Teacher Retirement System of Texas Cuts Position in Brocade Communications Systems, Inc. (BRCD)

Teacher Retirement System of Texas cut its stake in Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,600 shares of the technology company’s stock after selling 425 shares during the period. Teacher Retirement System of Texas’ holdings in Brocade Communications Systems were worth $394,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning increased its position in shares of Brocade Communications Systems by 27.4% in the first quarter. Creative Planning now owns 11,743 shares of the technology company’s stock valued at $147,000 after buying an additional 2,524 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Brocade Communications Systems by 13.8% in the first quarter. PNC Financial Services Group Inc. now owns 11,792 shares of the technology company’s stock valued at $148,000 after buying an additional 1,430 shares during the last quarter. Stephens Inc. AR increased its position in shares of Brocade Communications Systems by 17.6% in the first quarter. Stephens Inc. AR now owns 11,960 shares of the technology company’s stock valued at $149,000 after buying an additional 1,792 shares during the last quarter. Bank of Montreal Can increased its position in shares of Brocade Communications Systems by 14.0% in the first quarter. Bank of Montreal Can now owns 13,240 shares of the technology company’s stock valued at $166,000 after buying an additional 1,629 shares during the last quarter. Finally, Cigna Investments Inc. New purchased a new position in shares of Brocade Communications Systems during the fourth quarter valued at approximately $178,000. 81.72% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Brocade Communications Systems (NASDAQ:BRCD)

Brocade Communications Systems, Inc. (NASDAQ BRCD) traded up 0.119% during mid-day trading on Tuesday, hitting $12.605. 844,193 shares of the stock were exchanged. The stock has a 50 day moving average of $12.63 and a 200-day moving average of $12.49. Brocade Communications Systems, Inc. has a 52-week low of $8.50 and a 52-week high of $12.70. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 86.336 and a beta of 0.68.

Brocade Communications Systems (NASDAQ:BRCD) last posted its earnings results on Thursday, May 25th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. Brocade Communications Systems had a return on equity of 8.49% and a net margin of 2.54%. The company had revenue of $552.80 million for the quarter, compared to analyst estimates of $602.92 million. During the same quarter in the previous 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. Equities analysts predict that Brocade Communications Systems, Inc. will post $0.59 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Monday, June 12th will be paid a $0.055 dividend. The ex-dividend date is Thursday, June 8th. This represents a $0.22 annualized dividend and a yield of 1.75%. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 157.14%.

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Several brokerages recently commented on BRCD. Stifel Nicolaus reaffirmed a “hold” rating and issued a $12.75 target price on shares of Brocade Communications Systems in a research note on Friday, May 26th. Zacks Investment Research raised shares of Brocade Communications Systems from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research report on Wednesday, May 31st. Royal Bank Of Canada reissued a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a research report on Friday, June 9th. TheStreet downgraded shares of Brocade Communications Systems from a “b” rating to a “c” rating in a research report on Friday, February 24th. Finally, Wunderlich reissued a “sell” rating on shares of Brocade Communications Systems in a research report on Thursday, March 30th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $11.35.

In other Brocade Communications Systems news, SVP Ellen Odonnell sold 7,811 shares of Brocade Communications Systems stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $12.64, for a total value of $98,731.04. Following the transaction, the senior vice president now owns 19,037 shares in the company, valued at $240,627.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lloyd Carney sold 1,050,916 shares of Brocade Communications Systems stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 1,143,810 shares in the company, valued at approximately $14,263,310.70. The disclosure for this sale can be found here. Insiders sold 1,327,215 shares of company stock worth $16,591,972 in the last quarter. 1.77% of the stock is owned by insiders.

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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