Brocade Communications Systems Inc. (NASDAQ:BRCD) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 11,241,364 shares, a decrease of 21.0% from the September 15th total of 14,231,629 shares. Based on an average trading volume of 5,947,219 shares, the short-interest ratio is currently 1.9 days. Currently, 2.8% of the shares of the company are sold short.

Brocade Communications Systems (NASDAQ:BRCD) opened at 8.74 on Wednesday. The firm has a market cap of $3.50 billion, a P/E ratio of 15.89 and a beta of 0.74. Brocade Communications Systems has a one year low of $7.40 and a one year high of $10.92. The stock has a 50 day moving average price of $9.07 and a 200-day moving average price of $9.12.

Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings data on Thursday, August 25th. The company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. The firm 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%. The company’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. Analysts predict that Brocade Communications Systems will post $0.93 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.055 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $0.22 dividend on an annualized basis and a yield of 2.52%. Brocade Communications Systems’s payout ratio is 39.29%.

In related news, SVP Ellen Odonnell sold 7,500 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $9.00, for a total value of $67,500.00. Following the completion of the transaction, the senior vice president now owns 6,118 shares in the company, valued at approximately $55,062. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gale E. England sold 10,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 74,568 shares of the company’s stock, valued at approximately $759,847.92. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in BRCD. Aperio Group LLC raised its stake in shares of Brocade Communications Systems by 43.5% in the first quarter. Aperio Group LLC now owns 53,684 shares of the company’s stock worth $568,000 after buying an additional 16,277 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Brocade Communications Systems by 26.2% in the first quarter. TIAA CREF Investment Management LLC now owns 2,463,051 shares of the company’s stock worth $26,059,000 after buying an additional 511,257 shares during the last quarter. BlackRock Inc. raised 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 worth $2,159,000 after buying an additional 7,767 shares during the last quarter. BlackRock Japan Co. Ltd raised 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 worth $366,000 after buying an additional 28,934 shares during the last quarter. Finally, Columbia Partners L L C Investment Management purchased a new stake in shares of Brocade Communications Systems during the first quarter worth approximately $873,000. Hedge funds and other institutional investors own 87.75% of the company’s stock.

BRCD has been the subject of a number of recent analyst reports. Wunderlich reiterated a “hold” rating and issued a $11.00 target price (up previously from $9.00) on shares of Brocade Communications Systems in a research report on Friday, August 26th. DA Davidson initiated coverage on shares of Brocade Communications Systems in a research report on Monday, October 3rd. They issued a “buy” rating and a $12.00 target price for the company. Deutsche Bank AG increased their target price on shares of Brocade Communications Systems from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Friday, August 26th. BMO Capital Markets reiterated a “hold” rating and issued a $10.00 target price on shares of Brocade Communications Systems in a research report on Friday, August 26th. Finally, Citigroup Inc. increased their target price on shares of Brocade Communications Systems from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 26th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $10.17.

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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