Principal Financial Group Inc. raised its position in Barracuda Networks Inc (NYSE:CUDA) by 1,011.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 333,588 shares of the communications equipment provider’s stock after acquiring an additional 303,583 shares during the quarter. Principal Financial Group Inc. owned approximately 0.63% of Barracuda Networks worth $8,083,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. State of Tennessee Treasury Department bought a new position in Barracuda Networks in the 3rd quarter valued at about $617,000. Wedge Capital Management L L P NC acquired a new stake in Barracuda Networks during the 3rd quarter worth approximately $265,000. New York State Teachers Retirement System acquired a new stake in Barracuda Networks during the 3rd quarter worth approximately $366,000. First Trust Advisors LP lifted its position in shares of Barracuda Networks by 4.4% in the 3rd quarter. First Trust Advisors LP now owns 426,068 shares of the communications equipment provider’s stock worth $10,324,000 after purchasing an additional 17,933 shares during the period. Finally, Exane Derivatives lifted its position in shares of Barracuda Networks by 1,004.9% in the 3rd quarter. Exane Derivatives now owns 7,624 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 6,934 shares during the period. Hedge funds and other institutional investors own 75.79% of the company’s stock.
Barracuda Networks Inc (NYSE:CUDA) traded down $0.08 during midday trading on Friday, reaching $27.50. The company had a trading volume of 1,094,976 shares, compared to its average volume of 1,351,272. The stock has a market cap of $1,478.39, a PE ratio of 161.76, a PEG ratio of 7.30 and a beta of 3.28. Barracuda Networks Inc has a one year low of $19.06 and a one year high of $27.95.
In related news, SVP Michael D. Hughes sold 1,390 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $21.97, for a total transaction of $30,538.30. Following the completion of the sale, the senior vice president now directly owns 155,118 shares in the company, valued at approximately $3,407,942.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $24.30, for a total value of $400,950.00. The disclosure for this sale can be found here. Insiders have sold a total of 992,082 shares of company stock worth $25,135,432 in the last three months. Corporate insiders own 13.90% of the company’s stock.
A number of brokerages have recently issued reports on CUDA. JPMorgan Chase & Co. downgraded shares of Barracuda Networks from an “overweight” rating to a “neutral” rating and set a $27.55 price target on the stock. in a research report on Tuesday, December 12th. ValuEngine upgraded shares of Barracuda Networks from a “sell” rating to a “hold” rating in a research report on Monday, November 27th. Needham & Company LLC lowered shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Stephens lowered shares of Barracuda Networks from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, November 28th. Finally, Zacks Investment Research upgraded shares of Barracuda Networks from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $27.60.
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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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