Brocade Communications Systems CEO Sells $59,616 in Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) CEO Lloyd Carney sold 6,445 shares of the company’s stock on the open market in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $9.25, for a total value of $59,616.25. Following the transaction, the chief executive officer now directly owns 43,046 shares of the company’s stock, valued at approximately $398,176. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Several analysts have recently commented on the stock. 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. 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Brocade Communications Systems has a consensus rating of “Hold” and a consensus price target of $9.48.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 1.64% during mid-day trading on Monday, hitting $9.27. 2,339,865 shares of the company’s stock traded hands. Brocade Communications Systems has a 52 week low of $6.72 and a 52 week high of $10.96. The stock has a 50-day moving average of $9.24 and a 200-day moving average of $9.40. The company has a market cap of $3.970 billion and a P/E ratio of 16.76.
Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly 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.
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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