JMP Securities Downgrades Barracuda Networks Inc to Market Underperform

Brokerage firm JMP Securities Downgrades its rating on Barracuda Networks Inc(NYSE:CUDA). The shares have been rated Market Underperform. Previously, the analysts had a Market Perform rating on the shares. The rating by JMP Securities was issued on Jun 6, 2016.

In a different note, Northland Securities said it Initiates Coverage on Barracuda Networks Inc, according to a research note issued on May 20, 2016. The shares have been rated ‘Outperform’ by the firm. On May 2, 2016, Imperial Capital said it Maintains its rating on Barracuda Networks Inc. In the research note, the firm Raises the price-target to $12.00 per share. The shares have been rated ‘In-line’ by the firm. On Apr 27, 2016, Summit Research said it Maintains its rating on Barracuda Networks Inc. In the research note, the firm Raises the price-target to $17.00 per share. On Mar 18, 2016, BTIG Research said it Upgrades its rating on Barracuda Networks Inc. The shares have been rated ‘Buy’ by the firm.

Barracuda Networks Inc (CUDA) shares turned negative on Fridays trading session with the shares closing down -0.39 points or -2.48% at a volume of 2,60,676. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $15.64. The peak price level was also seen at $15.64 while the days lowest was $15.2. Finally the shares closed at $15.32. The 52-week high of the shares is $43.22 while the 52-week low is $9.44. According to the latest information available, the market cap of the company is $799 M.

Barracuda Networks Inc(CUDA) last announced its earnings results on Apr 26, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $83.73M. Analysts had an estimated revenue of $80.89M. Earnings per share were $0.15. Analysts had estimated an EPS of $0.09.

Several Insider Transactions has been reported to the SEC. On Jun 2, 2016, Dean M Drako (10% owner) sold 109,161 shares at $17.20 per share price.Also, On May 2, 2016, Michael D Hughes (SVP, Worldwide Sales) sold 6,900 shares at $18.03 per share price.On Mar 16, 2016, David Faugno (Chief Financial Officer) sold 2,200 shares at $30.09 per share price, according to the Form-4 filing with the securities and exchange commission.

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. Its solutions are delivered as cloud-connected appliances and virtual appliances as well as cloud-only solutions. Its cloud-only solutions are designed for customers who cannot or do not wish to deploy additional on-premises infrastructure. The Company’s appliances and virtual appliances leverage its cloud services to deliver hybrid cloud-connected solutions to its customers. Its security offerings include e-mail security Web security next-generation firewall application security and integrated network security among others.

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