Brocade Communications Systems, Inc. (NASDAQ:BRCD) SVP Ken Cheng sold 200,000 shares of Brocade Communications Systems stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $12.62, for a total value of $2,524,000.00. Following the sale, the senior vice president now directly owns 252,338 shares in the company, valued at $3,184,505.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Ken Cheng also recently made the following trade(s):

  • On Thursday, June 8th, Ken Cheng sold 68,488 shares of Brocade Communications Systems stock. The stock was sold at an average price of $12.62, for a total value of $864,318.56.

Brocade Communications Systems, Inc. (NASDAQ:BRCD) traded up 0.08% during mid-day trading on Tuesday, reaching $12.65. 3,346,900 shares of the company’s stock were exchanged. Brocade Communications Systems, Inc. has a 12 month low of $8.50 and a 12 month high of $12.69. The stock has a 50-day moving average of $12.62 and a 200-day moving average of $12.48. The firm has a market cap of $5.19 billion, a price-to-earnings ratio of 86.64 and a beta of 0.68.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Thursday, May 25th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.09. The firm had revenue of $552.80 million during the quarter, compared to the consensus estimate of $602.92 million. Brocade Communications Systems had a net margin of 2.54% and a return on equity of 8.49%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 earnings per share. Analysts anticipate that Brocade Communications Systems, Inc. will post $0.59 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Monday, June 12th will be paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Thursday, June 8th. Brocade Communications Systems’s payout ratio is currently 157.14%.

ILLEGAL ACTIVITY NOTICE: “Insider Selling: Brocade Communications Systems, Inc. (BRCD) SVP Sells 200,000 Shares of Stock” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this story can be read at https://www.americanbankingnews.com/2017/06/13/insider-selling-brocade-communications-systems-inc-brcd-svp-sells-200000-shares-of-stock.html.

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Brocade Communications Systems by 6.4% in the first quarter. Vanguard Group Inc. now owns 34,196,852 shares of the technology company’s stock valued at $426,777,000 after buying an additional 2,065,687 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Brocade Communications Systems by 21.0% in the first quarter. Renaissance Technologies LLC now owns 11,301,302 shares of the technology company’s stock valued at $141,040,000 after buying an additional 1,958,253 shares during the period. Dimensional Fund Advisors LP boosted its stake in Brocade Communications Systems by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,970,263 shares of the technology company’s stock valued at $124,531,000 after buying an additional 75,303 shares during the period. Alpine Associates Management Inc. purchased a new stake in Brocade Communications Systems during the fourth quarter valued at $85,985,000. Finally, Cowen Group Inc. boosted its stake in Brocade Communications Systems by 129.5% in the first quarter. Cowen Group Inc. now owns 6,560,136 shares of the technology company’s stock valued at $81,870,000 after buying an additional 3,701,370 shares during the period. 81.72% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on the company. Royal Bank Of Canada reissued a “hold” rating and set a $12.75 target price on shares of Brocade Communications Systems in a research report on Friday. Stifel Nicolaus restated a “hold” rating and set a $12.75 price target on shares of Brocade Communications Systems in a research note on Friday, May 26th. Zacks Investment Research upgraded shares of Brocade Communications Systems from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Wednesday, May 31st. Wunderlich restated a “sell” rating on shares of Brocade Communications Systems in a research note on Thursday, March 30th. Finally, TheStreet cut shares of Brocade Communications Systems from a “b” rating to a “c” rating in a research note on Friday, February 24th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $11.35.

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.

Receive News & Ratings for Brocade Communications Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brocade Communications Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.