Brocade Communications Systems Inc. (NASDAQ:BRCD) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 9,167,161 shares, a decline of 29.5% from the August 15th total of 13,011,985 shares. Based on an average daily trading volume, of 7,413,906 shares, the short-interest ratio is presently 1.2 days. Approximately 2.0% of the company’s shares are sold short.

Shares of Brocade Communications Systems (NASDAQ:BRCD) opened at 8.94 on Thursday. The stock has a market cap of $3.58 billion, a PE ratio of 16.25 and a beta of 0.55. The company’s 50-day moving average price is $9.41 and its 200-day moving average price is $9.29. Brocade Communications Systems has a 52-week low of $7.40 and a 52-week high of $10.94.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings data on Thursday, August 25th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.16 by $0.05. The company had revenue of $590.72 million for the quarter, compared to the consensus estimate of $573.14 million. Brocade Communications Systems had a return on equity of 12.84% and a net margin of 10.17%. Brocade Communications Systems’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.27 EPS. On average, equities research analysts forecast that Brocade Communications Systems will post $0.93 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be given a dividend of $0.055 per share. The ex-dividend date is Wednesday, September 7th. This represents a $0.22 annualized dividend and a yield of 2.46%. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 39.29%.

In other news, SVP Ellen Odonnell sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $9.00, for a total transaction of $67,500.00. Following the transaction, the senior vice president now directly owns 6,118 shares of the company’s stock, valued at $55,062. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Gale E. England sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $10.19, for a total value of $101,900.00. Following the transaction, the chief operating officer now directly owns 74,568 shares in the company, valued at $759,847.92. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Brocade Communications Systems by 21.6% in the second quarter. Vanguard Group Inc. now owns 34,710,641 shares of the company’s stock valued at $318,644,000 after buying an additional 6,172,835 shares during the period. Boston Partners boosted its stake in shares of Brocade Communications Systems by 95.0% in the second quarter. Boston Partners now owns 21,319,531 shares of the company’s stock valued at $195,713,000 after buying an additional 10,389,103 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Brocade Communications Systems by 35.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 13,963,697 shares of the company’s stock valued at $128,187,000 after buying an additional 3,656,426 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Brocade Communications Systems by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,080,203 shares of the company’s stock valued at $83,352,000 after buying an additional 594,997 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Brocade Communications Systems by 11.6% in the second quarter. Jennison Associates LLC now owns 6,347,797 shares of the company’s stock valued at $58,273,000 after buying an additional 660,616 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have recently issued reports on the company. Citigroup Inc. boosted their target price on Brocade Communications Systems from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 26th. BMO Capital Markets restated a “hold” rating and set a $10.00 price target on shares of Brocade Communications Systems in a research report on Friday, August 26th. Wunderlich restated a “hold” rating and set a $11.00 price target (up from $9.00) on shares of Brocade Communications Systems in a research report on Friday, August 26th. Deutsche Bank AG lifted their price target on Brocade Communications Systems from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Friday, August 26th. Finally, RBC Capital Markets lifted their price target on Brocade Communications Systems from $10.00 to $11.00 and gave the company a “sector perform” rating in a research report on Monday, August 22nd. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company’s stock. Brocade Communications Systems presently has a consensus rating of “Hold” and an average price target of $10.12.

About Brocade Communications Systems

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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