Brocade Communications Systems Stock Price Up 5.4% Following Better-Than-Expected Earnings (BRCD)
Brocade Communications Systems (NASDAQ:BRCD)’s share price rose 5.4% on Friday following a better than expected earnings announcement, AnalystRatings.Net reports. The stock traded as high as $9.96 and last traded at $9.92, with a volume of 6,428,721 shares changing hands. The stock had previously closed at $9.41.
The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.04. 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. Brocade Communications Systems’s revenue was up 1.7% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Shareholders 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%.
Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Brocade Communications Systems in a research note on Friday. They now have a $8.00 price target on the stock, up previously from $7.50. Two research 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 presently has a consensus rating of “Hold” and a consensus target price of $9.56.
In other Brocade Communications Systems news, CEO Lloyd Carney sold 6,445 shares of Brocade Communications Systems stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $9.25, for a total value of $59,616.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
The stock has a 50-day moving average of $9.24 and a 200-day moving average of $9.39. The company has a market cap of $4.244 billion and a P/E ratio of 17.30.
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.
Receive News & Ratings for Brocade Communications Systems Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brocade Communications Systems Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.