QLogic Corp. (QLGC) Sets New 52-Week High at $15.01
QLogic Corp. (NASDAQ:QLGC) shares hit a new 52-week high on Tuesday . The company traded as high as $15.01 and last traded at $14.99, with a volume of 226,468 shares changing hands. The stock had previously closed at $14.94.
A number of brokerages recently weighed in on QLGC. DA Davidson reissued a “hold” rating and issued a $15.50 price objective on shares of QLogic Corp. in a research note on Saturday, June 18th. Zacks Investment Research lowered QLogic Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Pacific Crest lowered QLogic Corp. to a “hold” rating in a report on Thursday, June 16th. Barclays PLC raised their target price on QLogic Corp. from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, July 7th. Finally, TheStreet lowered QLogic Corp. from a “buy” rating to a “hold” rating in a report on Friday, May 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $13.50.
The stock’s 50-day moving average is $14.23 and its 200 day moving average is $13.08. The firm has a market capitalization of $1.25 billion and a PE ratio of 27.78.
QLogic Corp. (NASDAQ:QLGC) last announced its earnings results on Thursday, May 5th. The company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The firm had revenue of $119.40 million for the quarter, compared to the consensus estimate of $116.82 million. QLogic Corp.’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. Analysts expect that QLogic Corp. will post $1.05 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in QLGC. California State Teachers Retirement System raised its position in shares of QLogic Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 161,740 shares of the company’s stock worth $1,973,000 after buying an additional 2,573 shares during the period. First Trust Advisors LP increased its stake in shares of QLogic Corp. by 37.2% in the fourth quarter. First Trust Advisors LP now owns 244,705 shares of the company’s stock worth $2,985,000 after buying an additional 66,352 shares in the last quarter. Rhumbline Advisers increased its stake in shares of QLogic Corp. by 4.6% in the fourth quarter. Rhumbline Advisers now owns 143,858 shares of the company’s stock worth $1,755,000 after buying an additional 6,350 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of QLogic Corp. by 89.9% in the fourth quarter. New York State Common Retirement Fund now owns 204,603 shares of the company’s stock worth $2,496,000 after buying an additional 96,870 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its stake in shares of QLogic Corp. by 9.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 221,546 shares of the company’s stock worth $2,703,000 after buying an additional 18,672 shares in the last quarter.
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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