The stock of Brocade Communications Systems, Inc. (NASDAQ:BRCD) hit a new 52-week high and has $18.91 target or 53.00% above today’s $12.36 share price. The 6 months bullish chart indicates low risk for the $5.26 billion company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $18.91 price target is reached, the company will be worth $2.79 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 70.22 million shares traded hands or 988.68% up from the average. Brocade Communications Systems, Inc. (NASDAQ:BRCD) has risen 6.24% since March 31, 2016 and is uptrending. It has outperformed by 3.71% the S&P500.
Brocade Communications Systems, Inc. (NASDAQ:BRCD) Ratings Coverage
Out of 18 analysts covering Brocade Communications Systems Inc. (NASDAQ:BRCD), 5 rate it a “Buy”, 2 “Sell”, while 11 “Hold”. This means 28% are positive. $14 is the highest target while $7.50 is the lowest. The $10.41 average target is -15.78% below today’s ($12.36) stock price. Brocade Communications Systems Inc. has been the topic of 44 analyst reports since August 19, 2015 according to StockzIntelligence Inc. Wunderlich downgraded the shares of BRCD in a report on Tuesday, May 3 to “Hold” rating. RBC Capital Markets maintained Brocade Communications Systems, Inc. (NASDAQ:BRCD) rating on Tuesday, November 24. RBC Capital Markets has “Sector Perform” rating and $11 price target. The firm earned “Sector Perform” rating on Monday, August 22 by RBC Capital Markets. The company was initiated on Friday, December 11 by BMO Capital Markets. The stock of Brocade Communications Systems, Inc. (NASDAQ:BRCD) earned “Sector Perform” rating by RBC Capital Markets on Friday, May 20. The firm has “Equalweight” rating by Barclays Capital given on Wednesday, October 14. UBS maintained it with “Sell” rating and $7.50 target price in Friday, May 20 report. The rating was upgraded by Argus Research to “Buy” on Thursday, April 7. Citigroup maintained Brocade Communications Systems, Inc. (NASDAQ:BRCD) rating on Friday, August 26. Citigroup has “Neutral” rating and $11 price target. The firm earned “Neutral” rating on Monday, August 22 by Citigroup.
According to Zacks Investment Research, “Brocade Communications Systems, Inc. delivers industry-leading platforms, solutions, and services for intelligently connecting, managing, and optimizing IT resources in shared storage environments. The world’s premier systems, server, and storage providers offer the Brocade SilkWorm family of Storage Area Network connectivity platforms as the foundation for shared storage in organizations of all sizes. In addition, the Brocade Tapestry family of IT infrastructure solutions extends the ability to proactively manage and optimize application and information resources across the enterprise. Using Brocade solutions, organizations are better positioned to reduce cost, manage complexity, and satisfy business compliance requirements through optimized use and management of their IT resources.”
Insitutional Activity: The institutional sentiment decreased to 1.17 in Q2 2016. Its down 0.02, from 1.19 in 2016Q1. The ratio dived, as 45 funds sold all Brocade Communications Systems, Inc. shares owned while 95 reduced positions. 62 funds bought stakes while 102 increased positions. They now own 341.47 million shares or 0.31% more from 340.41 million shares in 2016Q1.
Nordea Management Ab has invested 0% of its portfolio in Brocade Communications Systems, Inc. (NASDAQ:BRCD). Eagle Asset last reported 343,915 shares in the company. Freestone Cap Holding Lc has 1.90M shares for 1.71% of their US portfolio. Louisiana State Employees Retirement System has invested 0.06% of its portfolio in Brocade Communications Systems, Inc. (NASDAQ:BRCD). Bessemer Grp Incorporated has 0.05% invested in the company for 1.02 million shares. Retirement Of Alabama has 0.03% invested in the company for 602,067 shares. Panagora Asset Mgmt Incorporated last reported 0.1% of its portfolio in the stock. Clarivest Asset Mgmt Llc has invested 0.11% of its portfolio in Brocade Communications Systems, Inc. (NASDAQ:BRCD). Moreover, State Of Wisconsin Invest Board has 0.01% invested in Brocade Communications Systems, Inc. (NASDAQ:BRCD) for 304,475 shares. Ladenburg Thalmann Fincl Ser Incorporated last reported 0% of its portfolio in the stock. First Interstate Savings Bank holds 0.01% or 2,794 shares in its portfolio. Price T Rowe Associate Inc Md has 235,545 shares for 0% of their US portfolio. Canada Pension Plan Inv Board last reported 2.45 million shares in the company. Moreover, Raymond James Fincl Svcs Advsr has 0% invested in Brocade Communications Systems, Inc. (NASDAQ:BRCD) for 17,592 shares. Fmr Lc has 0.01% invested in the company for 10.98 million shares.
Insider Transactions: Since June 10, 2016, the stock had 0 buys, and 3 selling transactions for $241,510 net activity. Shares for $101,919 were sold by England Gale E.. ODONNELL ELLEN had sold 7,500 shares worth $67,500.
More notable recent Brocade Communications Systems, Inc. (NASDAQ:BRCD) news were published by: Globenewswire.com which released: “Broadcom Limited to Acquire Brocade Communications Systems Inc. for $5.9 Billion” on November 02, 2016, also Profitconfidential.com with their article: “Brocade Communications Systems, Inc.: BRCD Stock Could Soar” published on October 12, 2016, Benzinga.com published: “7 Stocks That Rallied Three Days On Increasing Volume” on November 02, 2016. More interesting news about Brocade Communications Systems, Inc. (NASDAQ:BRCD) were released by: Benzinga.com and their article: “Benzinga’s Volume Movers” published on November 02, 2016 as well as Marketwatch.com‘s news article titled: “Brocade stock soars on report of sale talks” with publication date: October 31, 2016.
BRCD Company Profile
Brocade Communications Systems, Inc. (Brocade), incorporated on February 11, 1996, is a supplier of networking equipment, including end-to-end Internet Protocol (IP) 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 a range of networking hardware and software services and products. Brocade services and products are marketed, sold and supported globally to end-user clients through distribution partners, including original equipment manufacturers (OEMs), distributors, systems integrators, value-added resellers (VARs) and directly to end-users by the Brocade direct sales force. The Firm operates in four divisions: Data Storage, Global Services, IP Layer 2-3 and IP Layer 4-7/ Application Delivery Products (IP Layer 4-7/ADP). In September 2014, the Company acquired network visibility and analytics technology assets from privately held Vistapointe.
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