of $24.13. The Director now owns $18,830,232 of the stock per the Form 4 SEC filing.
William D. Jr Jenkins, CEO disclosed the sale of 80,612 shares of (CUDA). The shares were sold on July 10th for an average price of $24.02. Jenkins now owns $14,919,014 of the stock according to the SEC filing.
Barracuda Networks, Inc., launched on November 17, 2004, 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 (IT) operations for its customers. Its subscription-based security and data protection solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity. Its solutions are delivered as cloud-enabled appliances and virtual appliances, as well as cloud-only solutions. Its appliances and virtual appliances leverage its cloud services to deliver hybrid cloud-enabled solutions to its customers. These hybrid solutions enable it to optimize usage of on-premises hardware required while simultaneously leveraging the cloud. Its data protection solutions are designed to backup and archive business-critical data and make such data accessible for purposes, such as compliance, disaster recovery and business intelligence. Its data protection solutions also allow users to access and sign files from Internet-connected devices. Its solutions can be managed centrally in any size or type of deployment through integrated Web interfaces that support configuration, monitoring and reporting..
Here are some other firms who have updated their holdings. As of quarter end Morgan Stanley had disposed of a total of 20,816 shares trimming its holdings by 97.6%. The value of the investment in CUDA decreased from $457,000 to $12,000 decreasing 97.4% for the reporting period. As of the end of the quarter Goldman Sachs Group Inc had bought 48,064 shares growing its stake by 497.6%. The value of the total investment in Barracuda Networks, Inc. went from $207,000 to $1,334,000 a change of $1,127,000 quarter over quarter.
As of quarter end Clearbridge Investments, LLC had acquired 16,324 shares growing its position 0.8%. The value in dollars increased from $43,239,000 to $47,006,000 a change of 8.7% since the last quarter. As of the end of the quarter Alyeska Investment Group, L.p. had bought a total of 141,949 shares growing its holdings by 14.8%. The value of the investment in (CUDA) went from $20,592,000 to $25,486,000 a change of 23.8% quarter to quarter.
On November 14 analysts at Baird starting coverage on CUDA giving it an initial rating of “Outperform”. On October 12 the company was upgraded to “Equal-Weight” from “Buy” and a price target of $23.00 was set in a statement from BTIG Research.
Equity analyst Morgan Stanley raised the price target and upgraded the stock on October 12 changing the price target from $15.00 to $23.00 and raising the rating from “Equal-weight” to “Equal-Weight”. On October 12 the stock rating was upgraded from “Equal-weight” to “Equal-Weight” with a current price target of $23.00 in a report issued by Morgan Stanley.
On October 12 the company was upgraded to “Buy” from “” and a price target of $28.00 was set in a report from PiperJaffray. Imperial Capital downgraded the stock and raised the price target on October 4 changing the price objective from $16.00 to $20.00 and changing the rating from “In-line” to “Underperform”.
In the market the company is trading up since yesterday’s close of $23.16. Company chares are trading at $23.18 barely above $22.41, the stock’s 50 day moving average and a tad higher than the 200 day moving average of $22.65. The 50 day moving average went up by +3.45% and the 200 day average went up $0.53 or +2.33%.
The P/E ratio is currently 122.00 and the market cap is 1.23B. As of the last earnings report the EPS was $0.19 and is projected to be $0.77 for the current year with 52,875,000 shares outstanding. Next quarter’s EPS is forecasted at $0.19 with next year’s EPS anticipated to be $0.87.