Alpine Associates Management Inc. Lowers Position in Brocade Communications Systems, Inc. (BRCD)

Alpine Associates Management Inc. reduced its stake in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 11.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,163,193 shares of the technology company’s stock after selling 691,815 shares during the quarter. Brocade Communications Systems comprises about 2.1% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 15th biggest position. Alpine Associates Management Inc. owned 1.25% of Brocade Communications Systems worth $61,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. World Asset Management Inc increased its stake in Brocade Communications Systems by 0.7% during the second quarter. World Asset Management Inc now owns 28,091 shares of the technology company’s stock worth $354,000 after acquiring an additional 191 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Brocade Communications Systems by 6.9% during the second quarter. PNC Financial Services Group Inc. now owns 12,603 shares of the technology company’s stock worth $160,000 after acquiring an additional 811 shares during the last quarter. Stifel Financial Corp increased its stake in Brocade Communications Systems by 1.7% during the second quarter. Stifel Financial Corp now owns 53,205 shares of the technology company’s stock worth $672,000 after acquiring an additional 900 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Brocade Communications Systems by 3.4% during the second quarter. Teacher Retirement System of Texas now owns 32,671 shares of the technology company’s stock worth $412,000 after acquiring an additional 1,071 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Brocade Communications Systems by 6.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,758 shares of the technology company’s stock worth $211,000 after acquiring an additional 1,087 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

BRCD has been the topic of several analyst reports. Robert W. Baird set a $13.00 price objective on Brocade Communications Systems and gave the stock a “hold” rating in a research note on Thursday, August 17th. BidaskClub raised Brocade Communications Systems from a “sell” rating to a “hold” rating in a research note on Sunday, August 20th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a research note on Friday, September 29th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Brocade Communications Systems currently has a consensus rating of “Hold” and a consensus price target of $12.83.

Brocade Communications Systems, Inc. (NASDAQ:BRCD) opened at $12.69 on Wednesday. Brocade Communications Systems, Inc. has a 12-month low of $11.43 and a 12-month high of $12.74. The stock has a market capitalization of $5,270.00, a P/E ratio of 39.78, a price-to-earnings-growth ratio of 2.93 and a beta of 0.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.66 and a current ratio of 2.78.

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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.

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

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