QLogic Corp. (NASDAQ:QLGC) shares saw unusually-strong trading volume on Tuesday . Approximately 3,263,787 shares were traded during trading, an increase of 91% from the previous session’s volume of 1,708,252 shares.The stock last traded at $15.77 and had previously closed at $15.78.

Several equities analysts recently commented on QLGC shares. Zacks Investment Research cut shares of QLogic Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. TheStreet cut shares of QLogic Corp. from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Argus cut 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 cut shares of QLogic Corp. to a “hold” rating in a research note on Thursday, June 16th. Finally, Barclays PLC restated a “hold” rating and issued a $13.00 price objective on shares of QLogic Corp. in a research note on Thursday, June 16th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. QLogic Corp. presently has an average rating of “Hold” and a consensus price target of $14.58.

The stock has a market cap of $1.32 billion and a price-to-earnings ratio of 21.62. The firm has a 50 day moving average of $15.10 and a 200-day moving average of $13.61.

QLogic Corp. (NASDAQ:QLGC) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The firm had revenue of $116.40 million for the quarter, compared to the consensus estimate of $115.60 million. During the same quarter last year, the firm posted $0.19 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts expect that QLogic Corp. will post $1.10 earnings per share for the current year.

In related news, VP Anthony Carrozza sold 5,977 shares of the company’s 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 sale, the vice president now directly owns 10,792 shares in the company, valued at $166,844.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Other hedge funds recently made changes to their positions in the company. Morgan Stanley boosted its stake in shares of QLogic Corp. by 279.7% in the fourth quarter. Morgan Stanley now owns 659,543 shares of the company’s stock valued at $8,046,000 after buying an additional 485,823 shares during the last quarter. Systematic Financial Management LP boosted its stake 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 valued at $7,581,000 after buying an additional 405,015 shares during the last quarter. Schroder Investment Management Group boosted its stake 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 valued at $16,340,000 after buying an additional 151,700 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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. Finally, New York State Common Retirement Fund boosted 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 valued at $2,496,000 after buying an additional 96,870 shares during 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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