California Public Employees Retirement System cut its holdings in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 1.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,431,698 shares of the technology company’s stock after selling 20,400 shares during the quarter. California Public Employees Retirement System owned 0.35% of Brocade Communications Systems worth $18,054,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Montreal Can raised its stake in Brocade Communications Systems by 14.0% in the first quarter. Bank of Montreal Can now owns 13,240 shares of the technology company’s stock valued at $166,000 after purchasing an additional 1,629 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Brocade Communications Systems by 29.8% during the first quarter. Russell Investments Group Ltd. now owns 169,471 shares of the technology company’s stock worth $2,119,000 after purchasing an additional 38,913 shares during the period. UBS Asset Management Americas Inc. lifted its position in Brocade Communications Systems by 11.3% during the first quarter. UBS Asset Management Americas Inc. now owns 277,860 shares of the technology company’s stock worth $3,468,000 after purchasing an additional 28,302 shares during the period. Karp Capital Management Corp bought a new stake in Brocade Communications Systems during the first quarter worth about $1,455,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Brocade Communications Systems during the first quarter worth about $287,000. 83.39% of the stock is currently owned by institutional investors.

Shares of Brocade Communications Systems, Inc. (BRCD) opened at 11.95 on Monday. The company’s 50-day moving average price is $12.28 and its 200-day moving average price is $12.50. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 168.31 and a beta of 0.63. Brocade Communications Systems, Inc. has a 12 month low of $8.64 and a 12 month high of $12.72.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Thursday, August 24th. The technology company reported $0.16 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to the consensus estimate of $614.10 million. During the same quarter last year, the business posted $0.21 earnings per share. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. Analysts anticipate that Brocade Communications Systems, Inc. will post $0.61 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Monday, September 11th will be given a dividend of $0.055 per share. The ex-dividend date is Friday, September 8th. This represents a $0.22 annualized dividend and a dividend yield of 1.84%. Brocade Communications Systems’s dividend payout ratio (DPR) is presently 314.29%.

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Several 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 shares of Brocade Communications Systems and gave the stock a “hold” rating in a report on Thursday, August 17th. BidaskClub raised shares of Brocade Communications Systems from a “sell” rating to a “hold” rating in a report on Sunday, August 20th. Finally, Zacks Investment Research lowered shares of Brocade Communications Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $12.71.

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.

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

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