The stock of Brocade Communications Systems, Inc. (NASDAQ:BRCD) hit a new 52-week high and has $13.08 target or 5.00% above today’s $12.46 share price. The 8 months bullish chart indicates low risk for the $5.00 billion company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $13.08 price target is reached, the company will be worth $250.00 million 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 1.74M shares traded hands. Brocade Communications Systems, Inc. (NASDAQ:BRCD) has risen 28.19% since April 20, 2016 and is uptrending. It has outperformed by 23.63% the S&P500.
Brocade Communications Systems, Inc. (NASDAQ:BRCD) Ratings Coverage
Out of 19 analysts covering Brocade Communications Systems Inc. (NASDAQ:BRCD), 3 rate it a “Buy”, 2 “Sell”, while 14 “Hold”. This means 16% are positive. $14 is the highest target while $7.50 is the lowest. The $10.69 average target is -14.21% below today’s ($12.46) stock price. Brocade Communications Systems Inc. has been the topic of 49 analyst reports since August 19, 2015 according to StockzIntelligence Inc. On Wednesday, November 2 the stock rating was upgraded by Raymond James to “Neutral”. On Thursday, November 3 the stock rating was downgraded by DA Davidson to “Neutral”. The stock has “Underperform” rating given by Robert W. Baird on Thursday, July 14. Wunderlich downgraded it to “Hold” rating and $9 target price in Tuesday, May 3 report. The stock of Brocade Communications Systems, Inc. (NASDAQ:BRCD) earned “Neutral” rating by Goldman Sachs on Friday, August 21. The firm earned “Market Perform” rating on Friday, December 11 by BMO Capital Markets. Bank of America initiated Brocade Communications Systems, Inc. (NASDAQ:BRCD) on Wednesday, May 18 with “Buy” rating. As per Tuesday, November 24, the company rating was downgraded by JP Morgan. The stock of Brocade Communications Systems, Inc. (NASDAQ:BRCD) earned “Sector Perform” rating by RBC Capital Markets on Tuesday, November 24. The company was upgraded on Thursday, February 18 by Wunderlich.
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 0.72 in 2016 Q2. Its down 0.45, from 1.17 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.
State Board Of Administration Of Florida Retirement Systems has 722,210 shares for 0.02% of their US portfolio. First Republic reported 31,850 shares or 0% of all its holdings. Comerica Financial Bank owns 327,926 shares or 0.03% of their US portfolio. Moreover, Blackrock Advsrs Limited Liability Corp has 0% invested in Brocade Communications Systems, Inc. (NASDAQ:BRCD) for 257,978 shares. Parametric Associates Limited Liability Corp reported 2.31 million shares or 0.03% of all its holdings. Ameriprise Fin accumulated 1.24 million shares or 0.01% of the stock. Hays Advisory Ltd Liability Co holds 603,224 shares or 0.86% of its portfolio. Northern Tru has 4.02M shares for 0.01% of their US portfolio. Federated Pa holds 266,049 shares or 0.01% of its portfolio. Metropolitan Life Insurance Communication Ny last reported 0.03% of its portfolio in the stock. Invesco Ltd accumulated 0% or 889,076 shares. Group Inc One Trading L P accumulated 0.01% or 55,778 shares. Connor Clark Lunn Investment Mngmt Limited has 44,650 shares for 0% of their US portfolio. Bank & Trust Of Montreal Can has 6.00 million shares for 0.06% of their US portfolio. Mizuho Trust & last reported 0% of its portfolio in the stock.
Insider Transactions: Since June 10, 2016, the stock had 0 buys, and 3 selling transactions for $241,510 net activity. On Monday, August 22 the insider England Gale E. sold $101,919. 8,129 Brocade Communications Systems, Inc. (NASDAQ:BRCD) shares with value of $72,091 were sold by ODONNELL ELLEN.
More notable recent Brocade Communications Systems, Inc. (NASDAQ:BRCD) news were published by: Nasdaq.com which released: “Earnings Reaction History: Brocade Communications Systems, Inc., 50.0% Follow …” on November 21, 2016, also Fool.com with their article: “Why Brocade Communications Systems, Inc. Stock Jumped Today” published on November 02, 2016, Prnewswire.com published: “Brocade Communications Systems Inc. Acquisition May Not Be in the Best …” on November 04, 2016. More interesting news about Brocade Communications Systems, Inc. (NASDAQ:BRCD) were released by: Bloomberg.com and their article: “Brocade Communications in Advanced Talks to Sell Itself” published on October 31, 2016 as well as Prnewswire.com‘s news article titled: “Harwood Feffer LLP Announces Investigation of Brocade Communications Systems, Inc.” with publication date: November 02, 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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