Shares of QLogic Corp. (NASDAQ:QLGC) saw unusually-high trading volume on Tuesday . Approximately 2,241,156 shares were traded during mid-day trading, an increase of 72% from the previous session’s volume of 1,303,755 shares.The stock last traded at $15.40 and had previously closed at $15.53.

QLGC has been the topic of several analyst reports. Zacks Investment Research downgraded QLogic Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. TheStreet downgraded QLogic Corp. from a “buy” rating to a “hold” rating in a report on Friday, May 6th. Argus downgraded QLogic Corp. from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a report on Friday, June 17th. Pacific Crest downgraded QLogic Corp. to a “hold” rating in a report on Thursday, June 16th. Finally, Barclays PLC reissued a “hold” rating and issued a $13.00 target price on shares of QLogic Corp. in a report on Thursday, June 16th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. QLogic Corp. currently has a consensus rating of “Hold” and an average target price of $14.58.

The firm’s 50-day moving average price is $14.91 and its 200-day moving average price is $13.47. The stock has a market cap of $1.29 billion and a P/E ratio of 21.02.

QLogic Corp. (NASDAQ:QLGC) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.29 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the business earned $0.19 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts forecast that QLogic Corp. will post $1.06 EPS for the current year.

A number of hedge funds and institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in QLogic Corp. by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,190,155 shares of the company’s stock valued at $75,521,000 after buying an additional 116,622 shares during the last quarter. Schroder Investment Management Group increased its position in shares of QLogic Corp. by 12.8% in the fourth quarter. Schroder Investment Management Group now owns 1,339,339 shares of the company’s stock worth $16,340,000 after buying an additional 151,700 shares in the last quarter. Morgan Stanley increased its position in shares of QLogic Corp. by 279.7% in the fourth quarter. Morgan Stanley now owns 659,543 shares of the company’s stock worth $8,046,000 after buying an additional 485,823 shares in the last quarter. Systematic Financial Management LP increased its position in shares of QLogic Corp. by 187.1% in the fourth quarter. Systematic Financial Management LP now owns 621,473 shares of the company’s stock worth $7,581,000 after buying an additional 405,015 shares in the last quarter. Finally, First Trust Advisors LP increased its position 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.

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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