Omni Partners LLP cut its stake in Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 16.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,216,633 shares of the technology company’s stock after selling 438,005 shares during the period. Brocade Communications Systems accounts for about 3.6% of Omni Partners LLP’s portfolio, making the stock its 11th largest position. Omni Partners LLP owned about 0.54% of Brocade Communications Systems worth $27,952,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in BRCD. Cambridge Investment Research Advisors Inc. raised its position in Brocade Communications Systems by 0.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 28,557 shares of the technology company’s stock worth $356,000 after buying an additional 111 shares during the last quarter. World Asset Management Inc raised its position in Brocade Communications Systems by 0.7% during the 2nd quarter. World Asset Management Inc now owns 28,091 shares of the technology company’s stock worth $354,000 after buying an additional 191 shares during the last quarter. Capstone Asset Management Co. raised its position in Brocade Communications Systems by 0.6% during the 2nd quarter. Capstone Asset Management Co. now owns 33,825 shares of the technology company’s stock worth $427,000 after buying an additional 200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Brocade Communications Systems by 1.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,671 shares of the technology company’s stock worth $196,000 after buying an additional 295 shares during the last quarter. Finally, Profund Advisors LLC raised its position in Brocade Communications Systems by 0.6% during the 1st quarter. Profund Advisors LLC now owns 62,584 shares of the technology company’s stock worth $781,000 after buying an additional 380 shares during the last quarter. Institutional investors own 83.01% of the company’s stock.

Brocade Communications Systems, Inc. (NASDAQ:BRCD) traded up 0.121% during trading on Wednesday, hitting $12.375. 959,083 shares of the stock traded hands. The firm’s 50-day moving average is $12.38 and its 200-day moving average is $12.51. The stock has a market cap of $5.12 billion, a P/E ratio of 174.296 and a beta of 0.64. Brocade Communications Systems, Inc. has a 12 month low of $8.64 and a 12 month high of $12.72.

Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.12. Brocade Communications Systems had a return on equity of 5.42% and a net margin of 1.30%. The firm had revenue of $549 million during the quarter, compared to the consensus estimate of $614.10 million. During the same period last year, the company earned $0.21 earnings per share. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. On average, analysts forecast that Brocade Communications Systems, Inc. will post $0.61 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Monday, September 11th will be issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, September 8th. Brocade Communications Systems’s dividend payout ratio is presently 314.29%.

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In related news, SVP Ken Cheng sold 68,488 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $12.62, for a total transaction of $864,318.56. Following the completion of the sale, the senior vice president now directly owns 452,338 shares of the company’s stock, valued at $5,708,505.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Ellen Odonnell sold 7,811 shares of the stock in a transaction on Wednesday, June 14th. The stock was 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 $240,627.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,299 shares of company stock valued at $3,487,050. Corporate insiders own 1.77% of the company’s stock.

BRCD has been the subject of a number of recent research reports. Robert W. Baird set a $13.00 price target on shares of Brocade Communications Systems and gave the stock a “hold” rating in a research report on Thursday, August 17th. BidaskClub raised shares of Brocade Communications Systems from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. Royal Bank Of Canada reissued a “hold” rating and set a $12.75 price target on shares of Brocade Communications Systems in a research report on Friday, June 9th. Zacks Investment Research raised shares of Brocade Communications Systems from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Wednesday, May 31st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $12.75 price target on shares of Brocade Communications Systems in a research report on Friday, May 26th. One investment analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $12.32.

About Brocade Communications Systems

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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