Shares of QLogic Corp. (NASDAQ:QLGC) have been assigned an average recommendation of “Hold” from the seven brokerages that are covering the stock. Six analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $14.90.
A number of analysts have commented on QLGC shares. Argus lowered shares of QLogic Corp. from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research note on Friday, June 17th. Pacific Crest downgraded QLogic Corp. to a “hold” rating in a report on Thursday, June 16th. Barclays PLC reiterated a “hold” rating and issued a $13.00 target price on shares of QLogic Corp. in a report on Thursday, June 16th. DA Davidson reiterated a “hold” rating and issued a $15.50 target price on shares of QLogic Corp. in a report on Saturday, June 18th. Finally, Zacks Investment Research upgraded QLogic Corp. from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Monday, August 1st.
In related news, VP Anthony Carrozza sold 5,977 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $15.46, for a total value of $92,404.42. Following the transaction, the vice president now owns 10,792 shares in the company, valued at $166,844.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of institutional investors have recently added to or reduced their stakes in QLGC. Bayesian Capital Management LP increased its position in QLogic Corp. by 53.7% in the first quarter. Bayesian Capital Management LP now owns 20,900 shares of the company’s stock worth $281,000 after buying an additional 7,300 shares in the last quarter. Invictus RG increased its position in QLogic Corp. by 30.0% in the first quarter. Invictus RG now owns 31,891 shares of the company’s stock worth $429,000 after buying an additional 7,360 shares in the last quarter. A.R.T. Advisors LLC increased its position in QLogic Corp. by 6.9% in the first quarter. A.R.T. Advisors LLC now owns 63,562 shares of the company’s stock worth $854,000 after buying an additional 4,100 shares in the last quarter. BlackRock Group LTD increased its position in QLogic Corp. by 7.4% in the first quarter. BlackRock Group LTD now owns 98,974 shares of the company’s stock worth $1,330,000 after buying an additional 6,817 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in QLogic Corp. by 144.9% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 470,158 shares of the company’s stock worth $6,930,000 after buying an additional 278,178 shares in the last quarter.
QLogic Corp. (NASDAQ:QLGC) opened at 16.07 on Thursday. QLogic Corp. has a 52-week low of $8.81 and a 52-week high of $16.14. The stock’s 50 day moving average is $15.28 and its 200-day moving average is $13.75.
QLogic Corp. (NASDAQ:QLGC) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $116.40 million for the quarter, compared to analysts’ expectations of $115.60 million. During the same period in the prior year, the company posted $0.19 earnings per share. QLogic Corp.’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that QLogic Corp. will post $1.09 EPS for the current fiscal year.
About QLogic Corp.
QLogic Corporation (QLogic) designs and supplies server and storage networking connectivity products that provide and manage computer data communication. These products facilitate the transfer of data and enable resource sharing between servers, networks and storage. The Company’s products are used in enterprise, managed service provider, consumer Web, and cloud service provider data centers, along with other environments dependent on data networking.
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