Brocade Communications Systems Inc. (BRCD) Releases Earnings Results, Beats Expectations By $0.11 EPS
Brocade Communications Systems Inc. (NASDAQ:BRCD) posted its quarterly earnings data on Monday. The company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.11. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. The company had revenue of $657.30 million for the quarter, compared to the consensus estimate of $639.96 million. During the same quarter in the previous year, the business earned $0.26 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year.
Brocade Communications Systems (NASDAQ:BRCD) opened at 12.37 on Tuesday. The company’s 50 day moving average price is $10.38 and its 200 day moving average price is $9.40. The firm has a market cap of $4.96 billion, a PE ratio of 22.49 and a beta of 0.79. Brocade Communications Systems has a 52-week low of $7.40 and a 52-week high of $12.46.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Monday, December 12th will be given a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 1.78%. Brocade Communications Systems’s dividend payout ratio is presently 39.29%.
A number of analysts have recently commented on the company. RBC Capital Markets reissued a “hold” rating on shares of Brocade Communications Systems in a research note on Sunday, August 28th. Piper Jaffray Cos. set a $9.00 price objective on Brocade Communications Systems and gave the stock a “hold” rating in a research note on Sunday, August 28th. Robert W. Baird reissued an “underperform” rating and issued a $9.00 price objective (up previously from $8.00) on shares of Brocade Communications Systems in a research note on Tuesday, November 1st. Argus downgraded Brocade Communications Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 2nd. Finally, Royal Bank Of Canada downgraded Brocade Communications Systems from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $14.00 to $12.75 in a research note on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $10.64.
In related news, SVP Ellen Odonnell sold 7,500 shares of the firm’s 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 approximately $55,062. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Piedmont Investment Advisors LLC purchased a new position in Brocade Communications Systems during the third quarter worth about $541,000. LPL Financial LLC boosted its position in Brocade Communications Systems by 12.2% in the third quarter. LPL Financial LLC now owns 12,318 shares of the company’s stock worth $117,000 after buying an additional 1,339 shares during the period. Cornerstone Capital Management Holdings LLC. purchased a new position in Brocade Communications Systems during the third quarter worth about $271,000. Ameritas Investment Partners Inc. boosted its position in Brocade Communications Systems by 64.5% in the third quarter. Ameritas Investment Partners Inc. now owns 121,407 shares of the company’s stock worth $1,121,000 after buying an additional 47,609 shares during the period. Finally, Verition Fund Management LLC purchased a new position in Brocade Communications Systems during the third quarter worth about $328,000. 79.76% of the stock is currently owned by institutional investors and hedge funds.
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 & Stock 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 stocks with our FREE daily email newsletter.