Brocade Communications Systems Director Unloads $445,050 in Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) Director Renato Dipentima sold 57,500 shares of Brocade Communications Systems stock on the open market in a transaction dated Monday, September 16th. The stock was sold at an average price of $7.74, for a total transaction of $445,050.00. Following the sale, the director now directly owns 85,826 shares of the company’s stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
BRCD has been the subject of a number of recent research reports. Analysts at RBC Capital upgraded shares of Brocade Communications Systems (NASDAQ:BRCD) from a “sector perform” rating to an “outperform” rating in a research note to investors on Monday, September 9th. They now have a $10.00 price target on the stock, up previously from $7.00. Separately, analysts at Thomson Reuters/Verus upgraded shares of Brocade Communications Systems (NASDAQ:BRCD) from a “hold” rating to a “buy” rating in a research note to investors on Monday, August 19th. Finally, analysts at Wunderlich raised their price target on shares of Brocade Communications Systems (NASDAQ:BRCD) from $7.50 to $9.50 in a research note to investors on Wednesday, August 14th. They now have a “buy” rating on the stock.
Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $7.39.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 0.52% during mid-day trading on Tuesday, hitting $7.78. The stock had a trading volume of 2,996,233 shares. Brocade Communications Systems has a one year low of $5.14 and a one year high of $8.04. The stock’s 50-day moving average is $7.42 and its 200-day moving average is $6.18. The company has a market cap of $3.440 billion and a price-to-earnings ratio of 18.43.
Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Tuesday, August 13th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.07. The company had revenue of $536.60 million for the quarter, compared to the consensus estimate of $518.84 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts predict that Brocade Communications Systems will post $0.75 earnings per share for the current fiscal year.
Brocade Communications Systems, Inc (NASDAQ:BRCD) is a supplier of networking equipment, including end-to-end Internet Protocol-based Ethernet networking solutions and storage area networking solutions for businesses and organizations of all types and sizes, including global enterprises, and service providers, such as telecommunication firms, cable operators and mobile carriers.
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