Bullish Hedgies Groan As Barracuda Networks Inc (CUDA) Posts Earnings Beat But Gets Clobbered In Trading

How are hedge funds trading Barracuda Networks Inc (NYSE:CUDA)?

Of the funds tracked by Insider Monkey, Richard Driehaus‘ Driehaus Capital had the most valuable position in Barracuda Networks Inc (NYSE:CUDA), consisting of 122,099 shares worth close to $4.7 million, corresponding to 0.2% of its total 13F portfolio. The second-most bullish hedge fund manager was Jim Simons of Renaissance Technologies with a $1.4 million position of 36,700 shares; less than 0.1% of its 13F portfolio was allocated to the company however. Remaining hedgies with similar optimism comprise Matthew Hulsizer’s PEAK6 Capital Management, Cliff Asness’ AQR Capital Management, and Ken Griffin’s Citadel Investment Group.

Intriguingly, Carl Wiese‘s Grow Partners sold off the largest position of the “upper crust” of funds followed by Insider Monkey, 50,000 shares worth close to $1.8 million. David E. Shaw’s fund, D.E. Shaw & Co., L.P., also said goodbye to its 30,824 shares, about $1.1 million worth.

The bullish sentiment from hedge funds we track along with the company’s positive results for the first quarter of its 2016 fiscal year makes Barracuda Networks Inc (NYSE:CUDA) an appealing stock to invest in at the moment on the decline.

Disclosure: None