Principal Financial Group Inc. boosted its stake in QLogic Corp. (NASDAQ:QLGC) by 2.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 602,557 shares of the company’s stock after buying an additional 13,908 shares during the period. Principal Financial Group Inc. owned about 0.72% of QLogic Corp. worth $8,881,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the company. Acrospire Investment Management LLC boosted its stake in QLogic Corp. by 30.4% in the second quarter. Acrospire Investment Management LLC now owns 7,300 shares of the company’s stock valued at $108,000 after buying an additional 1,700 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of QLogic Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 11,696 shares of the company’s stock valued at $172,000 after buying an additional 1,420 shares in the last quarter. Capital Fund Management S.A. bought a new position in shares of QLogic Corp. during the second quarter valued at $185,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of QLogic Corp. during the second quarter valued at $195,000. Finally, Meeder Asset Management Inc. bought a new position in shares of QLogic Corp. during the second quarter valued at $229,000.
Shares of QLogic Corp. (NASDAQ:QLGC) opened at 16.07 on Tuesday. 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 issued its earnings results on Tuesday, July 26th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.04. The company earned $116.40 million during the quarter, compared to analysts’ expectations of $115.60 million. During the same period last year, the business posted $0.19 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities analysts predict that QLogic Corp. will post $1.09 earnings per share for the current year.
QLGC has been the topic of several recent research reports. 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. Barclays PLC boosted their target price on QLogic Corp. from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, July 7th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $14.90.
In other news, VP Anthony Carrozza sold 5,977 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $15.46, for a total value of $92,404.42. Following the sale, the vice president now directly owns 10,792 shares in the company, valued at $166,844.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
QLogic Corp. Company Profile
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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