QLogic Corp. (QLGC) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS
QLogic Corp. (NASDAQ:QLGC) posted its quarterly earnings results on Thursday. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.22 by $0.02, Stock Ratings News reports. The company had revenue of $115.70 million for the quarter, compared to the consensus estimate of $113.30 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis.
QLogic Corp. (NASDAQ:QLGC) traded down 7.17% on Thursday, hitting $10.75. 2,529,793 shares of the company’s stock traded hands. QLogic Corp. has a one year low of $9.29 and a one year high of $13.07. The stock has a 50-day moving average of $12.27 and a 200-day moving average of $11.82. The company has a market cap of $934.8 million and a P/E ratio of 17.79.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of QLogic Corp. in a research note on Tuesday, April 8th. They now have a $13.00 price target on the stock. On the ratings front, analysts at TheStreet upgraded shares of QLogic Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, March 25th. Finally, analysts at Morgan Stanley initiated coverage on shares of QLogic Corp. in a research note on Wednesday, February 19th. They set an “underweight” rating and a $10.50 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. QLogic Corp. currently has a consensus rating of “Hold” and a consensus target price of $12.94.
QLogic Corporation designs and supplies network infrastructure products that provide and manage computer data communication.
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