Brocade Communications Systems Inc. (NASDAQ:BRCD) rose 1.8% during trading on Friday . The stock traded as high as $10.19 and last traded at $10.15, with a volume of 2,993,487 shares. The stock had previously closed at $9.97.

BRCD has been the subject of several recent analyst reports. Bank of America Corp. initiated coverage on shares of Brocade Communications Systems in a report on Wednesday, May 18th. They issued a “buy” rating and a $10.00 price target for the company. Barclays PLC reissued an “equal weight” rating and issued a $9.00 price target (down previously from $10.00) on shares of Brocade Communications Systems in a report on Friday, May 20th. Wunderlich lowered shares of Brocade Communications Systems from a “buy” rating to a “hold” rating and cut their price target for the stock from $10.50 to $9.00 in a report on Tuesday, May 3rd. William Blair reaffirmed a “hold” rating on shares of Brocade Communications Systems in a report on Sunday, May 22nd. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Brocade Communications Systems in a report on Sunday, May 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. Brocade Communications Systems presently has a consensus rating of “Hold” and an average price target of $10.03.

The stock has a 50 day moving average of $9.35 and a 200 day moving average of $9.23. The firm has a market cap of $4.09 billion and a price-to-earnings ratio of 13.80.

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

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

Other hedge funds recently bought and sold shares of the company. Schroder Investment Management Group boosted 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 worth $20,531,000 after buying an additional 443,256 shares in the last quarter. Trexquant Investment LP boosted its stake in Brocade Communications Systems by 503.7% in the fourth quarter. Trexquant Investment LP now owns 314,530 shares of the company’s stock worth $2,887,000 after buying an additional 262,430 shares in the last quarter. I.G. Investment Management LTD. boosted its stake in Brocade Communications Systems by 7.3% in the fourth quarter. I.G. Investment Management LTD. now owns 898,000 shares of the company’s stock worth $8,244,000 after buying an additional 60,800 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Brocade Communications Systems by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,058,859 shares of the company’s stock worth $73,982,000 after buying an additional 197,446 shares in the last quarter. Finally, Piermont Capital Management Inc. bought a new stake in Brocade Communications Systems during the fourth quarter worth approximately $2,057,000.

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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