Deutsche Bank Reiterates Hold Rating for Brocade Communications Systems (BRCD)
Brocade Communications Systems (NASDAQ:BRCD)‘s stock had its “hold” rating reaffirmed by research analysts at Deutsche Bank in a report released on Friday. They currently have a $8.00 price target on the stock, up from their previous price target of $7.50. Deutsche Bank’s target price indicates a potential downside of 14.98% from the stock’s previous close.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 5.21% during mid-day trading on Friday, hitting $9.90. The stock had a trading volume of 6,504,502 shares. Brocade Communications Systems has a one year low of $7.29 and a one year high of $10.96. The stock’s 50-day moving average is $9.24 and its 200-day moving average is $9.39. The company has a market cap of $4.239 billion and a price-to-earnings ratio of 17.30.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings data on Thursday, August 21st. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 1.7% 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.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 2nd. Investors 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%.
In other Brocade Communications Systems news, CEO Lloyd Carney sold 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
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.