Nationwide Fund Advisors boosted its stake in Brocade Communications Systems Inc. (NASDAQ:BRCD) by 431.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 937,610 shares of the company’s stock after buying an additional 761,295 shares during the period. Nationwide Fund Advisors owned 0.23% of Brocade Communications Systems worth $8,607,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Brocade Communications Systems during the fourth quarter valued at $45,773,000. Acadian Asset Management LLC raised its position in Brocade Communications Systems by 45.1% in the first quarter. Acadian Asset Management LLC now owns 94,490 shares of the company’s stock valued at $1,000,000 after buying an additional 29,383 shares during the last quarter. Glenmede Trust Co. NA raised its position in Brocade Communications Systems by 13.2% in the first quarter. Glenmede Trust Co. NA now owns 1,912,545 shares of the company’s stock valued at $20,233,000 after buying an additional 223,440 shares during the last quarter. Aperio Group LLC raised its position in Brocade Communications Systems by 43.5% in the first quarter. Aperio Group LLC now owns 53,684 shares of the company’s stock valued at $568,000 after buying an additional 16,277 shares during the last quarter. Finally, Virginia Retirement System purchased a new position in Brocade Communications Systems during the first quarter valued at $1,750,000. 87.88% of the stock is currently owned by institutional investors and hedge funds.

Shares of Brocade Communications Systems Inc. (NASDAQ:BRCD) traded down 0.11% during midday trading on Wednesday, hitting $8.87. 6,672,562 shares of the stock were exchanged. The stock’s 50-day moving average price is $9.41 and its 200-day moving average price is $9.29. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 16.13 and a beta of 0.55. Brocade Communications Systems Inc. has a 1-year low of $7.40 and a 1-year high of $10.94.

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

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, September 7th. Brocade Communications Systems’s payout ratio is 39.29%.

BRCD has been the topic of several recent analyst reports. BMO Capital Markets reissued a “hold” rating and set a $9.00 price objective (up previously from $8.00) on shares of Brocade Communications Systems in a research note on Sunday, May 29th. Goldman Sachs Group Inc. raised their target price on shares of Brocade Communications Systems from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, May 31st. Citigroup Inc. restated a “neutral” rating and set a $8.50 target price on shares of Brocade Communications Systems in a report on Tuesday, May 31st. Robert W. Baird restated a “hold” rating and set a $10.00 target price (up from $9.00) on shares of Brocade Communications Systems in a report on Wednesday, June 1st. Finally, Zacks Investment Research upgraded shares of Brocade Communications Systems from a “sell” rating to a “hold” rating in a report on Friday, June 3rd. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the stock. Brocade Communications Systems presently has an average rating of “Hold” and an average price target of $10.12.

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

Brocade Communications Systems Company Profile

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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