Sei Investments Co. cut its stake in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 6.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 157,283 shares of the technology company’s stock after selling 11,091 shares during the period. Sei Investments Co.’s holdings in Brocade Communications Systems were worth $1,984,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Creative Planning increased its position in shares of Brocade Communications Systems by 27.4% in the first quarter. Creative Planning now owns 11,743 shares of the technology company’s stock valued at $147,000 after buying an additional 2,524 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Brocade Communications Systems by 13.8% in the first quarter. PNC Financial Services Group Inc. now owns 11,792 shares of the technology company’s stock valued at $148,000 after buying an additional 1,430 shares during the period. Stephens Inc. AR increased its position in shares of Brocade Communications Systems by 17.6% in the first quarter. Stephens Inc. AR now owns 11,960 shares of the technology company’s stock valued at $149,000 after buying an additional 1,792 shares during the period. Bank of Montreal Can increased its position in shares of Brocade Communications Systems by 14.0% in the first quarter. Bank of Montreal Can now owns 13,240 shares of the technology company’s stock valued at $166,000 after buying an additional 1,629 shares during the period. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Brocade Communications Systems during the second quarter valued at $177,000. Institutional investors own 81.00% of the company’s stock.

Brocade Communications Systems, Inc. (NASDAQ BRCD) opened at 12.30 on Friday. The firm has a market capitalization of $5.04 billion, a PE ratio of 84.25 and a beta of 0.66. The company’s 50-day moving average price is $12.44 and its 200 day moving average price is $12.50. Brocade Communications Systems, Inc. has a one year low of $8.64 and a one year high of $12.72.

Brocade Communications Systems (NASDAQ:BRCD) last posted its quarterly earnings data on Thursday, August 24th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.04 by $0.12. The business had revenue of $549 million for the quarter, compared to analysts’ expectations of $614.10 million. Brocade Communications Systems had a net margin of 1.30% and a return on equity of 5.40%. The firm’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 EPS. On average, analysts forecast that Brocade Communications Systems, Inc. will post $0.57 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Monday, September 11th will be given a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 1.79%. Brocade Communications Systems’s dividend payout ratio is currently 314.29%.

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Several research analysts have weighed in on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $12.75 target price on shares of Brocade Communications Systems in a research note on Friday, May 26th. Zacks Investment Research downgraded Brocade Communications Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. BidaskClub downgraded Brocade Communications Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Robert W. Baird reiterated a “hold” rating on shares of Brocade Communications Systems in a research note on Friday. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $12.75 target price on shares of Brocade Communications Systems in a research note on Friday, June 9th. One equities research analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. Brocade Communications Systems currently has a consensus rating of “Hold” and a consensus target price of $11.31.

In related news, SVP Ellen Odonnell sold 7,811 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $12.64, for a total value of $98,731.04. Following the sale, the senior vice president now directly owns 19,037 shares of the company’s stock, valued at approximately $240,627.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Ken Cheng sold 200,000 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $12.62, for a total transaction of $2,524,000.00. Following the completion of the sale, the senior vice president now directly owns 252,338 shares in the company, valued at $3,184,505.56. The disclosure for this sale can be found here. Insiders sold a total of 276,299 shares of company stock worth $3,487,050 over the last ninety days. 1.77% of the stock is currently owned by insiders.

Brocade Communications Systems Company Profile

Brocade Communications Systems, Inc (Brocade) 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 operates through three segments: SAN Products, IP Networking Products and Global Services.

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Institutional Ownership by Quarter for Brocade Communications Systems (NASDAQ:BRCD)

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