Brocade Communications Systems Inc. (NASDAQ:BRCD) had its price target dropped by equities researchers at Citigroup Inc. from $11.00 to $10.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc.’s target price suggests a potential upside of 11.86% from the company’s current price.

BRCD has been the topic of a number of other reports. BMO Capital Markets restated a “hold” rating and set a $9.00 price target (up from $8.00) on shares of Brocade Communications Systems in a research report on Sunday, May 29th. Goldman Sachs Group Inc. increased their price target on Brocade Communications Systems from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 31st. Robert W. Baird restated a “hold” rating and set a $10.00 price target (up from $9.00) on shares of Brocade Communications Systems in a research report on Wednesday, June 1st. Zacks Investment Research upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a research report on Friday, June 3rd. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $10.00 price target (up from $9.00) on shares of Brocade Communications Systems in a research report on Tuesday, June 14th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Brocade Communications Systems presently has an average rating of “Hold” and an average price target of $10.06.

Brocade Communications Systems (NASDAQ:BRCD) opened at 8.94 on Thursday. The firm has a market capitalization of $3.58 billion, a P/E ratio of 16.25 and a beta of 0.55. Brocade Communications Systems has a 12 month low of $7.40 and a 12 month high of $10.94. The stock’s 50 day moving average price is $9.41 and its 200-day moving average price is $9.29.

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Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings data on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. The company had revenue of $590.72 million for the quarter, compared to analyst estimates of $573.14 million. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue was up 7.0% compared to the same quarter last year. On average, analysts forecast that Brocade Communications Systems will post $0.93 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Wednesday, September 7th. Brocade Communications Systems’s payout ratio is currently 39.29%.

In related news, COO Gale E. England sold 10,000 shares of Brocade Communications Systems stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $10.19, for a total transaction of $101,900.00. Following the completion of the transaction, the chief operating officer now owns 74,568 shares in the company, valued at $759,847.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ellen Odonnell sold 7,500 shares of Brocade Communications Systems stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $9.00, for a total value of $67,500.00. Following the transaction, the senior vice president now owns 6,118 shares of the company’s stock, valued at approximately $55,062. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. boosted its position in Brocade Communications Systems by 4.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,848 shares of the company’s stock worth $125,000 after buying an additional 539 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Brocade Communications Systems by 3.7% in the second quarter. Mackenzie Financial Corp now owns 27,398 shares of the company’s stock valued at $252,000 after buying an additional 985 shares during the period. Public Employees Retirement Association of Colorado increased its stake in shares of Brocade Communications Systems by 1.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 97,000 shares of the company’s stock valued at $890,000 after buying an additional 1,582 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Brocade Communications Systems by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,535 shares of the company’s stock valued at $124,000 after buying an additional 1,683 shares during the period. Finally, Barry Investment Advisors LLC increased its stake in shares of Brocade Communications Systems by 15.9% in the second quarter. Barry Investment Advisors LLC now owns 13,686 shares of the company’s stock valued at $126,000 after buying an additional 1,875 shares during the period. Institutional investors and hedge funds own 87.88% of the company’s stock.

About Brocade Communications Systems

Brocade Communications Systems, Inc is a supplier of networking hardware, software and services, including storage area networking (SAN) solutions, and Internet protocol (IP) networking solutions for businesses and organizations of various types and sizes. The Company has three operating segments: SAN Products, IP Networking Products and Global Services.

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