282,282 Shares in Brocade Communications Systems, Inc. (BRCD) Acquired by Burren Capital Advisors Ltd

Burren Capital Advisors Ltd bought a new position in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 282,282 shares of the technology company’s stock, valued at approximately $3,523,000. Brocade Communications Systems accounts for 14.5% of Burren Capital Advisors Ltd’s portfolio, making the stock its 3rd largest position. Burren Capital Advisors Ltd owned approximately 0.07% of Brocade Communications Systems as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Seven Eight Capital LP purchased a new position in shares of Brocade Communications Systems during the fourth quarter worth approximately $1,498,000. First Republic Investment Management Inc. raised its position in shares of Brocade Communications Systems by 353.9% in the fourth quarter. First Republic Investment Management Inc. now owns 146,270 shares of the technology company’s stock worth $1,827,000 after buying an additional 114,045 shares during the last quarter. Folger Hill Asset Management LP purchased a new position in shares of Brocade Communications Systems during the fourth quarter worth approximately $375,000. New York State Teachers Retirement System raised its position in shares of Brocade Communications Systems by 3.6% in the fourth quarter. New York State Teachers Retirement System now owns 150,775 shares of the technology company’s stock worth $1,883,000 after buying an additional 5,200 shares during the last quarter. Finally, Gideon Capital Advisors Inc. purchased a new position in shares of Brocade Communications Systems during the fourth quarter worth approximately $359,000. Institutional investors and hedge funds own 81.72% of the company’s stock.

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

Brocade Communications Systems, Inc. (BRCD) traded up 0.24% during trading on Friday, reaching $12.66. The company’s stock had a trading volume of 4,812,883 shares. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 86.71 and a beta of 0.68. Brocade Communications Systems, Inc. has a 52-week low of $8.50 and a 52-week high of $12.69. The firm has a 50 day moving average price of $12.63 and a 200-day moving average price of $12.49.

Brocade Communications Systems (NASDAQ:BRCD) last announced its earnings results on Thursday, May 25th. The technology company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.01 by $0.09. Brocade Communications Systems had a return on equity of 8.49% and a net margin of 2.54%. The company had revenue of $552.80 million for the quarter, compared to analyst estimates of $602.92 million. During the same quarter in the prior year, the company earned $0.22 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, analysts expect that Brocade Communications Systems, Inc. will post $0.59 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 12th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.22 annualized dividend and a dividend yield of 1.74%. Brocade Communications Systems’s payout ratio is 157.14%.

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Several research analysts have issued reports on BRCD shares. Zacks Investment Research lowered Brocade Communications Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, February 28th. TheStreet lowered Brocade Communications Systems from a “b” rating to a “c” rating in a research note on Friday, February 24th. Wunderlich reiterated a “sell” rating on shares of Brocade Communications Systems in a research note on Thursday, March 30th. Stifel Nicolaus reiterated a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a research note on Friday, May 26th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a research note on Friday, June 9th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $11.35.

In related news, SVP Ken Cheng sold 68,488 shares of the company’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $12.62, for a total transaction of $864,318.56. Following the sale, the senior vice president now owns 452,338 shares in the company, valued at approximately $5,708,505.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lloyd Carney sold 1,050,916 shares of the company’s stock in a transaction dated Wednesday, March 22nd. The shares were sold at an average price of $12.47, for a total value of $13,104,922.52. Following the sale, the chief executive officer now owns 1,143,810 shares in the company, valued at approximately $14,263,310.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,327,215 shares of company stock worth $16,591,972. 1.77% of the stock is owned by corporate insiders.

Brocade Communications Systems Company Profile

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.

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