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Brocade Communications Systems (NASDAQ:BRCD) VP Ken Cheng unloaded 60,000 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $9.20, for a total transaction of $552,000.00. Following the transaction, the vice president now directly owns 292,625 shares of the company’s stock, valued at approximately $2,692,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Brocade Communications Systems (NASDAQ:BRCD) traded down 0.65% on Wednesday, hitting $9.15. 5,662,812 shares of the company’s stock traded hands. Brocade Communications Systems has a 1-year low of $5.25 and a 1-year high of $10.96. The stock has a 50-day moving average of $8.90 and a 200-day moving average of $9.27. The company has a market cap of $3.984 billion and a price-to-earnings ratio of 16.93.

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. On average, analysts predict that Brocade Communications Systems will post $0.84 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 2nd. Stockholders of record on Tuesday, June 10th will be paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Friday, June 6th.

A number of research firms have recently commented on BRCD. 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 analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $9.54.

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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