Research analysts at DA Davidson started coverage on shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) in a research note issued on Monday, StockTargetPrices.com reports. The firm set a “buy” rating and a $12.00 price target on the stock. DA Davidson’s price objective suggests a potential upside of 28.89% from the stock’s previous close.
Several other equities analysts have also recently weighed in on the company. JMP Securities reissued a “hold” rating on shares of Brocade Communications Systems in a research report on Thursday, September 22nd. Citigroup Inc. cut their price objective on Brocade Communications Systems from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, September 22nd. Robert W. Baird reissued a “sell” rating on shares of Brocade Communications Systems in a research report on Thursday, September 22nd. Argus reissued a “buy” rating and set a $13.00 price objective on shares of Brocade Communications Systems in a research report on Wednesday, August 31st. Finally, Zacks Investment Research cut Brocade Communications Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, August 30th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have issued a buy rating to the stock. Brocade Communications Systems has an average rating of “Hold” and a consensus price target of $10.17.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 0.87% during mid-day trading on Monday, hitting $9.31. The company had a trading volume of 5,616,441 shares. Brocade Communications Systems has a 12-month low of $7.40 and a 12-month high of $10.94. The firm has a market cap of $3.73 billion, a PE ratio of 16.93 and a beta of 0.74. The firm’s 50 day moving average is $9.34 and its 200-day moving average is $9.24.
Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings results on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. The company earned $590.72 million during the quarter, compared to analysts’ expectations of $573.14 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, equities analysts expect that Brocade Communications Systems will post $0.93 EPS for the current 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 issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, September 7th. Brocade Communications Systems’s dividend payout ratio is 39.29%.
In other Brocade Communications Systems news, COO Gale E. England sold 10,000 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now owns 74,568 shares of the company’s stock, valued at approximately $759,847.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Ellen Odonnell sold 7,500 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $9.00, for a total value of $67,500.00. Following the transaction, the senior vice president now directly 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 and other institutional investors have recently bought and sold shares of BRCD. Private Bank & Trust Co. purchased a new position in Brocade Communications Systems during the second quarter valued at about $101,000. Lipe & Dalton bought a new position in Brocade Communications Systems during the second quarter worth $104,000. Advisors Asset Management Inc. bought a new position in Brocade Communications Systems during the second quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 period. Finally, Barry Investment Advisors LLC increased its position in Brocade Communications Systems by 15.9% in the second quarter. Barry Investment Advisors LLC now owns 13,686 shares of the company’s stock worth $126,000 after buying an additional 1,875 shares during the period. 87.88% of the stock is currently owned by hedge funds and other institutional investors.
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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