Brocade Communications Systems CEO Lloyd Carney Sells 23,711 Shares (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) CEO Lloyd Carney unloaded 23,711 shares of Brocade Communications Systems stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $9.25, for a total value of $219,326.75. Following the sale, the chief executive officer now directly owns 23,710 shares in the company, valued at approximately $219,318. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
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 issued a hold rating and six have assigned a buy rating to the company’s stock. Brocade Communications Systems has an average rating of “Hold” and a consensus price target of $9.54.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 4.78% during mid-day trading on Tuesday, hitting $9.64. The stock had a trading volume of 12,304,836 shares. Brocade Communications Systems has a 52-week low of $5.73 and a 52-week high of $10.96. The stock’s 50-day moving average is $9.0 and its 200-day moving average is $9.36. The company has a market cap of $4.128 billion and a price-to-earnings ratio of 16.91.
Brocade Communications Systems (NASDAQ:BRCD) last posted its quarterly 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. Analysts expect that Brocade Communications Systems will post $0.84 EPS 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 1.45%. The ex-dividend date 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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