Biltmore Wealth Management Exits Position in Brocade Communications Systems (BRCD)

Brocade Communications Systems (BRCD) : Biltmore Wealth Management has sold out all of its stake in Brocade Communications Systems during the most recent quarter, according to the disclosure filed by the company on Aug 3, 2016 with the SEC. The investment management company has sold out 59,568 shares of Brocade Communications Systems which is valued at $549,813.

Other Hedge Funds, Including , Stonebridge Capital Management Inc sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 18,188 shares of BRCD which is valued $168,967.Old Mutual Global Investors (uk) Ltd. reduced its stake in BRCD by selling 321,859 shares or 84.53% in the most recent quarter. The Hedge Fund company now holds 58,889 shares of BRCD which is valued at $537,068. Brocade Communications Systems makes up approx 0.01% of Old Mutual Global Investors (uk) Ltd.’s portfolio.Checchi Capital Advisers reduced its stake in BRCD by selling 820 shares or 12.29% in the most recent quarter. The Hedge Fund company now holds 5,854 shares of BRCD which is valued at $53,388. Brocade Communications Systems makes up approx 0.01% of Checchi Capital Advisers’s portfolio. British Columbia Investment Management Corp sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 223,589 shares of BRCD which is valued $2,101,737.

Brocade Communications Systems opened for trading at $9.48 and hit $9.55 on the upside on Monday, eventually ending the session at $9.52, with a gain of 0.42% or 0.04 points. The heightened volatility saw the trading volume jump to 28,98,274 shares. Company has a market cap of $3,803 M.

On the company’s financial health, Brocade Communications Systems reported $0.22 EPS for the quarter, based on the information available during the earnings call on May 19, 2016. Analyst had a consensus estimate of $0.22. The company had revenue of $523.00 million for the quarter, compared to analysts expectations of $523.37 million. The company’s revenue was down -4.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Many Wall Street Analysts have commented on Brocade Communications Systems. Shares were Downgraded by Robert W. Baird on Jul 14, 2016 to ” Underperform” and Lowered the Price Target to $ 8 from a previous price target of $10 .Shares were Reiterated by RBC Capital Mkts on May 20, 2016 to “Sector Perform” and Lowered the Price Target to $ 9 from a previous price target of $10 .BofA/Merrill Initiated Brocade Communications Systems on May 18, 2016 to “Buy”, Price Target of the shares are set at $10.

Brocade Communications Systems Inc. (Brocade) is a supplier of networking equipment including end-to-end Internet Protocol-based Ethernet networking solutions and storage area networking solutions for businesses and organizations of all types and sizes including global enterprises and service providers such as telecommunication firms cable operators and mobile carriers. Brocade offers networking hardware and software products and services. Its products and services are marketed sold and supported globally to end-user customers through distribution partners including original equipment manufacturers distributors systems integrators value-added resellers and directly to end-users by the Brocade direct sales force. The Company operates in four segments: Data Storage Global Services IP Layer 2-3 and IP Layer 4-7/ Application Delivery Products.

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