Market Insight: Qlogic Leading the Way in Storage Area Network Revenues

Qlogic recently announced that once again they have been ranked number one in every category of storage area network [SAN] host bus adapter [HBA] revenue and port market share, according to new data from the Dell'Oro Group Q2 2008 SAN Report.

Dell'Oro reports that Qlogic gained in overall revenue market share versus its primary competitor for the fifth consecutive quarter achieving 55 percent market share in overall ports and 53 percent of revenue share with a gain of 3.1 percentage points over the previous quarter.

Qlogic is good fundamentally, led by strong sales and earnings growth. In its latest quarter, the company reported net revenues of $167 million compared to the previously forecasted quarter net revenue range of $154 million to $158 million.

Technically, the stock has a solid profile projecting a possible move up to the $22 per share area by the December timeframe. Qlogic does have a very tradable options market and provides LEAPS that currently extends out to January of 2011, which is more than enough time for the trader to capitalize on this forecasted opportunity.

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