Trade Report: The Brocade Communications Systems Inc. (BRCD) Decreased to “Hold” at Argus

The Brocade Communications Systems Inc. (BRCD) Decreased to “Hold” at Argus

Brocade Communications Systems Inc. (NASDAQ:BRCD) was downgraded by research analysts at Argus from a “buy” rating to a “hold” rating in a report released on Wednesday.

A number of other brokerages also recently weighed in on BRCD. Piper Jaffray Cos. set a $9.00 target price on Brocade Communications Systems and gave the stock a “hold” rating in a research note on Sunday, August 28th. RBC Capital Markets restated a “hold” rating on shares of Brocade Communications Systems in a research note on Sunday, August 28th. JMP Securities restated a “hold” rating on shares of Brocade Communications Systems in a research note on Thursday, September 22nd. Zacks Investment Research downgraded Brocade Communications Systems from a “hold” rating to a “sell” rating in a research note on Monday, July 18th. Finally, Robert W. Baird restated a “sell” rating on shares of Brocade Communications Systems in a research note on Thursday, September 22nd. One 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 company’s stock. Brocade Communications Systems currently has an average rating of “Hold” and a consensus price target of $10.90.

Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 0.88% during midday trading on Wednesday, reaching $12.38. The company had a trading volume of 5,748,774 shares. Brocade Communications Systems has a one year low of $7.40 and a one year high of $12.50. The firm has a market capitalization of $4.97 billion, a P/E ratio of 24.27 and a beta of 0.79. The company has a 50 day moving average price of $10.66 and a 200-day moving average price of $9.49.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results 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 business 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 13.42% and a net margin of 9.12%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. On average, analysts anticipate that Brocade Communications Systems will post $1.03 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Monday, December 12th will be given a $0.055 dividend. The ex-dividend date is Thursday, December 8th. This represents a $0.22 annualized dividend and a yield of 1.78%. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 42.31%.

In related news, SVP Ellen Odonnell sold 7,500 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $9.00, for a total value of $67,500.00. Following the completion of the transaction, the senior vice president now directly owns 6,118 shares in the company, valued at $55,062. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Aperio Group LLC raised its position in shares of Brocade Communications Systems by 43.5% in the first quarter. Aperio Group LLC now owns 53,684 shares of the company’s stock valued at $568,000 after buying an additional 16,277 shares during the period. State Street Corp raised its position in shares of Brocade Communications Systems by 1.1% in the first quarter. State Street Corp now owns 5,810,579 shares of the company’s stock valued at $61,474,000 after buying an additional 64,198 shares during the period. Riverhead Capital Management LLC raised its position in shares of Brocade Communications Systems by 190.2% in the first quarter. Riverhead Capital Management LLC now owns 777,231 shares of the company’s stock valued at $8,223,000 after buying an additional 509,446 shares during the period. Prudential PLC bought a new position in shares of Brocade Communications Systems during the first quarter valued at about $330,000. Finally, HBK Investments L P raised its position in shares of Brocade Communications Systems by 2.8% in the first quarter. HBK Investments L P now owns 238,579 shares of the company’s stock valued at $2,524,000 after buying an additional 6,490 shares during the period. Institutional investors own 79.76% of the company’s stock.

About Brocade Communications Systems

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