Brocade Communications Systems Inc. (BRCD) Rating Reiterated by Robert W. Baird
Brocade Communications Systems Inc. (NASDAQ:BRCD)‘s stock had its “hold” rating reiterated by research analysts at Robert W. Baird in a research note issued to investors on Tuesday.
The analysts wrote, “We expect FC SAN to face prolonged challenges due to the deflationary effect of AFA, and the rise of alternative storage/computing architectures (e.g., Hyperconverged).””
Other research analysts also recently issued research reports about the company. Argus restated a “buy” rating and issued a $13.00 price objective on shares of Brocade Communications Systems in a research note on Wednesday, August 31st. DA Davidson began coverage on Brocade Communications Systems in a research note on Monday, October 3rd. They issued a “buy” rating and a $12.00 price objective for the company. Barclays PLC cut their price target on Brocade Communications Systems from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 23rd. Wunderlich reiterated a “hold” rating and set a $11.00 price target (up previously from $9.00) on shares of Brocade Communications Systems in a research note on Friday, August 26th. Finally, Zacks Investment Research upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a research note on Friday, August 19th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $10.64.
Brocade Communications Systems (NASDAQ:BRCD) opened at 12.49 on Tuesday. The firm has a market cap of $5.02 billion, a P/E ratio of 24.49 and a beta of 0.79. Brocade Communications Systems has a 1-year low of $7.40 and a 1-year high of $12.50. The company has a 50-day moving average price of $10.55 and a 200-day moving average price of $9.46.
Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings data on Monday, November 21st. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The firm earned $657.30 million during the quarter, compared to the consensus estimate of $639.96 million. Brocade Communications Systems had a return on equity of 13.48% and a net margin of 9.12%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. On average, equities research analysts forecast that Brocade Communications Systems will post $1.01 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Stockholders of record on Monday, December 12th will be given a $0.055 dividend. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.76%. Brocade Communications Systems’s dividend payout ratio is currently 42.31%.
In other news, SVP Ellen Odonnell sold 7,500 shares of Brocade Communications Systems stock in a transaction that occurred on Thursday, September 15th. The stock was 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 in the company, valued at approximately $55,062. The sale was disclosed in a filing with the SEC, which is available through this link. 1.60% of the stock is owned by insiders.
Several large investors have recently modified their holdings of BRCD. Paragon Capital Management Ltd raised its stake in Brocade Communications Systems by 7.9% in the third quarter. Paragon Capital Management Ltd now owns 11,377 shares of the company’s stock valued at $105,000 after buying an additional 832 shares in the last quarter. Mackenzie Financial Corp raised its stake in Brocade Communications Systems by 3.7% in the second quarter. Mackenzie Financial Corp now owns 27,398 shares of the company’s stock valued at $252,000 after buying an additional 985 shares in the last quarter. Sei Investments Co. raised its stake in Brocade Communications Systems by 0.5% in the third quarter. Sei Investments Co. now owns 273,924 shares of the company’s stock valued at $2,529,000 after buying an additional 1,262 shares in the last quarter. LPL Financial LLC raised its stake in Brocade Communications Systems by 12.2% in the third quarter. LPL Financial LLC now owns 12,318 shares of the company’s stock valued at $117,000 after buying an additional 1,339 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its stake in Brocade Communications Systems by 1.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 97,000 shares of the company’s stock valued at $890,000 after buying an additional 1,582 shares in the last quarter. Hedge funds and other institutional investors own 79.76% of the company’s stock.
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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