Insider Selling: Ken Cheng Sells 50,000 Shares of Brocade Communications Systems Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) VP Ken Cheng unloaded 50,000 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $9.19, for a total value of $459,500.00. Following the transaction, the vice president now directly owns 292,625 shares in the company, valued at approximately $2,689,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Brocade Communications Systems (NASDAQ:BRCD) traded up 0.33% during mid-day trading on Friday, hitting $9.17. The stock had a trading volume of 4,581,876 shares. Brocade Communications Systems has a 1-year low of $5.31 and a 1-year high of $10.96. The stock’s 50-day moving average is $8.87 and its 200-day moving average is $9.27. The company has a market cap of $3.993 billion and a price-to-earnings ratio of 16.80.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings data on Thursday, May 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, meeting the 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 in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. 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. Shareholders 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.
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 given a hold rating and seven have issued a buy rating to the company. The company currently has a consensus 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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