Brocade Communications Systems, Inc. (BRCD) Given Consensus Recommendation of “Hold” by Analysts
Shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) have earned a consensus recommendation of “Hold” from the twelve ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and ten have issued a hold rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $12.81.
BRCD has been the topic of a number of research reports. Royal Bank Of Canada reissued a “hold” rating and issued a $12.75 price objective on shares of Brocade Communications Systems in a research note on Friday, September 29th. Robert W. Baird set a $13.00 price objective on Brocade Communications Systems and gave the stock a “hold” rating in a research note on Thursday, August 17th. BidaskClub raised Brocade Communications Systems from a “sell” rating to a “hold” rating in a research note on Sunday, August 20th. Finally, Zacks Investment Research downgraded Brocade Communications Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th.
Several institutional investors have recently made changes to their positions in BRCD. Cowen Inc. raised its position in shares of Brocade Communications Systems by 73.2% during the second quarter. Cowen Inc. now owns 11,363,178 shares of the technology company’s stock worth $143,290,000 after purchasing an additional 4,803,042 shares during the period. Pentwater Capital Management LP acquired a new stake in shares of Brocade Communications Systems during the first quarter worth $59,405,000. Tyrus Capital S.A.M. acquired a new stake in shares of Brocade Communications Systems during the second quarter worth $35,308,000. Vanguard Group Inc. raised its position in shares of Brocade Communications Systems by 6.4% during the first quarter. Vanguard Group Inc. now owns 34,196,852 shares of the technology company’s stock worth $426,777,000 after purchasing an additional 2,065,687 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Brocade Communications Systems by 21.0% during the first quarter. Renaissance Technologies LLC now owns 11,301,302 shares of the technology company’s stock worth $141,040,000 after purchasing an additional 1,958,253 shares during the period. 83.39% of the stock is currently owned by institutional investors.
Shares of Brocade Communications Systems (NASDAQ BRCD) traded up 0.74% on Wednesday, hitting $12.25. The stock had a trading volume of 12,986,348 shares. The firm has a market cap of $5.07 billion, a P/E ratio of 172.54 and a beta of 0.63. The company’s 50-day moving average price is $12.19 and its 200 day moving average price is $12.47. Brocade Communications Systems has a 12-month low of $8.64 and a 12-month high of $12.72.
Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.12. Brocade Communications Systems had a return on equity of 5.42% and a net margin of 1.30%. The company had revenue of $549.00 million during the quarter, compared to analyst estimates of $614.10 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. On average, equities research analysts forecast that Brocade Communications Systems will post $0.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Monday, September 11th were paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Friday, September 8th. Brocade Communications Systems’s dividend payout ratio is presently 314.29%.
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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