UP!

QLGC $16.07

QLGC target price
16.07
0
0
QLogic Corporation
Type
Subsidiary
Industry Computer Networking
Founded 1994
Headquarters Aliso Viejo, California
Key people
Jean Hu (CEO)
Products Fibre Channel adapters, converged network adapters, Ethernet adapters, iSCSI adapters, and ASICs
Number of employees
1,229 (2013)
Parent Cavium
Website www.qlogic.com

QLogic Corporation is a manufacturer of networking server and storage networking connectivity and application acceleration products, based in Aliso Viejo, California through 2016. QLogic’s products include Fibre Channel adapters, converged network adapters for Fibre Channel over Ethernet (FCoE), Ethernet network interface controllers, iSCSI adapters, and application-specific integrated circuits (ASICs). It was a public company from 1992 to 2016.

QLogic was created in 1992 after being spun off by Emulex. QLogic's original business was disk controllers. This business was sold to Marvell Technology Group in 2005. QLogic had its initial public offering in 1994 and was traded on NASDAQ under the symbol QLGC. Originally located in a Costa Mesa, California building adjacent to Emulex, it competed against its parent company in the market for Fibre Channel controllers for storage area networks.

QLogic acquired companies including NetXen. Integrated circuit designer Silicon Design Resources Inc. based in Austin, Texas, was acquired for about $2 million in 1998. In May 2000, QLogic acquired Fibre Channel switch maker Ancor Communications for about $1.7 billion in stock. Little Mountain Group, founded in 1999 and developer of iSCSI technology, was acquired in January 2001 for about $30 million. The compiler company PathScale was acquired for about $109 million in February 2006. Silverstorm Technologies, which designed InfiniBand products, was acquired in October 2006 for about $60 million. After attempting to use PathScale for cluster computing over InfiniBand, the compiler business was sold to SiCortex in August 2006.

QLogic was led by chairman H.K. Desai from 1996, who became executive chairman in 2010 until his death in June 2014. In 2012, the InfiniBand products were sold to Intel for $125 million. Simon Biddiscombe became chief executive in November 2010, until resigning in May 2013 after two years of falling revenue. Prasad Rampalli became chief executive a few months later, until August 2015. Jean Hu became acting CEO again at that time.

QLogic announced it was being acquired by Cavium in June 2016, for about $1 billion over its balance sheet cash. After the deal closed in August 2016, job cuts were announced. It announced it would move to Irvine, California in 2017.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2016-07-07 Boost Price Target Barclays PLC Equal Weight $13.00 to $15.00
2016-06-18 Reiterated Rating DA Davidson Hold $15.50
2016-06-17 Downgrade Argus Buy to Hold $16.00
2016-06-16 Reiterated Rating Barclays Hold $13.00
2016-06-16 Downgrade Pacific Crest Hold
2016-06-16 Reiterated Rating Barclays PLC Hold $13.00
2015-10-27 Boost Price Target Argus Buy $14.00 to $16.00
2015-10-23 Reiterated Rating BMO Capital Markets Market Perform $11.00
2015-08-31 Upgrade Summit Research Hold to Buy $11.00 to $13.00
2015-08-03 Lower Price Target Argus Buy $17.00 to $14.00
2015-08-02 Reiterated Rating BMO Capital Markets Outperform $12.00
2015-07-31 Reiterated Rating Barclays Equal Weight $15.00 to $12.00
2015-07-31 Downgrade Citigroup Inc. Outperform to Market Perform $10.50
2015-07-31 Downgrade Summit Research Buy to Hold $16.00 to $11.00
2015-07-31 Downgrade DA Davidson Buy to Neutral
2015-07-31 Downgrade BMO Capital Markets Outperform to Market Perform $12.50 to $10.00
2015-07-23 Downgrade Morgan Stanley Overweight to Equal Weight $14.00
2015-07-13 Reiterated Rating DA Davidson Buy $17.00
2015-07-10 Reiterated Rating Summit Research Buy
2015-07-10 Reiterated Rating Raymond James Outperform $17.00
2015-07-10 Reiterated Rating BMO Capital Markets Outperform $15.50
2015-07-10 Reiterated Rating Morgan Stanley Overweight $17.00 to $14.00
2015-07-10 Lower Price Target Argus Buy $19.00 to $17.00
2015-07-10 Reiterated Rating Raymond James Financial Inc. Outperform $17.00
2015-05-19 Reiterated Rating DA Davidson Buy $18.00 to $21.00
2015-05-09 Reiterated Rating BMO Capital Markets Outperform $16.50 to $15.50
2015-05-06 Upgrade Argus Hold to Buy $19.00
2015-05-01 Boost Price Target Barclays Equal Weight $14.00 to $15.00
2015-04-02 Reiterated Rating BMO Capital Markets Outperform $16.50
2015-01-30 Boost Price Target RBC Capital Outperform $13.00 to $15.00
2015-01-30 Upgrade BMO Capital Markets Market Perform to Outperform $14.50 to $15.50
2015-01-30 Boost Price Target Royal Bank Of Canada Outperform $13.00 to $15.00
2015-01-26 Set Price Target Summit Research Buy $14.00
2015-01-20 Reiterated Rating DA Davidson Buy
2015-01-16 Reiterated Rating BMO Capital Markets Market Perform $14.50
2015-01-12 Boost Price Target Barclays Equal Weight $11.00 to $14.00
2014-12-30 Initiated Coverage DA Davidson Buy $17.00
2014-12-17 Upgrade Morgan Stanley Equal Weight to Overweight
2014-10-17 Reiterated Rating Barclays Equal Weight $10.00 to $11.00
2014-10-17 Upgrade Summit Research Hold to Buy
2014-08-04 Downgrade Barclays Overweight to Equal Weight $13.00 to $10.00
2014-07-25 Reiterated Rating Barclays Overweight $14.00 to $13.00
2014-07-11 Upgrade Morgan Stanley Underweight to Equal Weight
2014-05-02 Downgrade Aegis Buy to Hold
2014-05-02 Boost Price Target Piper Jaffray $11.00 to $12.00
2014-02-19 Initiated Coverage Morgan Stanley Underweight $10.50
2014-01-30 Boost Price Target Needham & Company LLC $14.00
2013-11-14 Initiated Aegis Capital Buy $15
2013-11-14 Initiated Coverage Aegis Buy $15.00
2013-10-25 Boost Price Target Needham & Company LLC Buy $12.00 to $13.00
2013-10-25 Boost Price Target JPMorgan Chase & Co. Underweight $11.50 to $12.00
2013-10-25 Boost Price Target BMO Capital Markets Market Perform $10.00 to $12.00
2013-10-25 Reiterated Rating Lazard Capital Markets Neutral
2013-01-25 Reiterated Cantor Fitzgerald Hold $10.50 to $11.50
2012-10-26 Reiterated Cantor Fitzgerald Hold $13 to $10.50
2012-01-27 Reiterated Needham Buy $16 to $19
2011-01-12 Downgrade Canaccord Genuity Buy to Hold $20 to $18
2010-10-08 Upgrade Canaccord Genuity Hold to Buy $20
2010-07-23 Downgrade ThinkEquity Buy to Hold
2010-04-08 Downgrade Canaccord Adams Buy to Hold
2016-07-07 Boost Price Target Barclays PLC Equal Weight $13.00 to $15.00
2016-06-18 Reiterated Rating DA Davidson Hold $15.50
2016-06-17 Downgrade Argus Buy to Hold $16.00
2016-06-16 Reiterated Rating Barclays Hold $13.00
2016-06-16 Downgrade Pacific Crest Hold

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
DESAI HK Executive Chairman 0.31%  (270984) AMCC / MXL / NLST / QLGC /
BIDDISCOMBE SIMON President and CEO 0.06%  (55496) MOBL / QLGC / SREV /
RAMPALLI PRASAD L. President and CEO 0.06%  (51529) QLGC /
LEWIS KATHRYN B 0.03%  (23780) QLGC /
FIEBIGER JAMES R 0.02%  (19746) QLGC /
CRAWFORD ROBERT Senior VP - WW Sales 0.02%  (16641) QLGC /
BIRNBAUM JOEL S 0.01%  (12096) QLGC /
Mulligan Perry Senior VP - WW Operations 0.01%  (9998) ELX / MVIS / QLGC /
KARNIK MILIND Senior VP, Global Engineering 0.01%  (9362) QLGC /