Brocade Communications Systems, Inc. (BRCD) Stake Raised by Halcyon Management Partners LP
Halcyon Management Partners LP grew its position in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 31.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 927,697 shares of the technology company’s stock after buying an additional 224,281 shares during the quarter. Brocade Communications Systems accounts for 2.7% of Halcyon Management Partners LP’s portfolio, making the stock its 11th largest position. Halcyon Management Partners LP owned about 0.23% of Brocade Communications Systems worth $11,699,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Cowen Inc. increased its position in shares of Brocade Communications Systems by 73.2% during the second quarter. Cowen Inc. now owns 11,363,178 shares of the technology company’s stock valued at $143,290,000 after acquiring an additional 4,803,042 shares in the last quarter. Pentwater Capital Management LP purchased a new position in Brocade Communications Systems in the 1st quarter worth approximately $59,405,000. Vanguard Group Inc. lifted its position in Brocade Communications Systems by 6.4% in the 1st quarter. Vanguard Group Inc. now owns 34,196,852 shares of the technology company’s stock valued at $426,777,000 after acquiring an additional 2,065,687 shares in the last quarter. Renaissance Technologies LLC lifted its position in Brocade Communications Systems by 21.0% in the 1st quarter. Renaissance Technologies LLC now owns 11,301,302 shares of the technology company’s stock valued at $141,040,000 after acquiring an additional 1,958,253 shares in the last quarter. Finally, City Financial Investment Co Ltd bought a new position in Brocade Communications Systems in the 2nd quarter valued at approximately $20,347,000. Hedge funds and other institutional investors own 83.39% of the company’s stock.
Shares of Brocade Communications Systems, Inc. (BRCD) traded up 0.42% during mid-day trading on Monday, hitting $12.00. The company had a trading volume of 3,751,263 shares. Brocade Communications Systems, Inc. has a 1-year low of $8.64 and a 1-year high of $12.72. The company has a 50-day moving average price of $12.28 and a 200-day moving average price of $12.50. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 169.01 and a beta of 0.63.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings results on Thursday, August 24th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.12. Brocade Communications Systems had a net margin of 1.30% and a return on equity of 5.42%. The company had revenue of $549.00 million for the quarter, compared to the consensus estimate of $614.10 million. During the same quarter in the previous year, the firm earned $0.21 EPS. Brocade Communications Systems’s revenue was down 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Brocade Communications Systems, Inc. will post $0.61 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Monday, September 11th will be paid a dividend of $0.055 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.22 annualized dividend and a dividend yield of 1.84%. Brocade Communications Systems’s payout ratio is currently 314.29%.
A number of research firms have commented on BRCD. Royal Bank Of Canada reissued a “hold” rating and issued a $12.75 target price on shares of Brocade Communications Systems in a report on Friday. Robert W. Baird set a $13.00 price target on Brocade Communications Systems and gave the company a “hold” rating in a report on Thursday, August 17th. BidaskClub raised Brocade Communications Systems from a “sell” rating to a “hold” rating in a report on Sunday, August 20th. Finally, Zacks Investment Research cut Brocade Communications Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating and ten have issued a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $12.71.
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Brocade Communications Systems Company Profile
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.
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