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

Several research analysts have recently issued reports on the company. Bank of America Corp. assumed coverage on Brocade Communications Systems in a research note on Wednesday, May 18th. They issued a “buy” rating and a $10.00 price objective for the company. Barclays PLC restated an “equal weight” rating and issued a $9.00 price objective (down from $10.00) on shares of Brocade Communications Systems in a research note on Friday, May 20th. Wunderlich cut Brocade Communications Systems from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $10.50 to $9.00 in a research note on Tuesday, May 3rd. William Blair restated a “hold” rating on shares of Brocade Communications Systems in a research note on Sunday, May 22nd. Finally, Deutsche Bank AG restated a “hold” rating on shares of Brocade Communications Systems in a research note on Sunday, May 22nd. 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 company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $10.03.

The company’s 50 day moving average is $9.38 and its 200 day moving average is $9.25. The firm has a market cap of $4.09 billion and a P/E ratio of 13.80.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings data on Thursday, May 19th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. The business had revenue of $523 million for the quarter, compared to analyst estimates of $523.37 million. The company’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share. On average, equities research analysts anticipate that Brocade Communications Systems Inc. will post $0.91 EPS for the current year.

In other news, SVP Ellen Odonnell sold 8,129 shares of the company’s 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 transaction, the senior vice president now directly owns 13,618 shares of the company’s stock, valued at approximately $120,791.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Gale E. England sold 10,000 shares of the company’s 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 transaction, the chief operating officer now directly owns 68,942 shares of the company’s stock, valued at $620,478. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have added to or reduced their stakes in the company. Piermont Capital Management Inc. acquired a new position in Brocade Communications Systems during the fourth quarter valued at about $2,057,000. Dimensional Fund Advisors LP increased 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 valued at $73,982,000 after buying an additional 197,446 shares during the last quarter. I.G. Investment Management LTD. increased 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 valued at $8,244,000 after buying an additional 60,800 shares during the last quarter. Finally, Schroder Investment Management Group increased 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 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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