Brocade Communications Systems Inc. Reaches New 12-Month High at $9.16 (BRCD)
Brocade Communications Systems (NASDAQ:BRCD)’s share price reached a new 52-week high during trading hours on Wednesday, Stock Ratings Network.com reports. The company traded as high as $9.16 and last traded at $9.04, with a volume of 5,807,668 shares traded. The stock had previously closed at $9.00.
BRCD has been the subject of a number of recent research reports. 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 issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $8.32.
In other Brocade Communications Systems news, CFO Daniel Fairfax unloaded 25,000 shares of Brocade Communications Systems stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $8.75, for a total transaction of $218,750.00. Following the completion of the transaction, 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.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly 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.
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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