Renaissance Technologies LLC Raises Stake in Brocade Communications Systems, Inc. (BRCD)

Renaissance Technologies LLC increased its position in Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 21.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 11,301,302 shares of the technology company’s stock after buying an additional 1,958,253 shares during the period. Renaissance Technologies LLC owned about 2.77% of Brocade Communications Systems worth $141,040,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BRCD. Russell Investments Group Ltd. acquired a new position in Brocade Communications Systems during the fourth quarter valued at $1,629,000. First Republic Investment Management Inc. raised its position in Brocade Communications Systems by 353.9% in the fourth quarter. First Republic Investment Management Inc. now owns 146,270 shares of the technology company’s stock valued at $1,827,000 after buying an additional 114,045 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Brocade Communications Systems by 1,653.9% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,039,956 shares of the technology company’s stock valued at $12,989,000 after buying an additional 980,662 shares in the last quarter. Gabelli Funds LLC acquired a new position in Brocade Communications Systems during the fourth quarter valued at $22,772,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Brocade Communications Systems by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,970,263 shares of the technology company’s stock worth $124,531,000 after buying an additional 75,303 shares during the period. Hedge funds and other institutional investors own 81.72% of the company’s stock.

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

Brocade Communications Systems, Inc. (NASDAQ BRCD) traded down 0.55% during trading on Monday, hitting $12.59. 4,126,422 shares of the stock were exchanged. Brocade Communications Systems, Inc. has a 52 week low of $8.50 and a 52 week high of $12.69. The stock has a market cap of $5.16 billion, a P/E ratio of 86.23 and a beta of 0.68. The stock has a 50 day moving average of $12.63 and a 200-day moving average of $12.49.

Brocade Communications Systems (NASDAQ:BRCD) last posted its earnings results on Thursday, May 25th. The technology company reported $0.10 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $552.80 million for the quarter, compared to analysts’ expectations of $602.92 million. During the same quarter last year, the firm earned $0.22 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities analysts expect that Brocade Communications Systems, Inc. will post $0.59 EPS for the current fiscal year.

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

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BRCD has been the topic of a number of research reports. Wunderlich restated a “sell” rating on shares of Brocade Communications Systems in a report on Thursday, March 30th. TheStreet downgraded Brocade Communications Systems from a “b” rating to a “c” rating in a research report on Friday, February 24th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $12.75 target price on shares of Brocade Communications Systems in a research report on Friday, June 9th. Zacks Investment Research upgraded Brocade Communications Systems from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $12.75 price target on shares of Brocade Communications Systems in a research note on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $11.35.

In related news, CEO Lloyd Carney sold 1,050,916 shares of Brocade Communications Systems stock in a transaction that occurred on 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 sale, the chief executive officer now owns 1,143,810 shares of the company’s stock, valued at approximately $14,263,310.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ellen Odonnell sold 7,811 shares of Brocade Communications Systems stock in a transaction that occurred on 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 in the company, valued at approximately $240,627.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,327,215 shares of company stock worth $16,591,972. Insiders own 1.77% of the company’s stock.

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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