Brocade Communications Systems Inc. (BRCD) Short Interest Update
Brocade Communications Systems Inc. (NASDAQ:BRCD) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 11,241,364 shares, a decline of 21.0% from the September 15th total of 14,231,629 shares. Based on an average daily volume of 5,947,219 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.8% of the company’s shares are sold short.
In other news, COO Gale E. England sold 10,000 shares of the company’s stock in a transaction 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Ellen Odonnell sold 7,500 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was 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 in the company, valued at approximately $55,062. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Private Bank & Trust Co. bought a new stake in Brocade Communications Systems during the second quarter worth approximately $101,000. Lipe & Dalton bought a new stake in Brocade Communications Systems during the second quarter worth approximately $104,000. Advisors Asset Management Inc. bought a new stake in Brocade Communications Systems during the second quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Brocade Communications Systems by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,535 shares of the company’s stock worth $124,000 after buying an additional 1,683 shares during the last quarter. Finally, Barry Investment Advisors LLC raised its stake in Brocade Communications Systems by 15.9% in the second quarter. Barry Investment Advisors LLC now owns 13,686 shares of the company’s stock worth $126,000 after buying an additional 1,875 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.
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A number of analysts have recently weighed in on BRCD shares. Robert W. Baird lowered Brocade Communications Systems from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $10.00 to $8.00 in a research report on Thursday, July 14th. Barclays PLC cut their price objective on Brocade Communications Systems from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 23rd. DA Davidson started coverage on Brocade Communications Systems in a research report on Monday, October 3rd. They set a “buy” rating and a $12.00 price objective on the stock. Argus reaffirmed a “buy” rating and set a $13.00 price objective on shares of Brocade Communications Systems in a research report on Wednesday, August 31st. Finally, Wunderlich reaffirmed a “hold” rating and set a $11.00 price objective (up previously from $9.00) on shares of Brocade Communications Systems in a research report on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.17.
Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 8.82 on Friday. Brocade Communications Systems has a 12 month low of $7.40 and a 12 month high of $10.92. The stock has a 50 day moving average of $9.15 and a 200-day moving average of $9.18. The company has a market cap of $3.54 billion, a PE ratio of 16.04 and a beta of 0.74.
Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Thursday, August 25th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. The business earned $590.72 million during the quarter, compared to analyst estimates of $573.14 million. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. Brocade Communications Systems’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. Equities analysts forecast that Brocade Communications Systems will post $0.93 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Wednesday, September 7th. Brocade Communications Systems’s payout ratio is currently 39.29%.
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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