Alpine Associates Management Inc. Purchases Shares of 6,884,208 Brocade Communications Systems, Inc. (BRCD)

Alpine Associates Management Inc. bought a new stake in Brocade Communications Systems, Inc. (NASDAQ:BRCD) during the fourth quarter, Holdings Channel reports. The fund bought 6,884,208 shares of the company’s stock, valued at approximately $85,985,000. Brocade Communications Systems accounts for about 2.2% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 16th largest position. Alpine Associates Management Inc. owned about 1.69% of Brocade Communications Systems at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Acrospire Investment Management LLC boosted its position in shares of Brocade Communications Systems by 20.4% in the third quarter. Acrospire Investment Management LLC now owns 11,211 shares of the company’s stock valued at $103,000 after buying an additional 1,900 shares during the period. Lipe & Dalton acquired a new position in shares of Brocade Communications Systems during the second quarter valued at about $104,000. Paragon Capital Management Ltd boosted its position in shares of Brocade Communications Systems by 7.9% in the third quarter. Paragon Capital Management Ltd now owns 11,377 shares of the company’s stock valued at $105,000 after buying an additional 832 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Brocade Communications Systems by 87.6% in the third quarter. PNC Financial Services Group Inc. now owns 13,362 shares of the company’s stock valued at $122,000 after buying an additional 6,239 shares during the period. Finally, Timber Hill LLC acquired a new position in shares of Brocade Communications Systems during the third quarter valued at about $126,000. 80.06% of the stock is owned by hedge funds and other institutional investors.

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

Shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) remained flat at $12.34 during trading on Tuesday. The stock had a trading volume of 2,516,888 shares. The stock has a market capitalization of $5.01 billion, a PE ratio of 24.20 and a beta of 0.88. The company has a 50 day moving average price of $12.46 and a 200 day moving average price of $10.88. Brocade Communications Systems, Inc. has a 12 month low of $7.60 and a 12 month high of $12.54.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Monday, November 21st. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. Brocade Communications Systems had a net margin of 9.12% and a return on equity of 13.41%. The business earned $657.30 million during the quarter, compared to the consensus estimate of $639.96 million. During the same quarter last year, the company earned $0.26 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Brocade Communications Systems, Inc. will post $1.02 EPS for the current year.

“Alpine Associates Management Inc. Purchases Shares of 6,884,208 Brocade Communications Systems, Inc. (BRCD)” was reported by sleekmoney and is owned by of sleekmoney. If you are viewing this piece of content on another publication, it was copied illegally and republished in violation of US & international copyright and trademark laws. The correct version of this piece of content can be viewed at http://sleekmoney.com/alpine-associates-management-inc-purchases-shares-of-6884208-brocade-communications-systems-inc-brcd/1661047.html.

Several research analysts recently issued reports on the stock. Robert W. Baird raised shares of Brocade Communications Systems from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $9.00 to $13.00 in a report on Wednesday, November 2nd. RBC Capital Markets cut shares of Brocade Communications Systems from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $14.00 to $12.75 in a report on Thursday, November 3rd. Zacks Investment Research cut shares of Brocade Communications Systems from a “buy” rating to a “hold” rating in a report on Monday, January 23rd. DA Davidson cut shares of Brocade Communications Systems from a “buy” rating to a “neutral” rating and set a $12.75 target price for the company. in a report on Thursday, November 3rd. Finally, Argus cut shares of Brocade Communications Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 2nd. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $10.90.

In other news, CEO Lloyd Carney sold 649,309 shares of the firm’s stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $12.40, for a total transaction of $8,051,431.60. Following the completion of the sale, the chief executive officer now owns 731,284 shares of the company’s stock, valued at $9,067,921.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.

About Brocade Communications Systems

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.

5 Day Chart for NASDAQ:BRCD

Want to see what other hedge funds are holding BRCD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brocade Communications Systems, Inc. (NASDAQ:BRCD).

This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/alpine-associates-management-inc-purchases-shares-of-6884208-brocade-communications-systems-inc-brcd/1661047.html

Receive News & Ratings for Brocade Communications Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brocade Communications Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *