Barracuda Networks, Inc. (NYSE:CUDA) Position Raised by American International Group Inc.

American International Group Inc. boosted its stake in shares of Barracuda Networks, Inc. (NYSE:CUDA) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,551 shares of the communications equipment provider’s stock after buying an additional 896 shares during the period. American International Group Inc.’s holdings in Barracuda Networks were worth $313,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CUDA. Chicago Equity Partners LLC raised its stake in Barracuda Networks by 0.5% in the first quarter. Chicago Equity Partners LLC now owns 37,740 shares of the communications equipment provider’s stock valued at $872,000 after buying an additional 170 shares in the last quarter. Acrospire Investment Management LLC raised its position in shares of Barracuda Networks by 9.5% in the first quarter. Acrospire Investment Management LLC now owns 6,900 shares of the communications equipment provider’s stock worth $159,000 after buying an additional 600 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of Barracuda Networks by 2.0% in the first quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock worth $776,000 after buying an additional 655 shares during the period. AQR Capital Management LLC raised its position in shares of Barracuda Networks by 1.3% in the fourth quarter. AQR Capital Management LLC now owns 203,902 shares of the communications equipment provider’s stock worth $4,369,000 after buying an additional 2,651 shares during the period. Finally, Hershey Trust Co. raised its position in shares of Barracuda Networks by 8.2% in the first quarter. Hershey Trust Co. now owns 36,482 shares of the communications equipment provider’s stock worth $843,000 after buying an additional 2,762 shares during the period. 63.70% of the stock is owned by institutional investors and hedge funds.

Shares of Barracuda Networks, Inc. (CUDA) opened at 22.47 on Wednesday. The stock has a 50 day moving average price of $22.96 and a 200-day moving average price of $22.73. Barracuda Networks, Inc. has a 1-year low of $19.06 and a 1-year high of $26.69. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 118.26 and a beta of 3.30.

Barracuda Networks (NYSE:CUDA) last issued its earnings results on Monday, July 10th. The communications equipment provider reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $94.18 million during the quarter, compared to analysts’ expectations of $91.18 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. On average, equities research analysts expect that Barracuda Networks, Inc. will post $0.76 earnings per share for the current fiscal year.

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A number of analysts have issued reports on the company. Robert W. Baird reaffirmed a “buy” rating on shares of Barracuda Networks in a research note on Tuesday, April 18th. Northland Securities reissued a “buy” rating and set a $28.00 price objective on shares of Barracuda Networks in a research report on Friday, June 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a research report on Wednesday, April 19th. TheStreet upgraded Barracuda Networks from a “d” rating to a “c” rating in a research note on Monday, April 17th. Finally, Pacific Crest restated an “overweight” rating and set a $30.00 target price on shares of Barracuda Networks in a research note on Wednesday, June 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks has a consensus rating of “Buy” and a consensus price target of $26.59.

In related news, CFO Dustin Driggs sold 1,250 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $22.63, for a total value of $28,287.50. Following the completion of the transaction, the chief financial officer now directly owns 105,471 shares of the company’s stock, valued at approximately $2,386,808.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael D. Perone sold 403,060 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $24.13, for a total transaction of $9,725,837.80. Following the completion of the transaction, the director now directly owns 3,112,640 shares of the company’s stock, valued at $75,108,003.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 501,766 shares of company stock valued at $12,073,560. 13.90% of the stock is owned by corporate insiders.

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.