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Barracuda Shares Rocket 12% Higher, Recover Most of April Losses

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Shares of Barracuda Networks (NYSE: CUDA) are up 12.5 percent to $32.70 in Tuesday's trading. The stock had been down 14.3 percent in April as of Monday's closing price, but investors appear to have viewed the dip as a buying opportunity.

The company issued a press release which seems to be helping shares. In the release, Barracuda announced it had been ranked number one in integrated purpose built backup appliance (PBBA) units shipped worldwide with 53.5% market share for 2013 as reported by the IDC Worldwide Quarterly Purpose Built Backup Appliance (PBBA) Tracker, March 2014.

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