Brocade Communications Systems Inc. (NASDAQ:BRCD)‘s stock had its “hold” rating reiterated by investment analysts at Oppenheimer Holdings Inc. in a research report issued to clients and investors on Wednesday.
A number of other analysts have also recently issued reports on BRCD. Raymond James Financial Inc. raised Brocade Communications Systems from an “underperform” rating to a “neutral” rating in a research report on Wednesday, November 2nd. BMO Capital Markets reaffirmed a “hold” rating and issued a $10.00 price objective on shares of Brocade Communications Systems in a research report on Friday, August 26th. RBC Capital Markets reaffirmed a “hold” rating on shares of Brocade Communications Systems in a research report on Sunday, August 28th. Zacks Investment Research raised Brocade Communications Systems from a “sell” rating to a “hold” rating in a research report on Friday, August 19th. Finally, Royal Bank Of Canada raised Brocade Communications Systems from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $11.00 to $14.00 in a research report on Tuesday, November 1st. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating and three have issued a buy rating to the stock. Brocade Communications Systems currently has a consensus rating of “Hold” and a consensus target price of $10.90.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 0.88% during mid-day trading on Wednesday, reaching $12.38. The company had a trading volume of 5,748,774 shares. The firm’s 50 day moving average is $10.66 and its 200-day moving average is $9.49. Brocade Communications Systems has a 12-month low of $7.40 and a 12-month high of $12.50. The stock has a market capitalization of $4980.75 billion, a P/E ratio of 24.27 and a beta of 0.79.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Monday, November 21st. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.22 by $0.11. Brocade Communications Systems had a return on equity of 13.42% and a net margin of 9.12%. The firm earned $657.30 million during the quarter, compared to analysts’ expectations of $639.96 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, analysts expect that Brocade Communications Systems will post $1.01 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Monday, December 12th 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 Thursday, December 8th. Brocade Communications Systems’s dividend payout ratio (DPR) is 42.31%.
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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC purchased a new stake in Brocade Communications Systems during the third quarter valued at $541,000. LPL Financial LLC increased its position in shares of 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 during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new position in shares of Brocade Communications Systems during the third quarter valued at approximately $271,000. Ameritas Investment Partners Inc. increased its position in shares of Brocade Communications Systems by 64.5% in the third quarter. Ameritas Investment Partners Inc. now owns 121,407 shares of the company’s stock valued at $1,121,000 after buying an additional 47,609 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in shares of Brocade Communications Systems during the third quarter valued at approximately $328,000. 79.76% of the stock is currently owned by institutional investors.
Brocade Communications Systems Company Profile