Robert W. Baird Reiterates a Hold Rating on BrocadeBy Ryan Adsit
In a report released today, Jayson Noland from Robert W. Baird reiterated a Hold rating on Brocade (NASDAQ: BRCD). The company’s shares closed yesterday at $12.37, close to its 52-week high of $12.46.
“We expect FC SAN to face prolonged challenges due to the deflationary effect of AFA, and the rise of alternative storage/computing architectures (e.g., Hyperconverged).”
According to TipRanks.com, Noland is a 4-star analyst with an average return of 7.8% and a 56.3% success rate. Noland covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Riverbed Technology, and Palo Alto Networks.
Brocade has an analyst consensus of Hold, with a price target consensus of $10.79.
The company has a one year high of $12.46 and a one year low of $7.40. Currently, Brocade has an average volume of 9.38M.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BRCD in relation to earlier this year. Most recently, in September 2016, William Krause, a Director at BRCD bought 20,000 shares for a total of $176,000.
Brocade Communications Systems, Inc. engages in the provision of innovative network solutions. It supplies networking hardware and software, including Storage Area Networking solutions and Internet Protocol networking solutions for businesses and organizations worldwide. It operates through the following segments: Storage Area Networking Products, Internet Protocol Networking Products, and Global Services. The Storage Area Networking Products segments include infrastructure products and solutions that assist customers in the development and delivery of storage and server consolidation, disaster recovery and data security, and in meeting compliance issues regarding data management. These products are used to build storage area networks and are generally used in conjunction with servers and storage subsystems, Storage Area Networking interconnection components such as host bus adapters and server and storage management software applications and tools. The Internet Protocol Networking segments products include Layer 2 and Layer 3 Ethernet switches and routers that are designed to connect users over private and public networks, including local area, metro, and within & across global data centers. Global Services segment include break and fix maintenance, installation, consulting, network management and software maintenance, and post-contract customer support revenue. Brocade Communications Systems was founded by Paul R. Bonderson, Jr., Kumar Malavalli and Seth D. Nieman on August 24, 1995 and is headquartered in San Jose, CA.