Brocade Communications Systems, Inc. (NASDAQ:BRCD)‘s stock had its “hold” rating reiterated by Royal Bank Of Canada in a research report issued to clients and investors on Thursday, November 2nd. They currently have a $12.75 price target on the technology company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 1.35% from the stock’s previous close.
A number of other research analysts have also weighed in on BRCD. BidaskClub lowered Brocade Communications Systems from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Zacks Investment Research lowered Brocade Communications Systems from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Robert W. Baird set a $13.00 target price on Brocade Communications Systems and gave the stock a “hold” rating in a research report on Thursday, August 17th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $12.83.
Brocade Communications Systems (NASDAQ:BRCD) traded down $0.03 during midday trading on Thursday, hitting $12.58. The stock had a trading volume of 7,213,400 shares, compared to its average volume of 5,995,949. The company has a market cap of $5,218.22, a PE ratio of 39.41, a price-to-earnings-growth ratio of 2.90 and a beta of 0.54. Brocade Communications Systems has a 12 month low of $11.43 and a 12 month high of $12.72. The company has a quick ratio of 2.66, a current ratio of 2.78 and a debt-to-equity ratio of 0.58.
Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings data on Thursday, August 24th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.12. Brocade Communications Systems had a return on equity of 5.42% and a net margin of 1.30%. The company had revenue of $549.00 million during the quarter, compared to analyst estimates of $614.10 million. During the same quarter last year, the firm posted $0.21 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. equities research analysts forecast that Brocade Communications Systems will post 0.36 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of BRCD. Ameriprise Financial Inc. grew its stake in Brocade Communications Systems by 385.6% in the third quarter. Ameriprise Financial Inc. now owns 6,957,563 shares of the technology company’s stock worth $83,144,000 after purchasing an additional 5,524,802 shares during the period. Cowen Inc. grew its stake in shares of Brocade Communications Systems by 73.2% in the second quarter. Cowen Inc. now owns 11,363,178 shares of the technology company’s stock worth $143,290,000 after acquiring an additional 4,803,042 shares during the last quarter. Tyrus Capital S.A.M. purchased a new stake in shares of Brocade Communications Systems in the second quarter worth $35,308,000. City Financial Investment Co Ltd purchased a new stake in shares of Brocade Communications Systems in the second quarter worth $20,347,000. Finally, Magnetar Financial LLC grew its stake in shares of Brocade Communications Systems by 16.5% in the third quarter. Magnetar Financial LLC now owns 11,030,810 shares of the technology company’s stock worth $131,818,000 after acquiring an additional 1,563,088 shares during the last quarter. 81.35% of the stock is currently owned by institutional investors.
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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