Brocade Communications Systems, Inc. (BRCD) Issues Earnings Results
Brocade Communications Systems, Inc. (NASDAQ:BRCD) posted its quarterly earnings results on Thursday. The technology company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.10. Brocade Communications Systems had a net margin of 9.12% and a return on equity of 13.41%. The business had revenue of $552.80 million during the quarter, compared to analysts’ expectations of $602.92 million. During the same quarter last year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 0.08% during trading on Thursday, reaching $12.65. The company had a trading volume of 2,471,983 shares. The stock has a market capitalization of $5.16 billion, a PE ratio of 46.34 and a beta of 0.88. The stock’s 50-day moving average price is $12.57 and its 200-day moving average price is $12.46. Brocade Communications Systems has a 12 month low of $8.40 and a 12 month high of $12.69.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 12th will be issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 1.74%. Brocade Communications Systems’s dividend payout ratio is presently 42.31%.
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In other Brocade Communications Systems news, SVP Ellen Odonnell sold 6,345 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $12.37, for a total transaction of $78,487.65. Following the completion of the transaction, the senior vice president now directly owns 11,226 shares of the company’s stock, valued at approximately $138,865.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lloyd Carney sold 1,050,916 shares of the stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $12.47, for a total value of $13,104,922.52. Following the transaction, the chief executive officer now directly owns 1,143,810 shares of the company’s stock, valued at $14,263,310.70. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
BRCD has been the topic of a number of analyst reports. TheStreet downgraded Brocade Communications Systems from a “b” rating to a “c” rating in a research note on Friday, February 24th. Zacks Investment Research upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, Wunderlich restated a “sell” rating on shares of Brocade Communications Systems in a research note on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating and fifteen have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $11.04.
About Brocade Communications Systems
Brocade Communications Systems, Inc (Brocade) 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 operates through three segments: SAN Products, IP Networking Products and Global Services.
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