Insider Selling: Brocade Communications Systems VP Sells 11,000 Shares of Stock (BRCD)
Brocade Communications Systems (NASDAQ:BRCD) VP Ken Cheng unloaded 11,000 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $10.49, for a total transaction of $115,390.00. Following the completion of the sale, the vice president now directly owns 303,861 shares in the company, valued at approximately $3,187,502. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
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 investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.56.
Brocade Communications Systems (NASDAQ:BRCD) traded down 0.96% during mid-day trading on Thursday, hitting $10.30. The stock had a trading volume of 3,193,217 shares. 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 $9.53 and its 200-day moving average is $9.45. The company has a market cap of $4.456 billion and a P/E ratio of 21.62. Brocade Communications Systems also saw 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. Based on an average daily volume of 2,583,848 shares, the days-to-cover ratio is presently 5.6 days. Currently, 3.4% of the shares of the company are short sold.
Brocade Communications Systems (NASDAQ:BRCD) last posted its quarterly earnings results on Thursday, August 21st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Brocade Communications Systems will post $0.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 2nd. Stockholders 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 1.36%. 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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