First Trust Advisors LP increased its stake in shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) by 20.3% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,626,826 shares of the company’s stock after buying an additional 274,492 shares during the period. First Trust Advisors LP’s holdings in Brocade Communications Systems were worth $15,016,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Boston Partners boosted its position in Brocade Communications Systems by 95.0% in the second quarter. Boston Partners now owns 21,319,531 shares of the company’s stock valued at $195,713,000 after buying an additional 10,389,103 shares during the period. Vanguard Group Inc. raised its stake in shares of Brocade Communications Systems by 21.6% in the second quarter. Vanguard Group Inc. now owns 34,710,641 shares of the company’s stock valued at $318,644,000 after buying an additional 6,172,835 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Brocade Communications Systems during the second quarter valued at about $55,044,000. BlackRock Institutional Trust Company N.A. raised its stake in shares of Brocade Communications Systems by 35.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 13,963,697 shares of the company’s stock valued at $128,187,000 after buying an additional 3,656,426 shares in the last quarter. Finally, DNB Asset Management AS purchased a new stake in shares of Brocade Communications Systems during the second quarter valued at about $17,756,000. Hedge funds and other institutional investors own 82.37% of the company’s stock.
Shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) traded up 0.32% during trading on Monday, hitting $12.42. The stock had a trading volume of 2,664,220 shares. The stock has a 50-day moving average price of $10.66 and a 200 day moving average price of $9.49. The company has a market cap of $4.99 billion, a P/E ratio of 24.35 and a beta of 0.79. Brocade Communications Systems Inc. has a 12 month low of $7.40 and a 12 month high of $12.50.
Brocade Communications Systems (NASDAQ:BRCD) last posted its quarterly earnings data on Monday, November 21st. The company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company earned $657.30 million during the quarter, compared to analysts’ expectations of $639.96 million. During the same quarter in the previous year, the business earned $0.26 EPS. Brocade Communications Systems’s revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that Brocade Communications Systems Inc. will post $1.03 EPS for the current fiscal year.
The firm 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 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Thursday, December 8th. Brocade Communications Systems’s payout ratio is currently 42.31%.
Several analysts have issued reports on the company. RBC Capital Markets reaffirmed a “hold” rating on shares of Brocade Communications Systems in a research note on Sunday, August 28th. 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. Robert W. Baird reaffirmed an “underperform” rating and issued a $9.00 target price (up previously from $8.00) on shares of Brocade Communications Systems in a research note on Tuesday, November 1st. Royal Bank Of Canada lowered Brocade Communications Systems from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $14.00 to $12.75 in a research note on Thursday, November 3rd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $10.00 target price on shares of Brocade Communications Systems in a research note on Friday, August 26th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $10.90.
In related news, SVP Ellen Odonnell sold 7,500 shares of the business’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 completion of the transaction, the senior vice president now owns 6,118 shares in the company, valued at approximately $55,062. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
About Brocade Communications Systems
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.