Vanguard Group Inc. boosted its stake in Brocade Communications Systems Inc. (NASDAQ:BRCD) by 21.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,710,641 shares of the company’s stock after buying an additional 6,172,835 shares during the period. Vanguard Group Inc. owned approximately 8.69% of Brocade Communications Systems worth $318,644,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Boston Partners raised its stake in shares of Brocade Communications Systems by 95.0% in the second quarter. Boston Partners now owns 21,319,531 shares of the company’s stock valued at $195,713,000 after buying an additional 10,389,103 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Brocade Communications Systems during the second quarter valued at $55,044,000. Renaissance Technologies LLC increased its stake in shares of Brocade Communications Systems by 132.5% in the first quarter. Renaissance Technologies LLC now owns 4,862,000 shares of the company’s stock valued at $51,440,000 after buying an additional 2,770,900 shares during the last quarter. DNB Asset Management AS bought a new stake in shares of Brocade Communications Systems during the second quarter valued at $17,756,000. Finally, Principal Financial Group Inc. increased its stake in shares of Brocade Communications Systems by 2,109.7% in the second quarter. Principal Financial Group Inc. now owns 1,761,871 shares of the company’s stock valued at $16,174,000 after buying an additional 1,682,139 shares during the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.
Shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) opened at 9.26 on Friday. Brocade Communications Systems Inc. has a 52-week low of $7.40 and a 52-week high of $10.92. The stock has a market capitalization of $3.71 billion, a PE ratio of 16.84 and a beta of 0.74. The company’s 50 day moving average price is $9.29 and its 200 day moving average price is $9.21.
Brocade Communications Systems (NASDAQ:BRCD) last issued its earnings results on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.05. The business 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%. Brocade Communications Systems’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 EPS. On average, equities research analysts anticipate that Brocade Communications Systems Inc. will post $0.93 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 9th were given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Wednesday, September 7th. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 39.29%.
Several analysts have weighed in on the company. RBC Capital Markets reiterated a “hold” rating on shares of Brocade Communications Systems in a research report on Sunday, August 28th. Piper Jaffray Cos. set a $9.00 price objective on Brocade Communications Systems and gave the company a “hold” rating in a research report on Sunday, August 28th. BMO Capital Markets reiterated a “hold” rating and issued a $10.00 price objective on shares of Brocade Communications Systems in a research report on Friday, August 26th. Zacks Investment Research upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a research report on Friday, August 19th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Brocade Communications Systems in a research report on Tuesday, June 14th. Two equities research 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. The stock currently has an average 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 Brocade Communications Systems 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 completion of the sale, the chief operating officer now directly owns 74,568 shares of the company’s stock, valued at approximately $759,847.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Ellen Odonnell sold 7,500 shares of Brocade Communications Systems stock in a transaction 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 directly owns 6,118 shares of the company’s stock, valued at $55,062. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
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.
Receive News & Ratings for Brocade Communications Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brocade Communications Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.