Freestone Capital Holdings buys $23,592,230 stake in Brocade Communications Systems (BRCD)

Brocade Communications Systems (BRCD) : Freestone Capital Holdings scooped up 7,160 additional shares in Brocade Communications Systems during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 1,910,302 shares of Brocade Communications Systems which is valued at $23,592,230.Brocade Communications Systems makes up approximately 2.19% of Freestone Capital Holdings’s portfolio.

Other Hedge Funds, Including , Jnba Financial Advisors added BRCD to its portfolio by purchasing 1,116 company shares during the most recent quarter which is valued at $13,783.Los Angeles Capital Management Equity Research Inc reduced its stake in BRCD by selling 158,762 shares or 19.7% in the most recent quarter. The Hedge Fund company now holds 647,275 shares of BRCD which is valued at $7,955,010. Brocade Communications Systems makes up approx 0.06% of Los Angeles Capital Management Equity Research Inc’s portfolio.Blackrock Fund Advisors reduced its stake in BRCD by selling 1,515,898 shares or 9.12% in the most recent quarter. The Hedge Fund company now holds 15,107,402 shares of BRCD which is valued at $186,425,341. Brocade Communications Systems makes up approx 0.04% of Blackrock Fund Advisors’s portfolio. Alambic Investment Management sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 40,800 shares of BRCD which is valued $432,480. New Century Investment Management Inc sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 60,200 shares of BRCD which is valued $527,352.

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.

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 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 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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