Traders Buy Brocade Communications Systems, Inc. (NASDAQ:BRCD) on Weakness

Traders bought shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) on weakness during trading hours on Thursday. $58.96 million flowed into the stock on the tick-up and $29.34 million flowed out of the stock on the tick-down, for a money net flow of $29.62 million into the stock. Of all equities tracked, Brocade Communications Systems had the 21st highest net in-flow for the day. Brocade Communications Systems traded down ($0.16) for the day and closed at $12.43

BRCD has been the topic of several recent analyst reports. BidaskClub cut Brocade Communications Systems from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Zacks Investment Research raised Brocade Communications Systems from a “sell” rating to a “hold” rating in a report on Tuesday, April 25th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $12.75 price target on shares of Brocade Communications Systems in a report on Friday, May 26th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $12.75 price target on shares of Brocade Communications Systems in a report on Friday, June 9th. Two analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. Brocade Communications Systems currently has an average rating of “Hold” and a consensus target price of $11.13.

The stock’s 50-day moving average price is $12.56 and its 200 day moving average price is $12.52. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 83.15 and a beta of 0.66.

Brocade Communications Systems (NASDAQ:BRCD) last announced 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. The business had revenue of $552.80 million for the quarter, compared to analysts’ expectations of $602.92 million. Brocade Communications Systems had a return on equity of 8.49% and a net margin of 2.54%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, equities analysts forecast that Brocade Communications Systems, Inc. will post $0.58 EPS for the current fiscal year.

In other news, SVP Ellen Odonnell sold 7,811 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $12.64, for a total value of $98,731.04. Following the completion of the sale, the senior vice president now owns 19,037 shares of the company’s stock, valued at approximately $240,627.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ken Cheng sold 200,000 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was 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 approximately $3,184,505.56. The disclosure for this sale can be found here. Insiders sold a total of 276,299 shares of company stock valued at $3,487,050 in the last three months. Insiders own 1.77% of the company’s stock.

Several hedge funds have recently bought and sold shares of BRCD. Virtu KCG Holdings LLC boosted its stake in Brocade Communications Systems by 32.6% in the second quarter. Virtu KCG Holdings LLC now owns 56,296 shares of the technology company’s stock worth $710,000 after buying an additional 13,832 shares during the last quarter. Vanguard Group Inc. boosted its stake in Brocade Communications Systems by 1.9% in the second quarter. Vanguard Group Inc. now owns 34,838,927 shares of the technology company’s stock worth $439,320,000 after buying an additional 642,075 shares during the last quarter. Northern Trust Corp boosted its stake in Brocade Communications Systems by 4.1% in the second quarter. Northern Trust Corp now owns 3,642,521 shares of the technology company’s stock worth $45,933,000 after buying an additional 144,390 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in Brocade Communications Systems by 18.8% in the second quarter. UBS Asset Management Americas Inc. now owns 330,128 shares of the technology company’s stock worth $4,163,000 after buying an additional 52,268 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Brocade Communications Systems by 2.8% in the second quarter. Mutual of America Capital Management LLC now owns 329,902 shares of the technology company’s stock worth $4,160,000 after buying an additional 9,072 shares during the last quarter. 82.05% of the stock is owned by hedge funds and other institutional investors.

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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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