Brocade Communications Systems (BRCD) announced its most recent quarterly financial results on Monday, Nov-21-2016. BRCD said it had a profit of $0.33 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.11. Analysts had a consensus of $0.22. The company posted revenue of $657.30 million in the period, compared to analysts expectations of $639.74 million. BRCD’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS.
Many Wall Street Analysts have commented on Brocade Communications Systems. Shares were Downgraded by RBC Capital Mkts on Nov 3, 2016 to ” Sector Perform” and Lowered the Price Target to $ 12.75 from a previous price target of $14 .DA Davidson Downgraded Brocade Communications Systems on Nov 3, 2016 to ” Neutral”, Price Target of the shares are set at $12.75.Wunderlich Downgraded Brocade Communications Systems on Nov 3, 2016 to ” Sell”, Price Target of the shares are set at $11.
Brocade Communications Systems opened for trading at $12.36 and hit $12.43 on the upside on Monday, eventually ending the session at $12.38, with a gain of 0.16% or 0.02 points. The heightened volatility saw the trading volume jump to 37,43,081 shares. Company has a market cap of $4,981 M.
In a different news, on Sep 16, 2016, Ellen Odonnell (SVP & General Counsel) sold 7,500 shares at $9.00 per share price. According to the SEC, on Aug 23, 2016, Gale E. England (COO and SVP Operations) sold 10,000 shares at $10.19 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.