State Treasurer State of Michigan lessened its position in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,600 shares of the technology company’s stock after selling 13,400 shares during the period. State Treasurer State of Michigan’s holdings in Brocade Communications Systems were worth $1,859,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Brocade Communications Systems by 1.9% during the second quarter. Vanguard Group Inc. now owns 34,838,927 shares of the technology company’s stock worth $439,320,000 after acquiring an additional 642,075 shares during the period. Cowen Inc. boosted its stake in shares of Brocade Communications Systems by 73.2% in the second quarter. Cowen Inc. now owns 11,363,178 shares of the technology company’s stock valued at $143,290,000 after buying an additional 4,803,042 shares during the period. Pentwater Capital Management LP boosted its stake in shares of Brocade Communications Systems by 26.9% in the second quarter. Pentwater Capital Management LP now owns 6,040,000 shares of the technology company’s stock valued at $76,164,000 after buying an additional 1,280,000 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Brocade Communications Systems by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 5,433,279 shares of the technology company’s stock valued at $68,514,000 after buying an additional 227,435 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Brocade Communications Systems by 4.1% in the second quarter. Northern Trust Corp now owns 3,642,521 shares of the technology company’s stock valued at $45,933,000 after buying an additional 144,390 shares during the period. Institutional investors own 83.59% of the company’s stock.

Several equities research analysts recently issued reports on the company. Zacks Investment Research cut Brocade Communications Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. BidaskClub cut Brocade Communications Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Robert W. Baird reiterated a “hold” rating and issued a $13.00 price target on shares of Brocade Communications Systems in a research note on Friday, September 29th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $12.75 price target on shares of Brocade Communications Systems in a research note on Thursday. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.83.

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Shares of Brocade Communications Systems, Inc. (NASDAQ BRCD) opened at $12.25 on Friday. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 39.31, a price-to-earnings-growth ratio of 2.89 and a beta of 0.54. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.78 and a quick ratio of 2.66.

Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Thursday, August 24th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.04 by $0.12. Brocade Communications Systems had a return on equity of 5.42% and a net margin of 1.30%. The business had revenue of $549.00 million during the quarter, compared to the consensus estimate of $614.10 million. During the same period in the prior year, the business posted $0.21 earnings per share. Brocade Communications Systems’s revenue was down 7.1% compared to the same quarter last year. equities analysts forecast that Brocade Communications Systems, Inc. will post 0.36 EPS for the current fiscal year.

About Brocade Communications Systems

Brocade Communications Systems, Inc (Brocade) is a supplier of networking hardware, software and services, including storage area networking (SAN) solutions and Internet protocol (IP) networking solutions for businesses and organizations of various types and sizes. The Company operates through three segments: SAN Products, IP Networking Products and Global Services.

Institutional Ownership by Quarter for Brocade Communications Systems (NASDAQ:BRCD)

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