Global X Management Co. LLC raised its position in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 31.7% during the second quarter, Holdings Channel reports. The firm owned 180,514 shares of the technology company’s stock after buying an additional 43,416 shares during the period. Global X Management Co. LLC’s holdings in Brocade Communications Systems were worth $2,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Creative Planning increased its position in Brocade Communications Systems by 27.4% in the first quarter. Creative Planning now owns 11,743 shares of the technology company’s stock worth $147,000 after buying an additional 2,524 shares during the period. PNC Financial Services Group Inc. increased its position in Brocade Communications Systems by 13.8% in the first quarter. PNC Financial Services Group Inc. now owns 11,792 shares of the technology company’s stock worth $148,000 after buying an additional 1,430 shares during the period. Stephens Inc. AR increased its position in Brocade Communications Systems by 17.6% in the first quarter. Stephens Inc. AR now owns 11,960 shares of the technology company’s stock worth $149,000 after buying an additional 1,792 shares during the period. Bank of Montreal Can increased its position 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 worth $166,000 after buying an additional 1,629 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new position in Brocade Communications Systems during the second quarter worth approximately $177,000. 82.05% of the stock is currently owned by institutional investors and hedge funds.

Shares of Brocade Communications Systems, Inc. (BRCD) opened at 12.14 on Friday. The company has a 50-day moving average of $12.56 and a 200-day moving average of $12.52. Brocade Communications Systems, Inc. has a 1-year low of $8.64 and a 1-year high of $12.72. The firm has a market capitalization of $4.98 billion, a PE ratio of 83.15 and a beta of 0.66.

Brocade Communications Systems (NASDAQ:BRCD) last announced its quarterly earnings results on Thursday, May 25th. The technology company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.09. The company had revenue of $552.80 million for the quarter, compared to analyst estimates of $602.92 million. Brocade Communications Systems had a net margin of 2.54% and a return on equity of 8.49%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 earnings per share. Equities research analysts predict that Brocade Communications Systems, Inc. will post $0.58 EPS for the current fiscal year.

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A number of research firms have commented on BRCD. BidaskClub downgraded shares of Brocade Communications Systems from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Royal Bank Of Canada reissued a “hold” rating and set a $12.75 target price on shares of Brocade Communications Systems in a research report on Friday, June 9th. Zacks Investment Research raised shares of Brocade Communications Systems from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, May 31st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $12.75 target price on shares of Brocade Communications Systems in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $11.13.

In other Brocade Communications Systems news, SVP Ellen Odonnell sold 7,811 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $12.64, for a total value of $98,731.04. Following the transaction, the senior vice president now directly owns 19,037 shares in the company, valued at $240,627.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ken Cheng sold 68,488 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $12.62, for a total transaction of $864,318.56. Following the completion of the transaction, the senior vice president now owns 452,338 shares in the company, valued at $5,708,505.56. The disclosure for this sale can be found here. Insiders sold 276,299 shares of company stock worth $3,487,050 over the last quarter. 1.77% of the stock is currently owned by insiders.

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

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