Brocade Communications Systems (BRCD) : Traders are bullish on Brocade Communications Systems (BRCD) as it has outperformed the S&P 500 by a wide margin of 11.85% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.93%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.89% in the last 1 week, and is up 12.28% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Brocade Communications Systems, Inc. is up 29.26% in the last 3-month period. Year-to-Date the stock performance stands at 12.72%. The stock has recorded a 20-day Moving Average of 8.39% and the 50-Day Moving Average is 10.8%.
Brocade Communications Systems (NASDAQ:BRCD): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $9.94 and $9.87 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $10.27. The buying momentum continued till the end and the stock did not give up its gains. It closed at $10.24, notching a gain of 2.71% for the day. The total traded volume was 5,963,872 . The stock had closed at $9.97 on the previous day.
Also, In the latest statement by the brokerage house, Citigroup maintains its outlook on Brocade Communications Systems (NASDAQ:BRCD). The current rating of the shares is Neutral, according to the research report released by the firm. The brokerage firm raises the price target from $8.5 per share to $10 per share. The rating by the firm was issued on August 19, 2016.
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.