Insider Selling: Brocade Communications Systems VP Sells 22,739 Shares of Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) VP Tyler Wall sold 22,739 shares of the stock on the open market in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $7.86, for a total transaction of $178,728.54. Following the sale, the vice president now directly owns 5,126 shares in the company, valued at approximately $40,290. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Brocade Communications Systems from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, October 8th. They now have a $9.00 price target on the stock. Separately, analysts at Wedbush raised their price target on shares of Brocade Communications Systems from $7.50 to $8.00 in a research note to investors on Friday, September 27th. They now have a “neutral” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Brocade Communications Systems from $10.00 to $11.00 in a research note to investors on Thursday, September 26th. They now have an “outperform” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $7.84.
Brocade Communications Systems (NASDAQ:BRCD) traded up 0.88% on Tuesday, hitting $8.00. The stock had a trading volume of 5,334,064 shares. Brocade Communications Systems has a one year low of $5.14 and a one year high of $8.04. The stock has a 50-day moving average of $7.34 and a 200-day moving average of $6.15. The company has a market cap of $3.538 billion and a price-to-earnings ratio of 18.88.
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.
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