Brocade Communications Systems Sees Significant Growth in Short Interest (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) saw a significant increase in short interest in May. As of May 15th, there was short interest totalling 14,174,080 shares, an increase of 117.7% from the April 30th total of 6,510,174 shares, Analyst Ratings Network reports. Approximately 3.3% of the company’s shares are short sold. Based on an average daily volume of 9,323,496 shares, the days-to-cover ratio is presently 1.5 days.
BRCD has been the subject of a number of recent research reports. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Brocade Communications Systems in a research note on Friday, May 23rd. They now have a $7.50 price target on the stock, down previously from $8.00. Separately, analysts at Goldman Sachs raised their price target on shares of Brocade Communications Systems from $8.00 to $8.50 in a research note on Friday, May 23rd. Finally, analysts at Summit Research downgraded shares of Brocade Communications Systems from a “buy” rating to a “sell” rating in a research note on Monday, May 5th. They now have a $7.00 price target on the stock, down previously from $12.00. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $9.54.
Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 9.00 on Friday. Brocade Communications Systems has a 52-week low of $5.25 and a 52-week high of $10.96. The stock’s 50-day moving average is $8.95 and its 200-day moving average is $9.23. The company has a market cap of $3.919 billion and a price-to-earnings ratio of 16.45.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings data on Thursday, May 22nd. The company reported $0.19 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.19. The company had revenue of $537.00 million for the quarter, compared to the consensus estimate of $531.50 million. During the same quarter last year, the company posted $0.17 earnings per share. Brocade Communications Systems’s revenue was down .4% compared to the same quarter last year. Analysts expect that Brocade Communications Systems will post $0.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, July 2nd. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, June 6th.
Brocade Communications Systems, Inc (NASDAQ:BRCD) is a supplier of networking equipment, including end-to-end Internet Protocol (IP)-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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