JPMorgan Chase & Co. reduced its position in shares of QLogic Corp. (NASDAQ:QLGC) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 607,267 shares of the company’s stock after selling 7,539 shares during the period. JPMorgan Chase & Co. owned about 0.73% of QLogic Corp. worth $8,951,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in QLGC. Capital Fund Management S.A. acquired a new position in shares of QLogic Corp. during the second quarter worth about $185,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of QLogic Corp. during the second quarter worth about $195,000. Meeder Asset Management Inc. acquired a new position in shares of QLogic Corp. during the second quarter worth about $229,000. Gamco Investors INC. ET AL acquired a new position in shares of QLogic Corp. during the second quarter worth about $248,000. Finally, Bayesian Capital Management LP increased its position in shares of QLogic Corp. by 53.7% in the first quarter. Bayesian Capital Management LP now owns 20,900 shares of the company’s stock worth $281,000 after buying an additional 7,300 shares in the last quarter.
Shares of QLogic Corp. (NASDAQ:QLGC) remained flat at $16.07 during mid-day trading on Friday. The company has a 50 day moving average price of $15.28 and a 200-day moving average price of $13.75. QLogic Corp. has a 52 week low of $8.81 and a 52 week high of $16.14.
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 Thomson Reuters’ 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. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, analysts predict that QLogic Corp. will post $1.09 EPS for the current year.
A number of research analysts recently weighed in on QLGC shares. Zacks Investment Research raised QLogic Corp. from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Monday, August 1st. Barclays PLC upped their price target on QLogic Corp. from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 7th. DA Davidson reaffirmed a “hold” rating and set 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 note on Thursday, June 16th. Finally, Argus downgraded QLogic Corp. from a “buy” rating to a “hold” rating and set a $16.00 price target on the stock. in a research note on Friday, June 17th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $14.90.
In other news, VP Anthony Carrozza sold 5,977 shares of QLogic Corp. stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $15.46, for a total value of $92,404.42. Following the transaction, the vice president now owns 10,792 shares in the company, valued at $166,844.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
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.
Want to see what other hedge funds are holding QLGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QLogic Corp. (NASDAQ:QLGC).
Receive News & Ratings for QLogic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for QLogic Corp. and related companies with MarketBeat.com's FREE daily email newsletter.