Meritech Capital Associates Iv L.l.c. Exits Position in Brocade Communications Systems (BRCD)

Brocade Communications Systems (BRCD) : Meritech Capital Associates Iv L.l.c. has sold out all of its stake in Brocade Communications Systems during the most recent quarter, according to the disclosure filed by the company on Aug 11, 2016 with the SEC. The investment management company has sold out 477,264 shares of Brocade Communications Systems which is valued at $4,615,143.

Other Hedge Funds, Including , Fmr reduced its stake in BRCD by selling 4,064,722 shares or 27.02% in the most recent quarter. The Hedge Fund company now holds 10,978,356 shares of BRCD which is valued at $106,160,703. Brocade Communications Systems makes up approx 0.01% of Fmr’s portfolio.Neuberger Berman Group boosted its stake in BRCD in the latest quarter, The investment management firm added 44,880 additional shares and now holds a total of 2,082,871 shares of Brocade Communications Systems which is valued at $19,745,617. Brocade Communications Systems makes up approx 0.03% of Neuberger Berman Group’s portfolio.Signaturefd boosted its stake in BRCD in the latest quarter, The investment management firm added 20 additional shares and now holds a total of 506 shares of Brocade Communications Systems which is valued at $4,706.Fruth Investment Management reduced its stake in BRCD by selling 100 shares or 0.33% in the most recent quarter. The Hedge Fund company now holds 30,400 shares of BRCD which is valued at $297,616. Brocade Communications Systems makes up approx 0.14% of Fruth Investment Management’s portfolio.

Brocade Communications Systems opened for trading at $10.21 and hit $10.33 on the upside on Tuesday, eventually ending the session at $10.3, with a gain of 1.18% or 0.12 points. The heightened volatility saw the trading volume jump to 1,01,59,767 shares. Company has a market cap of $4,114 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. Company shares were Reiterated by RBC Capital Mkts on Aug 22, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 11 from a previous price target of $10 .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 .

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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