Brocade Communications Systems, Inc. (NASDAQ:BRCD) was the recipient of a large decline in short interest in September. As of September 29th, there was short interest totalling 35,087,186 shares, a decline of 13.6% from the September 15th total of 40,605,425 shares. Approximately 8.5% of the company’s stock are short sold. Based on an average trading volume of 7,037,013 shares, the short-interest ratio is currently 5.0 days.

Brocade Communications Systems (NASDAQ BRCD) opened at 12.21 on Friday. The firm has a market capitalization of $5.05 billion, a price-to-earnings ratio of 171.97 and a beta of 0.63. Brocade Communications Systems has a 12 month low of $8.64 and a 12 month high of $12.72. The firm has a 50-day moving average price of $12.20 and a 200 day moving average price of $12.46.

Brocade Communications Systems (NASDAQ:BRCD) last posted its earnings results on Thursday, August 24th. The technology company reported $0.16 EPS for the quarter, beating the 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 for the quarter, compared to the consensus estimate of $614.10 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. On average, equities analysts forecast that Brocade Communications Systems will post $0.61 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Monday, September 11th were given a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Friday, September 8th. Brocade Communications Systems’s payout ratio is 314.29%.

Several hedge funds have recently modified their holdings of BRCD. Russell Investments Group Ltd. boosted its stake in shares of Brocade Communications Systems by 29.8% in the first quarter. Russell Investments Group Ltd. now owns 169,471 shares of the technology company’s stock valued at $2,119,000 after buying an additional 38,913 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of Brocade Communications Systems by 11.3% in the first quarter. UBS Asset Management Americas Inc. now owns 277,860 shares of the technology company’s stock valued at $3,468,000 after buying an additional 28,302 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Brocade Communications Systems in the first quarter valued at approximately $287,000. OppenheimerFunds Inc. boosted its stake in shares of Brocade Communications Systems by 7.7% in the first quarter. OppenheimerFunds Inc. now owns 123,900 shares of the technology company’s stock valued at $1,546,000 after buying an additional 8,904 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Brocade Communications Systems by 2.4% in the first quarter. Principal Financial Group Inc. now owns 1,646,941 shares of the technology company’s stock valued at $20,554,000 after buying an additional 39,326 shares during the period. Institutional investors and hedge funds own 83.39% of the company’s stock.

Several equities analysts recently commented on BRCD shares. Zacks Investment Research lowered Brocade Communications Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reiterated a “hold” rating and issued a $12.75 price target on shares of Brocade Communications Systems in a report on Friday, September 29th. Robert W. Baird reiterated a “hold” rating on shares of Brocade Communications Systems in a report on Friday, August 25th. Finally, BidaskClub upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $12.45.

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Brocade Communications Systems Company Profile

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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