Insider Selling: Brocade Communications Systems CFO Sells 25,000 Shares of Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) CFO Daniel Fairfax sold 25,000 shares of Brocade Communications Systems stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $8.75, for a total value of $218,750.00. Following the sale, the chief financial officer now directly owns 176,864 shares in the company, valued at approximately $1,547,560. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 0.51% on Thursday, hitting $8.82. The stock had a trading volume of 4,360,789 shares. Brocade Communications Systems has a 52 week low of $5.14 and a 52 week high of $9.03. The stock has a 50-day moving average of $8.55 and a 200-day moving average of $7.59. The company has a market cap of $3.916 billion and a price-to-earnings ratio of 19.70.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings data on Monday, November 18th. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.18 by $0.06. The company had revenue of $559.00 million for the quarter, compared to the consensus estimate of $555.08 million. During the same quarter last year, the company posted $0.17 earnings per share. Brocade Communications Systems’s revenue was down 3.3% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Citigroup Inc. initiated coverage on shares of Brocade Communications Systems in a research note to investors on Tuesday, December 10th. They set a “sell” rating on the stock. Separately, analysts at Morgan Stanley upgraded shares of Brocade Communications Systems from an “underweight” rating to an “equal weight” rating in a research note to investors on Tuesday, December 3rd. They noted that the move was a valuation call. Finally, analysts at ISI Group downgraded shares of Brocade Communications Systems from a “buy” rating to a “neutral” rating in a research note to investors on Monday, November 25th. They now have a $9.00 price target on the stock, up previously from $8.89. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. Brocade Communications Systems has a consensus rating of “Hold” and an average price target of $8.32.
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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