Brocade Communications Systems (BRCD) : Concourse Capital Management added new position in Brocade Communications Systems during the most recent quarter end. The investment management firm now holds 159,515 shares of Brocade Communications Systems which is valued at $1,472,323 , the company said in a statement filed on Aug 2, 2016 with the SEC.Brocade Communications Systems makes up approximately 0.90% of Concourse Capital Management’s portfolio.
Other Hedge Funds, Including , New Jersey Better Educational Savings Trust sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 43,500 shares of BRCD which is valued $401,505.Meeder Asset Management Inc reduced its stake in BRCD by selling 50,215 shares or 63.65% in the most recent quarter. The Hedge Fund company now holds 28,682 shares of BRCD which is valued at $261,580. Brocade Communications Systems makes up approx 0.02% of Meeder Asset Management Inc’s portfolio. Americafirst Capital Management sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 99,434 shares of BRCD which is valued $895,900. Capital Insight Partners sold out all of its stake in BRCD during the most recent quarter. The investment firm sold 93,067 shares of BRCD which is valued $874,830.Carl Domino Inc boosted its stake in BRCD in the latest quarter, The investment management firm added 127,150 additional shares and now holds a total of 144,400 shares of Brocade Communications Systems which is valued at $1,357,360. Brocade Communications Systems makes up approx 1.25% of Carl Domino Inc’s portfolio.
Brocade Communications Systems opened for trading at $9.48 and hit $9.55 on the upside on Monday, eventually ending the session at $9.52, with a gain of 0.42% or 0.04 points. The heightened volatility saw the trading volume jump to 28,98,274 shares. Company has a market cap of $3,803 M.
On the company’s financial health, Brocade Communications Systems reported $0.22 EPS for the quarter, based on the information available during the earnings call on May 19, 2016. Analyst had a consensus estimate of $0.22. The company had revenue of $523.00 million for the quarter, compared to analysts expectations of $523.37 million. The company’s revenue was down -4.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.
Many Wall Street Analysts have commented on Brocade Communications Systems. Shares were Downgraded by Robert W. Baird on Jul 14, 2016 to ” Underperform” and Lowered the Price Target to $ 8 from a previous price target of $10 .Shares were Reiterated by RBC Capital Mkts on May 20, 2016 to “Sector Perform” and Lowered the Price Target to $ 9 from a previous price target of $10 .BofA/Merrill Initiated Brocade Communications Systems on May 18, 2016 to “Buy”, Price Target of the shares are set at $10.
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.