Citigroup Maintains Brocade Communications Systems to Neutral with Price Target $10.00

Brokerage firm Citigroup Maintains its rating on Brocade Communications Systems(NASDAQ:BRCD). In a research note issued to the investors, the brokerage major Lowers the price-target to $10.00 per share. The shares have been rated Neutral. The rating by Citigroup was issued on Sep 23, 2016.

In a different note, On Sep 22, 2016, Citigroup said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Lowers the price-target to $11.00 per share. The shares have been rated ‘Neutral’ by the firm. On Aug 26, 2016, Citigroup said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Raises the price-target to $10.00 per share. The shares have been rated ‘Neutral’ by the firm. On Aug 26, 2016, Deutsche Bank said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Raises the price-target to $8.00 per share. The shares have been rated ‘Hold’ by the firm. On Aug 26, 2016, UBS said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Raises the price-target to $8.00 per share. The shares have been rated ‘Sell’ by the firm. On Aug 23, 2016, Barclays said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Raises the price-target to $9.00 per share. The shares have been rated ‘Equal-weight’ by the firm. On Aug 22, 2016, Citigroup said it Maintains its rating on Brocade Communications Systems. In the research note, the firm Raises the price-target to $8.50 per share. The shares have been rated ‘Neutral’ by the firm.

Brocade Communications Systems (BRCD) made into the market gainers list on Tuesdays trading session with the shares advancing 0.33% or 0.03 points. Due to strong positive momentum, the stock ended at $9.17, which is also near the day’s high of $9.25. The stock began the session at $9.1 and the volume stood at 37,45,686 shares. The 52-week high of the shares is $10.94 and the 52 week low is $7.4. The company has a current market capitalization of $3,676 M and it has 40,08,70,090 shares in outstanding.

Brocade Communications Systems(BRCD) last announced its earnings results on Aug 25, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $590.72M. Analysts had an estimated revenue of $573.16M. Earnings per share were $0.21. Analysts had estimated an EPS of $0.16.

Several Insider Transactions has been reported to the SEC. On Sep 16, 2016, Ellen Odonnell (SVP & General Counsel) sold 7,500 shares at $9.00 per share price.Also, On Aug 23, 2016, Gale E. England (COO and SVP Operations) sold 10,000 shares at $10.19 per share price.On Mar 30, 2016, Daniel W Fairfax (SVP and CFO) sold 12,000 shares at $10.23 per share price, according to the Form-4 filing with the securities and exchange commission.

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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