Brocade Communications Systems PT Raised to $8.00 (BRCD)
Stock analysts at Wedbush increased their price objective on shares of Brocade Communications Systems (NASDAQ:BRCD) from $7.50 to $8.00 in a report issued on Friday, American Banking and Market News reports. The firm currently has a “neutral” rating on the stock. Wedbush’s target price would suggest a potential downside of 2.20% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at RBC Capital raised their price target on shares of Brocade Communications Systems (NASDAQ:BRCD) from $10.00 to $11.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at Pacific Crest raised their price target on shares of Brocade Communications Systems (NASDAQ:BRCD) from $7.00 to $11.00 in a research note to investors on Thursday. They now have a “sector perform” rating on the stock. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. Brocade Communications Systems has an average rating of “Hold” and an average price target of $7.75.
In other Brocade Communications Systems news, Director Renato Dipentima unloaded 57,500 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $7.74, for a total value of $445,050.00. Following the transaction, the director now directly owns 85,826 shares in the company, valued at approximately $664,293. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 0.97% on Friday, hitting $8.18. The stock had a trading volume of 3,751,847 shares. Brocade Communications Systems has a 1-year low of $5.14 and a 1-year high of $8.43. The stock’s 50-day moving average is $7.73 and its 200-day moving average is $6.31. The company has a market cap of $3.617 billion and a price-to-earnings ratio of 19.67.
Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Tuesday, August 13th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.14 earnings per share. The company’s quarterly revenue 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.