Brocade Communications Systems, Inc. (BRCD) Shares Sold by Kassirer Asset Management Corp

Kassirer Asset Management Corp decreased its position in Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 62.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 150,000 shares of the technology company’s stock after selling 250,000 shares during the period. Brocade Communications Systems makes up approximately 1.4% of Kassirer Asset Management Corp’s investment portfolio, making the stock its 24th largest position. Kassirer Asset Management Corp’s holdings in Brocade Communications Systems were worth $1,892,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. 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 worth $426,777,000 after buying an additional 2,065,687 shares in the last quarter. Renaissance Technologies LLC increased its position 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 worth $141,040,000 after buying an additional 1,958,253 shares in the last quarter. Cowen Group Inc. increased its position 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 worth $81,870,000 after buying an additional 3,701,370 shares in the last quarter. Pentwater Capital Management LP acquired a new position in Brocade Communications Systems during the first quarter worth approximately $59,405,000. Finally, OMERS ADMINISTRATION Corp increased its position in Brocade Communications Systems by 53.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 2,891,500 shares of the technology company’s stock worth $36,086,000 after buying an additional 1,004,500 shares in the last quarter. Institutional investors own 82.05% of the company’s stock.

Shares of Brocade Communications Systems, Inc. (BRCD) traded up 1.68% during mid-day trading on Friday, reaching $12.14. 15,720,912 shares of the company’s stock were exchanged. Brocade Communications Systems, Inc. has a 52-week low of $8.64 and a 52-week high of $12.72. The company has a 50 day moving average price of $12.56 and a 200 day moving average price of $12.52. The firm has a market cap of $4.98 billion, a P/E ratio of 86.71 and a beta of 0.66.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.09. Brocade Communications Systems had a net margin of 2.54% and a return on equity of 8.49%. The company had revenue of $552.80 million during the quarter, compared to analyst estimates of $602.92 million. During the same period in the prior year, the firm earned $0.22 earnings per share. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts forecast that Brocade Communications Systems, Inc. will post $0.58 earnings per share for the current fiscal year.

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Several brokerages recently issued reports on BRCD. Stifel Nicolaus reiterated 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 downgraded shares of Brocade Communications Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub downgraded shares of Brocade Communications Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a research report on Friday, June 9th. Two analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the company. Brocade Communications Systems has a consensus rating of “Hold” and an average price target of $11.13.

In related news, SVP Ken Cheng sold 200,000 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $12.62, for a total value of $2,524,000.00. Following the completion of the sale, the senior vice president now directly owns 252,338 shares of the company’s stock, valued at $3,184,505.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Ellen Odonnell sold 7,811 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $12.64, for a total transaction of $98,731.04. Following the completion of the sale, the senior vice president now directly owns 19,037 shares of the company’s stock, valued at $240,627.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,299 shares of company stock valued at $3,487,050. 1.77% of the stock is owned by insiders.

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.

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

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