Brocade Communications Systems (BRCD) Releases Quarterly Earnings Results
Brocade Communications Systems (NASDAQ:BRCD) issued its quarterly earnings data on Thursday. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.04, American Banking News reports. The company had revenue of $545.00 million for the quarter, compared to the consensus estimate of $534.71 million. During the same quarter last year, the company posted $0.19 earnings per share.
In other Brocade Communications Systems news, CEO Lloyd Carney unloaded 6,445 shares of the 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 transaction of $59,616.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Brocade Communications Systems (NASDAQ:BRCD) traded up 0.64% on Thursday, hitting $9.41. 7,748,816 shares of the company’s stock traded hands. Brocade Communications Systems has a 52 week low of $7.29 and a 52 week high of $10.96. The stock has a 50-day moving average of $9.25 and a 200-day moving average of $9.39. The company has a market cap of $4.029 billion and a P/E ratio of 17.19.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 1.49%.
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. 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 assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $9.52.
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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