Shares of QLogic Corp. (NASDAQ:QLGC) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.14 and last traded at $16.12, with a volume of 227,509 shares changing hands. The stock had previously closed at $16.04.

QLGC has been the subject of several recent research reports. Zacks Investment Research upgraded QLogic Corp. from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Monday, August 1st. Barclays PLC boosted their price target on QLogic Corp. from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, July 7th. DA Davidson restated a “hold” rating and issued a $15.50 price target on shares of QLogic Corp. in a research note on Saturday, June 18th. Pacific Crest downgraded QLogic Corp. to a “hold” rating in a research report on Thursday, June 16th. Finally, Argus downgraded QLogic Corp. from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $14.58.

The company has a 50-day moving average price of $15.19 and a 200-day moving average price of $13.67. The firm has a market capitalization of $1.36 billion and a P/E ratio of 21.89.

QLogic Corp. (NASDAQ:QLGC) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.04. The business had revenue of $116.40 million for the quarter, compared to analysts’ expectations of $115.60 million. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 earnings per share. Equities analysts expect that QLogic Corp. will post $1.10 earnings per share for the current fiscal year.

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 $166,844.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several hedge funds have modified their holdings of the stock. Dimensional Fund Advisors LP increased 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 worth $75,521,000 after buying an additional 116,622 shares during the last quarter. Systematic Financial Management LP increased 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 worth $7,581,000 after buying an additional 405,015 shares during 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 during the last quarter. Finally, 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 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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