Principal Financial Group Inc. increased its position in Brocade Communications Systems Inc. (NASDAQ:BRCD) by 2,109.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,761,871 shares of the company’s stock after buying an additional 1,682,139 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of Brocade Communications Systems worth $16,174,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of BRCD. Prudential Financial Inc. increased its position in Brocade Communications Systems by 21.2% in the second quarter. Prudential Financial Inc. now owns 3,266,706 shares of the company’s stock worth $29,988,000 after buying an additional 571,010 shares during the period. Private Advisor Group LLC bought a new position in Brocade Communications Systems during the second quarter worth $225,000. Dimensional Fund Advisors LP increased its position in Brocade Communications Systems by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,080,203 shares of the company’s stock worth $83,352,000 after buying an additional 594,997 shares during the period. Systematic Financial Management LP increased its position in Brocade Communications Systems by 18.4% in the second quarter. Systematic Financial Management LP now owns 192,841 shares of the company’s stock worth $1,770,000 after buying an additional 29,970 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Brocade Communications Systems by 25.4% in the second quarter. Teacher Retirement System of Texas now owns 63,924 shares of the company’s stock worth $587,000 after buying an additional 12,942 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.
Brocade Communications Systems Inc. (NASDAQ:BRCD) traded down 0.84% on Thursday, reaching $9.42. 409,388 shares of the company traded hands. The firm has a market cap of $3.78 billion, a P/E ratio of 17.13 and a beta of 0.74. The stock has a 50-day moving average price of $9.32 and a 200-day moving average price of $9.22. Brocade Communications Systems Inc. has a 52-week low of $7.40 and a 52-week high of $10.94.
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 Thomson Reuters’ consensus estimate of $0.16 by $0.05. Brocade Communications Systems had a net margin of 10.17% and a return on equity of 12.84%. The firm earned $590.72 million during the quarter, compared to analysts’ expectations of $573.14 million. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue was up 7.0% on a year-over-year basis. Analysts anticipate that Brocade Communications Systems Inc. will post $0.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 9th were given a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Wednesday, September 7th. Brocade Communications Systems’s dividend payout ratio (DPR) is currently 39.29%.
A number of equities analysts have recently weighed in on the stock. DA Davidson assumed coverage on shares of Brocade Communications Systems in a research note on Monday. They issued a “buy” rating and a $12.00 price target on the stock. JMP Securities reaffirmed a “hold” rating on shares of Brocade Communications Systems in a research note on Thursday, September 22nd. Citigroup Inc. dropped their price target on shares of Brocade Communications Systems from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note 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. Finally, Argus reissued a “buy” rating and set a $13.00 target price on shares of Brocade Communications Systems in a research report on Wednesday, August 31st. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $10.17.
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 shares were sold at an average price of $10.19, for a total value of $101,900.00. Following the completion of the transaction, the chief operating officer now directly owns 74,568 shares in the company, valued at approximately $759,847.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Ellen Odonnell sold 7,500 shares of the stock in a transaction 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 sale, the senior vice president now owns 6,118 shares of the company’s stock, valued at $55,062. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
About Brocade Communications Systems
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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