QLogic Corp. Given “Neutral” Rating at Zacks (QLGC)
QLogic Corp. (NASDAQ:QLGC)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Thursday, StockRatingsNetwork.com reports. They currently have a $12.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 1.44% from the stock’s previous close.
Zacks‘ analyst wrote, “QLogic reported better-than-expected second-quarter fiscal 2014 results. Both earnings and revenues beat the Zacks Consensus Estimate. Although revenues declined on a year-over-year basis, earnings jumped significantly. We believe that the company’s top-line growth continues to suffer from the sluggish macroeconomic environment. Moreover, higher investments in engineering and intensifying competition will hurt profitability, going forward. Nevertheless, we believe that QLogic will continue to benefit from contract wins from OEMs in the near term. Moreover, innovative product pipeline, new technologies and additional savings from its restructuring initiatives will drive profitability, going forward. Additionally, continuing share buybacks will boost earnings in the long run. Thus, we maintain our Neutral recommendation and set a price target of $12.00. “
Shares of QLogic Corp. (NASDAQ:QLGC) traded down 1.35% on Thursday, hitting $11.67. 202,861 shares of the company’s stock traded hands. QLogic Corp. has a 52 week low of $9.29 and a 52 week high of $12.90. The stock has a 50-day moving average of $11.81 and a 200-day moving average of $11.19. The company has a market cap of $1.012 billion and a price-to-earnings ratio of 20.94.
QLogic Corp. (NASDAQ:QLGC) last announced its earnings results on Thursday, October 24th. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.04. The company had revenue of $112.60 million for the quarter, compared to the consensus estimate of $112.06 million. During the same quarter last year, the company posted $0.18 earnings per share. QLogic Corp.’s revenue was down 4.5% compared to the same quarter last year.
A number of other analysts have also recently weighed in on QLGC. Analysts at Aegis initiated coverage on shares of QLogic Corp. in a research note to investors on Thursday, November 14th. They set a “buy” rating and a $15.00 price target on the stock. Separately, analysts at Needham & Company raised their price target on shares of QLogic Corp. from $12.00 to $13.00 in a research note to investors on Friday, October 25th. They now have a “buy” rating on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of QLogic Corp. from $11.50 to $12.00 in a research note to investors on Friday, October 25th. They now have an “underweight” rating on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. QLogic Corp. currently has an average rating of “Hold” and a consensus target price of $12.00.
QLogic Corporation designs and supplies network infrastructure products that provide and manage computer data communication.
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