Analyst Downgrades: Apple Inc., Qorvo Inc, and Barracuda Networks Inc

Analysts are weighing in on tech giant Apple Inc. (NASDAQ:AAPL), radio frequency provider Qorvo Inc (NASDAQ:QRVO), and cybersecurity specialist Barracuda Networks Inc (NYSE:CUDA). Here's a quick roundup of today's bearish brokerage notes on AAPL, QRVO, and CUDA.

• AAPL is trading 1.7% higher at $98.06 on broad-market tailwinds, despite being slammed with a fresh round of bearish brokerage notes this morning. Canaccord Genuity, Cowen and Company, JMP Securities, Pacific Crest, and BMO all cut their price targets on Apple Inc., to a range between $125 and $146 -- still significant premiums to the stock's current value. "These adjustments are something of a catch-up move as adverse data points have been accumulating around iPhone demand trends since early December 2015," wrote JMP. AAPL has, in fact, been getting beat down over lackluster iPhone chatter -- a ripple effect felt by several suppliers -- but 23 out of 32 analysts maintain their "buy" ratings. And bearish traders seem to be backing off -- short interest on the equity fell nearly 32% during the last two-week reporting period.

• Speaking of Apple suppliers, after lowering its current-quarter revenue guidance, QRVO found itself on the receiving end of no fewer than eight price-target cuts, sending the shares 4.2% lower to $43.74. Qorvo Inc is off to a dismal start this year, down 14% so far. Of the 16 analysts following the stock, 13 still give it a "buy" rating, without a "sell" to be seen. And on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought nearly seven QRVO calls for each put over the last 50 days -- a ratio higher than 96% of comparable readings in the last year. Should sentiment turn sour, however, the stock could be headed even lower.

• CUDA is taking a nosedive this morning, currently down 33.1% at $10.99, and just off a new all-time low of $10.52, after reporting fiscal third-quarter earnings and revenue that fell short of expectations. The news earned Barracuda Networks Inc downgrades from at least eight brokerages, as well as six price-target cuts. The sharp reaction to earnings is nothing new for the security, which crashed 33% after reporting disappointing figures in September, and fell 19.4% the day after its July earnings report. But option traders should be pleased; at the ISE, CBOE, and PHLX, CUDA holds a 10-day put/call volume ratio of 2.65 -- in the 93rd bearish percentile for the past 12 months.