Several other equities analysts have also commented on BRCD. BMO Capital Markets reiterated a hold rating and issued a $9.00 target price (up from $8.00) on shares of Brocade Communications Systems in a research note on Sunday, May 29th. Goldman Sachs Group Inc. upped their target price on Brocade Communications Systems from $9.00 to $10.00 and gave the company a neutral rating in a research note on Tuesday, May 31st. Citigroup Inc. reiterated a neutral rating and issued a $8.50 target price on shares of Brocade Communications Systems in a research note on Tuesday, May 31st. Zacks Investment Research upgraded Brocade Communications Systems from a sell rating to a hold rating in a research note on Friday, June 3rd. Finally, Royal Bank Of Canada reissued a sector perform rating and set a $10.00 price target (up previously from $9.00) on shares of Brocade Communications Systems in a research report on Tuesday, June 14th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $10.06.
Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 9.17 on Thursday. The firm has a 50-day moving average price of $9.38 and a 200-day moving average price of $9.25. Brocade Communications Systems has a 52-week low of $7.40 and a 52-week high of $10.94. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 16.67 and a beta of 0.55.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings results on Thursday, August 25th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.05. The firm earned $590.72 million during the quarter, compared to analyst estimates of $573.14 million. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 earnings per share. Analysts predict that Brocade Communications Systems will post $0.93 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, September 7th. Brocade Communications Systems’s payout ratio is currently 39.29%.
In other Brocade Communications Systems news, COO Gale E. England sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $10.19, for a total transaction of $101,900.00. Following the sale, the chief operating officer now owns 74,568 shares in the company, valued at $759,847.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Ellen Odonnell sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $9.00, for a total value of $67,500.00. Following the sale, the senior vice president now owns 6,118 shares in the company, valued at approximately $55,062. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Private Bank & Trust Co. purchased a new stake in shares of Brocade Communications Systems during the second quarter valued at about $101,000. Lipe & Dalton bought a new stake in shares of Brocade Communications Systems during the second quarter worth $104,000. Advisors Asset Management Inc. bought a new stake in shares of Brocade Communications Systems during the second quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Brocade Communications Systems by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,535 shares of the company’s stock worth $124,000 after buying an additional 1,683 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Brocade Communications Systems by 4.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,848 shares of the company’s stock worth $125,000 after buying an additional 539 shares during the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.
Brocade Communications Systems Company Profile
Brocade Communications Systems, Inc 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 has three operating segments: SAN Products, IP Networking Products and Global Services.
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