QLogic Corp. (NASDAQ: QLGC) was downgraded by investment analysts at Morgan Stanley to an “underweight” rating in a note issued to investors on Monday, Analyst Ratings Network reports.
A number of other firms have also recently commented on QLGC. Analysts at Zacks reiterated a “neutral” rating on shares of QLogic Corp. in a research note to investors on Friday, July 5th. They now have a $11.00 price target on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of QLogic Corp. in a research note to investors on Monday, May 20th. They now have a $13.00 price target on the stock. Finally, analysts at JP Morgan Cazenove cut their price target on shares of QLogic Corp. from $12.00 to $11.00 in a research note to investors on Friday, May 3rd. They now have an “underweight” rating on the stock.
Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $11.75.
QLogic Corp. (NASDAQ: QLGC) opened at 10.93 on Monday. QLogic Corp. has a 52-week low of $8.63 and a 52-week high of $13.00. The stock’s 50-day moving average is currently $9.90. The company has a market cap of $973.2 million and a price-to-earnings ratio of 14.10.
QLogic Corp. (NASDAQ: QLGC) last announced its earnings results on Thursday, May 2nd. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. The company had revenue of $116.90 million for the quarter, compared to the consensus estimate of $115.35 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. Analysts expect that QLogic Corp. will post $0.70 EPS for the current fiscal year.
QLogic Corporation designs and supplies network infrastructure products that provide and manage computer data communication.