UBS Asset Management Americas Inc. lowered its stake in shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) by 0.8% during the second quarter, Holdings Channel reports. The firm owned 386,983 shares of the company’s stock after selling 3,174 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.10% of Brocade Communications Systems worth $3,553,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of BRCD. Nationwide Fund Advisors raised its position in Brocade Communications Systems by 431.8% in the second quarter. Nationwide Fund Advisors now owns 937,610 shares of the company’s stock valued at $8,607,000 after buying an additional 761,295 shares during the period. Bowling Portfolio Management LLC raised its position in Brocade Communications Systems by 256.7% in the second quarter. Bowling Portfolio Management LLC now owns 813,062 shares of the company’s stock valued at $7,464,000 after buying an additional 585,094 shares during the period. Advisors Asset Management Inc. bought a new position in Brocade Communications Systems during the second quarter valued at $111,000. Alambic Investment Management L.P. bought a new position in Brocade Communications Systems during the second quarter valued at $375,000. Finally, Ameriprise Financial Inc. raised its position in Brocade Communications Systems by 343.1% in the second quarter. Ameriprise Financial Inc. now owns 1,243,348 shares of the company’s stock valued at $11,415,000 after buying an additional 962,774 shares during the period. Institutional investors own 87.88% of the company’s stock.
Brocade Communications Systems Inc. (NASDAQ:BRCD) traded up 0.488% on Monday, reaching $9.275. The company’s stock had a trading volume of 2,001,231 shares. The firm’s 50 day moving average is $9.34 and its 200-day moving average is $9.24. The firm has a market cap of $3.72 billion, a P/E ratio of 16.864 and a beta of 0.74. Brocade Communications Systems Inc. has a 12 month low of $7.40 and a 12 month high of $10.94.
Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Thursday, August 25th. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.05. The firm had revenue of $590.72 million for the quarter, compared to analysts’ expectations of $573.14 million. Brocade Communications Systems had a net margin of 10.17% and a return on equity of 12.84%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.27 EPS. On average, equities research analysts anticipate that Brocade Communications Systems Inc. will post $0.93 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be issued a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.22 annualized dividend and a yield of 2.38%. Brocade Communications Systems’s dividend payout ratio is currently 39.29%.
Several equities analysts have weighed in on the company. JMP Securities restated a “hold” rating on shares of Brocade Communications Systems in a report on Thursday, September 22nd. Citigroup Inc. dropped their price objective on Brocade Communications Systems from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, September 22nd. Robert W. Baird reiterated a “sell” rating on shares of Brocade Communications Systems in a research note on Thursday, September 22nd. Argus reiterated a “buy” rating and issued a $13.00 price objective on shares of Brocade Communications Systems in a research note on Wednesday, August 31st. Finally, Zacks Investment Research lowered Brocade Communications Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, August 30th. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the company. Brocade Communications Systems has a consensus rating of “Hold” and a consensus target price of $10.06.
In other news, SVP Ellen Odonnell sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $9.00, for a total transaction of $67,500.00. Following the transaction, the senior vice president now directly owns 6,118 shares of the company’s stock, valued at $55,062. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Gale E. England sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 74,568 shares in the company, valued at $759,847.92. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
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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