Brocade Communications Systems Inc. (NASDAQ:BRCD) Receives $10.00 Average Target Price from Analysts
Brocade Communications Systems Inc. (NASDAQ:BRCD) has received a consensus rating of “Hold” from the twenty-two analysts that are currently covering the firm. Two analysts have rated the stock with a sell recommendation, seventeen have issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $10.00.
BRCD has been the subject of a number of research reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $10.00 target price (up previously from $9.00) on shares of Brocade Communications Systems in a report on Tuesday, June 14th. Robert W. Baird lowered shares of Brocade Communications Systems from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $10.00 to $8.00 in a report on Thursday, July 14th. Zacks Investment Research lowered shares of Brocade Communications Systems from a “hold” rating to a “sell” rating in a report on Monday, July 18th. Citigroup Inc. set a $10.00 target price on shares of Brocade Communications Systems and gave the stock a “neutral” rating in a report on Friday, August 19th. Finally, RBC Capital Markets upped their target price on shares of Brocade Communications Systems from $10.00 to $11.00 and gave the stock a “sector perform” rating in a report on Monday, August 22nd.
Brocade Communications Systems (NASDAQ:BRCD) opened at 9.23 on Thursday. The stock has a market capitalization of $3.70 billion, a PE ratio of 16.78 and a beta of 0.55. The company’s 50-day moving average is $9.34 and its 200 day moving average is $9.24. Brocade Communications Systems has a 1-year low of $7.40 and a 1-year high of $10.94.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Thursday, August 25th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.16 by $0.05. The company earned $590.72 million during the quarter, compared to analyst estimates of $573.14 million. Brocade Communications Systems had a net margin of 10.17% and a return on equity of 12.84%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 EPS. Equities analysts predict that Brocade Communications Systems will post $0.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.22 annualized dividend and a yield of 2.38%. Brocade Communications Systems’s dividend payout ratio (DPR) is 39.29%.
In related news, SVP Ellen Odonnell sold 7,500 shares of the firm’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 of the company’s stock, valued at $55,062. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Gale E. England sold 10,000 shares of the firm’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 transaction of $101,900.00. Following the completion of the sale, the chief operating officer now directly owns 74,568 shares in the company, valued at approximately $759,847.92. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Columbia Partners L L C Investment Management purchased a new stake in shares of Brocade Communications Systems during the first quarter valued at $873,000. BlackRock Japan Co. Ltd boosted its stake in shares of 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 stake 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 during the period. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Brocade Communications Systems during the first quarter valued at $3,919,000. Finally, Algert Global LLC boosted its stake 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 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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