Wells Fargo & Company MN trimmed its holdings in Quantum Corporation (NYSE:QTM) by 90.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,353,440 shares of the technology company’s stock after selling 12,884,753 shares during the period. Wells Fargo & Company MN owned about 3.93% of Quantum Corporation worth $10,571,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in QTM. Royce & Associates LP bought a new position in shares of Quantum Corporation in the second quarter valued at approximately $102,000. Strs Ohio purchased a new position in shares of Quantum Corporation during the second quarter valued at approximately $113,000. Rhumbline Advisers purchased a new position in shares of Quantum Corporation during the second quarter valued at approximately $237,000. Lyon Street Capital LLC purchased a new position in shares of Quantum Corporation during the first quarter valued at approximately $525,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Quantum Corporation by 3.2% during the first quarter. Bank of New York Mellon Corp now owns 609,341 shares of the technology company’s stock valued at $529,000 after buying an additional 19,157 shares during the last quarter. 64.17% of the stock is currently owned by hedge funds and other institutional investors.

In other news, SVP Robert S. Clark sold 61,912 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $8.16, for a total transaction of $505,201.92. Following the transaction, the senior vice president now directly owns 74,703 shares of the company’s stock, valued at approximately $609,576.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Fuad Ahmad sold 17,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $8.46, for a total value of $143,820.00. Following the transaction, the chief financial officer now directly owns 153,603 shares in the company, valued at $1,299,481.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,959 shares of company stock worth $752,278. Insiders own 8.55% of the company’s stock.

A number of equities research analysts recently commented on QTM shares. Lake Street Capital lowered their price target on Quantum Corporation from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 10th. BidaskClub lowered shares of Quantum Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research downgraded shares of Quantum Corporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 12th.

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Shares of Quantum Corporation (NYSE:QTM) opened at 6.11 on Wednesday. The stock has a market cap of $210.62 million, a P/E ratio of 59.32 and a beta of 2.41. The company’s 50-day moving average is $5.67 and its 200-day moving average is $6.29. Quantum Corporation has a 12-month low of $0.70 and a 12-month high of $9.20.

Quantum Corporation (NYSE:QTM) last issued its earnings results on Wednesday, August 9th. The technology company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). The business had revenue of $116.86 million during the quarter, compared to analysts’ expectations of $119.40 million. Quantum Corporation had a negative return on equity of 7.26% and a net margin of 0.64%. Quantum Corporation’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts anticipate that Quantum Corporation will post $0.47 earnings per share for the current year.

Quantum Corporation Profile

Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity.

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Institutional Ownership by Quarter for Quantum Corporation (NYSE:QTM)

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