Brocade Communications Systems VP Sells $117,523 in Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) VP Ken Cheng unloaded 12,844 shares of the company’s stock on the open market in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $9.15, for a total transaction of $117,522.60. Following the completion of the transaction, the vice president now directly owns 292,625 shares of the company’s stock, valued at approximately $2,677,519. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Brocade Communications Systems (NASDAQ:BRCD) traded down 1.09% during mid-day trading on Monday, hitting $9.07. 3,725,873 shares of the company’s stock traded hands. Brocade Communications Systems has a 52 week low of $5.31 and a 52 week high of $10.96. The stock’s 50-day moving average is $8.88 and its 200-day moving average is $9.28. The company has a market cap of $3.950 billion and a price-to-earnings ratio of 16.86.
Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results 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. Investors 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 1.54%. 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 assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price 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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