Revenue Update on QLogic Corporation(NASDAQ:QLGC)

QLogic Corporation(NASDAQ:QLGC) announced the earnings results for Fiscal Year 2017 and Q1. The results came in during After-hours on Jul 26, 2016. Company reported revenue of $116.40M. Analysts estimated a revenue of $115.59M. Earnings per share were $0.29. Analysts had estimated an EPS of $0.25.

In a different note, On Jul 7, 2016, Barclays said it Maintains its rating on QLogic Corporation. In the research note, the firm Lowers the price-target to $13.00 per share. The shares have been rated ‘Equalweight’ by the firm. On Jun 17, 2016, Argus Research said it Downgrades its rating on QLogic Corporation. The shares have been rated ‘Hold’ by the firm.

QLogic Corporation (QLGC) shares turned negative on Fridays trading session with the shares closing down -0.09 points or -0.58% at a volume of 20,28,582. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $15.58. The peak price level was also seen at $15.58 while the days lowest was $15.28. Finally the shares closed at $15.52. The 52-week high of the shares is $15.78 while the 52-week low is $8.37. According to the latest information available, the market cap of the company is $1,302 M.

Several Insider Transactions has been reported to the SEC. On May 12, 2016, Anthony Carrozza (Senior VP – WW Sales) sold 1,460 shares at $13.53 per share price.Also, On Sep 10, 2015, Milind Karnik (Senior VP, Global Engineering) sold 1,606 shares at $10.19 per share price.On Aug 4, 2015, Prasad L. Rampalli (President and CEO) sold 1,666 shares at $8.95 per share price, according to the Form-4 filing with the securities and exchange commission.

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. 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.

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