BidaskClub downgraded shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) from a hold rating to a sell rating in a research note issued to investors on Wednesday, July 19th.
A number of other brokerages have also commented on BRCD. Royal Bank Of Canada reiterated a hold rating and issued a $12.75 price target on shares of Brocade Communications Systems in a research note on Friday, June 9th. Zacks Investment Research upgraded shares of Brocade Communications Systems from a hold rating to a buy rating and set a $14.00 price target for the company in a research note on Wednesday, May 31st. Stifel Nicolaus reissued a hold rating and issued a $12.75 price objective on shares of Brocade Communications Systems in a report on Friday, May 26th. Finally, Wunderlich reissued a sell rating on shares of Brocade Communications Systems in a report on Thursday, March 30th. Two equities research analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $11.13.
Brocade Communications Systems (BRCD) traded up 0.278% on Wednesday, reaching $12.615. The company’s stock had a trading volume of 4,151,951 shares. The firm’s 50 day moving average is $12.64 and its 200-day moving average is $12.53. The firm has a market cap of $5.17 billion, a P/E ratio of 86.404 and a beta of 0.67. Brocade Communications Systems has a 12 month low of $8.64 and a 12 month high of $12.72.
Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. The business had revenue of $552.80 million during the quarter, compared to analyst estimates of $602.92 million. Brocade Communications Systems had a net margin of 2.54% and a return on equity of 8.49%. Brocade Communications Systems’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business earned $0.22 EPS. On average, equities research analysts anticipate that Brocade Communications Systems will post $0.58 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Monday, June 12th were paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Thursday, June 8th. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 157.14%.
In related news, SVP Ken Cheng sold 200,000 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $12.62, for a total value of $2,524,000.00. Following the completion of the sale, the senior vice president now directly owns 252,338 shares of the company’s stock, valued at $3,184,505.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Ellen Odonnell sold 7,811 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $12.64, for a total transaction of $98,731.04. Following the sale, the senior vice president now directly owns 19,037 shares of the company’s stock, valued at $240,627.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,299 shares of company stock valued at $3,487,050. 1.77% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in Brocade Communications Systems during the fourth quarter valued at about $1,629,000. Teachers Advisors LLC increased its position in shares of Brocade Communications Systems by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 2,078,571 shares of the technology company’s stock valued at $25,961,000 after buying an additional 40,617 shares during the period. Foundry Partners LLC increased its position in shares of Brocade Communications Systems by 1.3% in the first quarter. Foundry Partners LLC now owns 568,140 shares of the technology company’s stock valued at $7,090,000 after buying an additional 7,508 shares during the period. Fulton Bank N.A. increased its position in shares of Brocade Communications Systems by 2.2% in the first quarter. Fulton Bank N.A. now owns 19,051 shares of the technology company’s stock valued at $238,000 after buying an additional 411 shares during the period. Finally, Creative Planning increased its position in shares of Brocade Communications Systems by 27.4% in the first quarter. Creative Planning now owns 11,743 shares of the technology company’s stock valued at $147,000 after buying an additional 2,524 shares during the period. Hedge funds and other institutional investors own 81.93% of the company’s stock.
About Brocade Communications Systems
Brocade Communications Systems, Inc (Brocade) is a supplier of networking hardware, software and services, including storage area networking (SAN) solutions and Internet protocol (IP) networking solutions for businesses and organizations of various types and sizes. The Company operates through three segments: SAN Products, IP Networking Products and Global Services.
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