QLogic Corporation (QLGC) Reports Weak Preliminary Q1 2016 Results, Stock Plunges

How are hedge funds trading QLogic Corporation (NASDAQ:QLGC)?

When looking at the hedgies followed by Insider Monkey, Phill Gross and Robert Atchinson‘s Adage Capital Management had the largest position in QLogic Corporation (NASDAQ:QLGC), worth close to $20 million in 1.35 million shares, corresponding to less than 0.1% of its total 13F portfolio. Coming in second is Chuck Royce of Royce & Associates, with a $19 million position of 1.29 million shares; 0.1% of its 13F portfolio is allocated to the company. Additional members of the smart money that hold long positions contain Leon Shaulov’s Maplelane Capital, Anand Parekh’s Alyeska Investment Group, and Steven Boyd’s Armistice Capital.

Since QLogic Corporation (NASDAQ:QLGC) saw a decrease in interest from hedge funds, there were a few fund managers that chose to cut their full holdings heading into the second quarter. It’s worth mentioning that Michael Novogratz‘s Fortress Investment Group cut the largest position of the “upper crust” of funds monitored by Insider Monkey, worth about $4.7 million. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also cut its stock, 315,672 shares worth about $4.2 million.

As QLogic Corporation (NASDAQ:QLGC) battles a weaker market as well as having lost confidence from the best money managers in the world, we do not recommend a long position in the stock on its big dip today.

Disclosure: None