QLogic Co. (NASDAQ:QLGC) issued its earnings results on Thursday. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04, MarketBeat reports. The company earned $122.70 million during the quarter, compared to analyst estimates of $117.60 million. The business’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. QLogic updated its Q4 guidance to $0.23-$0.27 EPS.

QLogic (NASDAQ:QLGC) traded up 2.38% during trading on Thursday, reaching $12.05. 794,911 shares of the company traded hands. QLogic has a 12-month low of $8.37 and a 12-month high of $15.93. The firm has a market capitalization of $1.01 billion and a price-to-earnings ratio of 28.02. The firm’s 50 day moving average price is $11.95 and its 200 day moving average price is $11.27.

QLGC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of QLogic from a “sell” rating to a “hold” rating in a research report on Wednesday, September 30th. BMO Capital Markets reiterated a “market perform” rating and set a $11.00 price target on shares of QLogic in a report on Friday, October 23rd. Argus lifted their price target on shares of QLogic from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. Finally, TheStreet lowered shares of QLogic from a “buy” rating to a “hold” rating in a report on Wednesday, January 6th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $13.85.

QLogic Corporation (NASDAQ:QLGC) 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. It offers products in two categories: Advanced Connectivity Platforms and Legacy Connectivity Products. The advanced Connectivity Platforms consist primarily of adapters and application-specific integrated circuits (ASICs) for server and storage connectivity applications. The legacy Connectivity Products consist primarily of Fiber Channel switch products. The Company’s products are based primarily on Fiber Channel and Ethernet technologies and are used in connection with storage networks, local area networks, and converged networks.

12 Month Chart for NASDAQ:QLGC

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