A number of other analysts have also recently weighed in on the company. Citigroup Inc. lowered 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 issued a $13.00 price objective on shares of Brocade Communications Systems in a research report on Wednesday, August 31st. Zacks Investment Research cut Brocade Communications Systems from a hold rating to a sell rating in a research report on Tuesday, August 30th. Finally, RBC Capital Markets reissued a hold rating on shares of Brocade Communications Systems in a research report on Sunday, August 28th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $10.06.
Brocade Communications Systems (NASDAQ:BRCD) opened at 9.17 on Thursday. Brocade Communications Systems has a 1-year low of $7.40 and a 1-year high of $10.94. The stock has a market capitalization of $3.68 billion, a PE ratio of 16.67 and a beta of 0.55. The stock’s 50 day moving average price is $9.38 and its 200 day moving average price is $9.25.
Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings results on Thursday, August 25th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $590.72 million for the quarter, compared to the consensus estimate of $573.14 million. During the same period last year, the business posted $0.27 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. On average, equities research analysts predict that Brocade Communications Systems will post $0.93 earnings per share 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. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.22 annualized dividend and a yield of 2.40%. Brocade Communications Systems’s dividend payout ratio (DPR) is currently 39.29%.
In other Brocade Communications Systems news, SVP Ellen Odonnell sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $9.00, for a total transaction of $67,500.00. Following the completion of the sale, the senior vice president now directly owns 6,118 shares in the company, valued at approximately $55,062. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Gale E. England sold 10,000 shares of the business’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 value of $101,900.00. Following the sale, the chief operating officer now owns 74,568 shares of the company’s stock, valued at $759,847.92. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Japan Co. Ltd raised its stake in Brocade Communications Systems by 513.8% in the first quarter. BlackRock Japan Co. Ltd now owns 34,565 shares of the company’s stock valued at $366,000 after buying an additional 28,934 shares during the period. BlackRock Inc. boosted its position in shares of Brocade Communications Systems by 4.0% in the first quarter. BlackRock Inc. now owns 204,110 shares of the company’s stock valued at $2,159,000 after buying an additional 7,767 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new position in shares of Brocade Communications Systems during the first quarter valued at $3,919,000. Algert Global LLC boosted its position in shares of Brocade Communications Systems by 16.4% in the first quarter. Algert Global LLC now owns 129,645 shares of the company’s stock valued at $1,372,000 after buying an additional 18,255 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Brocade Communications Systems by 10.1% in the first quarter. Prudential Financial Inc. now owns 2,695,696 shares of the company’s stock valued at $28,520,000 after buying an additional 247,070 shares in the last quarter. 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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