Brocade Communications Systems Short Interest Down 15.3% in August (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) was the target of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 14,446,580 shares, a drop of 15.3% from the July 31st total of 17,064,781 shares, Analyst Ratings Net reports. Based on an average daily volume of 2,583,848 shares, the short-interest ratio is currently 5.6 days. Currently, 3.4% of the shares of the company are sold short.
Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Brocade Communications Systems in a research note on Friday, August 22nd. 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 has a consensus rating of “Hold” and a consensus price target of $9.56.
Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 10.55 on Tuesday. Brocade Communications Systems has a 1-year low of $7.45 and a 1-year high of $10.96. The stock’s 50-day moving average is $9.41 and its 200-day moving average is $9.43. The company has a market cap of $4.565 billion and a P/E ratio of 21.70.
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 $0.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Monday, September 8th.
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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