Brocade Communications Systems Inc. (NASDAQ:BRCD)’s share price was down 8.4% on Thursday . The company traded as low as $8.94 and last traded at $8.97, with a volume of 12,030,936 shares changing hands. The stock had previously closed at $9.79.

A number of equities analysts have weighed in on BRCD shares. Bank of America Corp. started coverage on shares of Brocade Communications Systems in a research report on Wednesday, May 18th. They issued a “buy” rating and a $10.00 price objective for the company. Argus raised shares of Brocade Communications Systems from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Thursday, April 7th. They noted that the move was a valuation call. Craig Hallum reissued a “buy” rating on shares of Brocade Communications Systems in a research report on Monday, April 4th. Barclays PLC reissued an “equal weight” rating and issued a $9.00 price objective (down from $10.00) on shares of Brocade Communications Systems in a research report on Friday, May 20th. Finally, Wunderlich cut shares of Brocade Communications Systems from a “buy” rating to a “hold” rating and decreased their price objective for the company from $10.50 to $9.00 in a research report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.94.

The company’s 50 day moving average is $9.04 and its 200 day moving average is $9.06. The stock has a market cap of $3.63 billion and a P/E ratio of 12.25.

Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Thursday, May 19th. The company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The firm earned $523 million during the quarter, compared to the consensus estimate of $523.37 million. The business’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.22 EPS. Equities research analysts forecast that Brocade Communications Systems Inc. will post $0.91 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Friday, June 10th were given a $0.055 dividend. This is an increase from Brocade Communications Systems’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, June 8th. This represents a $0.22 annualized dividend and a yield of 2.42%.

In other Brocade Communications Systems news, SVP Ellen Odonnell sold 8,129 shares of the firm’s stock in a transaction on Friday, June 10th. The shares were sold at an average price of $8.87, for a total value of $72,104.23. Following the sale, the senior vice president now directly owns 13,618 shares in the company, valued at approximately $120,791.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Gale E. England sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $9.00, for a total transaction of $90,000.00. Following the completion of the sale, the chief operating officer now owns 68,942 shares in the company, valued at $620,478. The disclosure for this sale can be found here.

A number of hedge funds recently bought and sold shares of BRCD. Schroder Investment Management Group raised its stake in Brocade Communications Systems by 24.7% in the fourth quarter. Schroder Investment Management Group now owns 2,236,478 shares of the company’s stock valued at $20,531,000 after buying an additional 443,256 shares in the last quarter. Royce & Associates LLC raised its stake in Brocade Communications Systems by 6.7% in the fourth quarter. Royce & Associates LLC now owns 7,213,990 shares of the company’s stock valued at $66,224,000 after buying an additional 454,700 shares in the last quarter. Morgan Stanley raised its stake in Brocade Communications Systems by 33.3% in the fourth quarter. Morgan Stanley now owns 5,263,889 shares of the company’s stock valued at $48,323,000 after buying an additional 1,315,845 shares in the last quarter. Afam Capital Inc. raised its stake in Brocade Communications Systems by 0.4% in the fourth quarter. Afam Capital Inc. now owns 488,346 shares of the company’s stock valued at $4,483,000 after buying an additional 2,007 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Brocade Communications Systems by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 28,048,272 shares of the company’s stock valued at $257,482,000 after buying an additional 657,973 shares in the last quarter.

Brocade Communications Systems, Inc 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 has three operating segments: SAN Products, IP Networking Products and Global Services.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.