Brocade Communications Systems Inc. (NASDAQ:BRCD) had its price target cut by analysts at Citigroup Inc. from $11.00 to $10.00 in a report issued on Thursday. The firm currently has a “neutral” rating on the stock. Citigroup Inc.’s price target would indicate a potential upside of 11.86% from the stock’s current price.

A number of other brokerages also recently weighed in on BRCD. Deutsche Bank AG boosted their price target on shares of Brocade Communications Systems from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Friday, August 26th. Wunderlich restated a “hold” rating and issued a $11.00 price objective (up from $9.00) on shares of Brocade Communications Systems in a research note on Friday, August 26th. BMO Capital Markets restated a “hold” rating and issued a $10.00 price objective on shares of Brocade Communications Systems in a research note on Friday, August 26th. RBC Capital Markets boosted their price objective on Brocade Communications Systems from $10.00 to $11.00 and gave the company a “sector perform” rating in a research note on Monday, August 22nd. Finally, Royal Bank Of Canada boosted their price objective on Brocade Communications Systems from $10.00 to $11.00 and gave the company a “sector perform” rating in a research note on Monday, August 22nd. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.06.

Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 8.94 on Thursday. The stock has a 50 day moving average of $9.41 and a 200-day moving average of $9.29. 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 1-year low of $7.40 and a 1-year high of $10.94.

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Brocade Communications Systems (NASDAQ:BRCD) last issued its quarterly earnings results on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. The company had revenue of $590.72 million for the quarter, compared to the consensus estimate of $573.14 million. Brocade Communications Systems had a net margin of 10.17% and a return on equity of 12.84%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. On average, equities analysts expect that Brocade Communications Systems will post $0.93 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Wednesday, September 7th. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 39.29%.

In other news, COO Gale E. England sold 10,000 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer now owns 74,568 shares of the company’s stock, valued at $759,847.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Ellen Odonnell sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $9.00, for a total value of $67,500.00. Following the sale, the senior vice president now directly owns 6,118 shares of the company’s stock, valued at approximately $55,062. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Brocade Communications Systems by 21.6% in the second quarter. Vanguard Group Inc. now owns 34,710,641 shares of the company’s stock worth $318,644,000 after buying an additional 6,172,835 shares in the last quarter. Boston Partners increased its position in shares of Brocade Communications Systems by 95.0% in the second quarter. Boston Partners now owns 21,319,531 shares of the company’s stock worth $195,713,000 after buying an additional 10,389,103 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Brocade Communications Systems by 35.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 13,963,697 shares of the company’s stock worth $128,187,000 after buying an additional 3,656,426 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Brocade Communications Systems by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,080,203 shares of the company’s stock worth $83,352,000 after buying an additional 594,997 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of Brocade Communications Systems by 11.6% in the second quarter. Jennison Associates LLC now owns 6,347,797 shares of the company’s stock worth $58,273,000 after buying an additional 660,616 shares in the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.

Brocade Communications Systems Company Profile

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.

5 Day Chart for NASDAQ:BRCD

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