Brocade Communications Systems, Inc. (BRCD) Receives $12.81 Average Target Price from Analysts

Brocade Communications Systems, Inc. (NASDAQ:BRCD) has been given an average recommendation of “Hold” by the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $12.81.

BRCD has been the subject of several research analyst reports. Zacks Investment Research cut shares of Brocade Communications Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub cut shares of Brocade Communications Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Robert W. Baird set a $13.00 price objective on shares of Brocade Communications Systems and gave the stock a “hold” rating in a research report on Thursday, August 17th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $12.75 price objective on shares of Brocade Communications Systems in a research report on Friday, September 29th.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in Brocade Communications Systems by 13.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,792 shares of the technology company’s stock worth $148,000 after acquiring an additional 1,430 shares during the period. Quantitative Systematic Strategies LLC acquired a new stake in Brocade Communications Systems during the 2nd quarter worth $177,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Brocade Communications Systems by 6.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,758 shares of the technology company’s stock worth $211,000 after acquiring an additional 1,087 shares during the period. Fulton Bank N.A. grew its holdings in Brocade Communications Systems by 10.2% during the 2nd quarter. Fulton Bank N.A. now owns 20,999 shares of the technology company’s stock worth $265,000 after acquiring an additional 1,948 shares during the period. Finally, Brookstone Capital Management acquired a new stake in Brocade Communications Systems during the 2nd quarter worth $279,000. 83.59% of the stock is owned by hedge funds and other institutional investors.

Brocade Communications Systems (BRCD) traded up $0.51 during trading hours on Friday, hitting $12.25. 28,639,711 shares of the stock were exchanged, compared to its average volume of 8,351,292. The company has a market cap of $5.21 billion, a P/E ratio of 39.31 and a beta of 0.54.

Brocade Communications Systems (NASDAQ:BRCD) last posted its earnings results on Thursday, August 24th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.12. Brocade Communications Systems had a net margin of 1.30% and a return on equity of 5.42%. The company had revenue of $549.00 million during the quarter, compared to analysts’ expectations of $614.10 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. Brocade Communications Systems’s quarterly revenue was down 7.1% compared to the same quarter last year. equities research analysts predict that Brocade Communications Systems will post 0.36 earnings per share for the current year.

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About Brocade Communications Systems

Brocade Communications Systems, Inc (Brocade) 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 operates through three segments: SAN Products, IP Networking Products and Global Services.

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