Shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) traded down 8.4% on Thursday . The stock 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.

Several analysts have recently weighed in on the company. Deutsche Bank AG restated a “hold” rating and set a $8.50 target price on shares of Brocade Communications Systems in a research note on Thursday, April 14th. Robert W. Baird reaffirmed a “neutral” rating and set a $9.00 price target (down previously from $10.00) on shares of Brocade Communications Systems in a research report on Friday, May 20th. BTIG Research cut shares of Brocade Communications Systems to a “hold” rating in a research report on Monday, April 4th. BMO Capital Markets reaffirmed a “hold” rating on shares of Brocade Communications Systems in a research report on Monday, April 4th. Finally, Bank of America Corp. began coverage on shares of Brocade Communications Systems in a research report on Wednesday, May 18th. They set a “buy” rating and a $10.00 price target on the stock. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $9.94.

The company has a market cap of $3.63 billion and a price-to-earnings ratio of 12.25. The company’s 50-day moving average price is $9.08 and its 200-day moving average price is $9.06.

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

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

In related news, SVP Ellen Odonnell sold 8,129 shares of the company’s stock in a transaction dated 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 owns 13,618 shares of the company’s stock, valued at $120,791.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Gale E. England sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were 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 directly owns 68,942 shares in the company, valued at approximately $620,478. The disclosure for this sale can be found here.

A number of hedge funds have bought and sold shares of the stock. Russell Frank Co boosted its stake in Brocade Communications Systems by 5.4% in the fourth quarter. Russell Frank Co now owns 675,811 shares of the company’s stock worth $6,238,000 after buying an additional 34,333 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Brocade Communications Systems by 16.6% in the fourth quarter. Nationwide Fund Advisors now owns 181,115 shares of the company’s stock worth $1,663,000 after buying an additional 25,825 shares during the last quarter. Sei Investments Co. boosted its stake in Brocade Communications Systems by 42.4% in the fourth quarter. Sei Investments Co. now owns 560,991 shares of the company’s stock worth $5,150,000 after buying an additional 166,985 shares during the last quarter. First Trust Advisors LP boosted its stake in Brocade Communications Systems by 35.4% in the fourth quarter. First Trust Advisors LP now owns 1,428,619 shares of the company’s stock worth $13,115,000 after buying an additional 373,761 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in Brocade Communications Systems by 19.3% in the fourth quarter. California Public Employees Retirement System now owns 1,598,248 shares of the company’s stock worth $14,672,000 after buying an additional 258,400 shares during 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.

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