Are Brocade Insiders Buying On Privileged Information?
Brocade Communications Systems, Inc. (NASDAQ:BRCD) recently received a bit of good news when its stock was reaffirmed by a major ratings agency, and it seems insiders at the company may have been privy to the decision, as hundreds of thousands of dollars' worth of shares were purchased in the weeks leading up to the reaffirmation.
According to JAGS Report, UBS AG reaffirmed its neutral rating on the company's shares, which came shortly after several other analysts gave their views on the stock. Oppenheimer analysts also reiterated on Friday their market perform rating for the company's stock, while Pacific Crest analysts upgraded shares from "Underperform" to "Sector Perform."
Needham & Company analysts also reiterated their buy rating on the stock.
After the positive news, Brocade shares rose 2.75 percent, hitting a high of $5.79, compared to the company's 52-week low of $33.31 and its 52-week high of $6.17.
According to recent insider trading reports, company officials have purchased $489,480 in shares in the last three months.
Do you think these executives had advanced knowledge of the favorable ratings?
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