Strs Ohio reduced its stake in shares of QLogic Corp. (NASDAQ:QLGC) by 81.9% during the second quarter, Holdings Channel reports. The institutional investor owned 64,600 shares of the company’s stock after selling 292,200 shares during the period. Strs Ohio’s holdings in QLogic Corp. were worth $952,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Louisiana State Employees Retirement System increased its stake in QLogic Corp. by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 36,800 shares of the company’s stock worth $542,000 after buying an additional 100 shares during the period. Aperio Group LLC increased its stake in QLogic Corp. by 10.3% in the first quarter. Aperio Group LLC now owns 31,070 shares of the company’s stock worth $418,000 after buying an additional 2,893 shares during the period. A.R.T. Advisors LLC increased its stake 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 during the period. BlackRock Group LTD increased its stake 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 during the period. Finally, Bayesian Capital Management LP increased its stake 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 during the period.
QLogic Corp. (NASDAQ:QLGC) remained flat at $16.07 on Friday. QLogic Corp. has a one year low of $8.81 and a one year high of $16.14. The stock’s 50 day moving average price is $15.28 and its 200-day moving average price is $13.75.
QLogic Corp. (NASDAQ:QLGC) last posted its earnings results on Tuesday, July 26th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $116.40 million for the quarter, compared to the consensus estimate of $115.60 million. During the same period in the previous year, the company posted $0.19 earnings per share. QLogic Corp.’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts predict that QLogic Corp. will post $1.09 EPS for the current year.
A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of QLogic Corp. from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report on Monday, August 1st. Barclays PLC boosted their target price on shares of QLogic Corp. from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, July 7th. Finally, 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. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $14.90.
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 transaction of $92,404.42. Following the completion of the sale, the vice president now directly owns 10,792 shares of the company’s stock, valued at approximately $166,844.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
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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