Wunderlich reissued their buy rating on shares of Brocade Communications Systems (NASDAQ:BRCD) in a research report sent to investors on Tuesday morning, AnalystRatings.Net reports. The firm currently has a $9.50 price target on the stock.
“Brocade (BRCD) reported another good earnings performance with guidance that was largely in line despite the challenging overseas economy and federal spending environment. Gross margin and operating expense progress continues and channel inventory remains low. We are maintaining our Buy recommendation and 12-month price target of $9.50. We expect Ethernet fabric and software defined networking and network virtualization to outgrow Fibre Channel (FC) to increasingly drive revenue, but we also expect continued FC upgrade demand to sustain strong cash flow.,” the firm’s analyst wrote.
BRCD has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets raised their price target on shares of Brocade Communications Systems from $8.75 to $9.25 in a research note to investors on Tuesday. They now have a market perform rating on the stock. Separately, analysts at Needham & Company reiterated a buy rating on shares of Brocade Communications Systems in a research note to investors on Tuesday. They now have a $9.50 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated an underweight rating on shares of Brocade Communications Systems in a research note to investors on Monday. They now have a $8.00 price target on the stock, up previously from $7.00. Four analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $8.08.
In other Brocade Communications Systems news, VP Tyler Wall unloaded 28,809 shares of the stock on the open market in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $8.14, for a total transaction of $234,505.26. Following the completion of the transaction, the vice president now directly owns 23,333 shares of the company’s stock, valued at approximately $189,931. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Brocade Communications Systems (NASDAQ:BRCD) traded up 0.17% on Tuesday, hitting $8.785. 1,043,226 shares of the company’s stock traded hands. Brocade Communications Systems has a 52 week low of $5.14 and a 52 week high of $8.91. The stock’s 50-day moving average is $8.12 and its 200-day moving average is $6.96. The company has a market cap of $3.885 billion and a P/E ratio of 20.88.
Brocade Communications Systems (NASDAQ:BRCD) last released its earnings data on Monday, November 18th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. The company had revenue of $559.00 million for the quarter, compared to the consensus estimate of $555.08 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. Analysts expect that Brocade Communications Systems will post $0.75 EPS for the current fiscal year.
Brocade Communications Systems, Inc (NASDAQ:BRCD) 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.
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