Brocade Communications Systems (BRCD) was Downgraded by Robert W. Baird to ” Underperform” while Lowering the Price Target of the company shares to $ 8 from a previous price target of $10 . Earlier the firm had a rating of “Neutral ” on the company shares. Robert W. Baird advised their investors in a research report released on Jul 14, 2016.
Many Wall Street Analysts have commented on Brocade Communications Systems. 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.Shares were Downgraded by Wunderlich on May 3, 2016 to ” Hold” and Lowered the Price Target to $ 9 from a previous price target of $10.50 .
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.
Brocade Communications Systems opened for trading at $9.81 and hit $9.8399 on the upside on Wednesday, eventually ending the session at $9.79, with a gain of 0.51% or 0.05 points. The heightened volatility saw the trading volume jump to 58,66,903 shares. Company has a market cap of $3,911 M.
In a different news, on Jun 13, 2016, Ellen Odonnell (SVP & General Counsel) sold 8,129 shares at $8.87 per share price. According to the SEC, on Jun 1, 2016, Gale E. England (COO and SVP Operations) sold 10,000 shares at $9.00 per share price. On Mar 30, 2016, Daniel W Fairfax (SVP and CFO) sold 12,000 shares at $10.23 per share price, according to the Form-4 filing with the securities and exchange commission.
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.