Ameriprise Financial Inc. increased its stake in QLogic Corp. (NASDAQ:QLGC) by 36.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 522,406 shares of the company’s stock after buying an additional 139,265 shares during the period. Ameriprise Financial Inc. owned about 0.63% of QLogic Corp. worth $7,702,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Capital Fund Management S.A. bought a new position in QLogic Corp. during the second quarter valued at approximately $185,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in QLogic Corp. during the second quarter valued at approximately $195,000. Meeder Asset Management Inc. bought a new position in QLogic Corp. during the second quarter valued at approximately $229,000. Gamco Investors INC. ET AL bought a new position in QLogic Corp. during the second quarter valued at approximately $248,000. Finally, Bayesian Capital Management LP increased its position in QLogic Corp. by 53.7% in the first quarter. Bayesian Capital Management LP now owns 20,900 shares of the company’s stock valued at $281,000 after buying an additional 7,300 shares during the period.
Shares of QLogic Corp. (NASDAQ:QLGC) remained flat at $16.07 during midday trading on Friday. The stock’s 50 day moving average price is $15.28 and its 200 day moving average price is $13.75. QLogic Corp. has a one year low of $8.81 and a one year high of $16.14.
QLogic Corp. (NASDAQ:QLGC) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The company earned $116.40 million during the quarter, compared to analyst estimates of $115.60 million. During the same period in the prior year, the business posted $0.19 EPS. QLogic Corp.’s revenue was up 2.6% compared to the same quarter last year. On average, analysts expect that QLogic Corp. will post $1.09 EPS for the current year.
Several research firms have recently commented on QLGC. Argus downgraded shares of 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. 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. Barclays PLC upped their price target on shares of QLogic Corp. from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, July 7th. Zacks Investment Research raised shares of 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. Finally, Pacific Crest downgraded shares of QLogic Corp. to a “hold” rating in a research note on Thursday, June 16th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.90.
In related news, VP Anthony Carrozza sold 5,977 shares of QLogic Corp. stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $15.46, for a total value of $92,404.42. Following the sale, the vice president now owns 10,792 shares of the company’s stock, valued at approximately $166,844.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
About QLogic Corp.
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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