Vinik Funds Buy 6.3% of QLogic

Funds managed by Jeffrey Vinik acquired a 6.3% stake in QLogic Corp. during the second quarter, according to regulatory documents filed Tuesday.

The investment partnerships purchased 542,500 shares of QLogic common stock during the three months.

Vinik in the past often has purchased large stakes in technology companies over a short period of time, in some cases several weeks. Vinik, former portfolio manager for Fidelity Magellan Fund Inc., now manages hedge funds out of a Boston office.

QLogic, based in Costa Mesa, makes products that link computer systems with attached data storage peripheral devices, such as hard disks, and tape or CD-ROM drives. Revenue totaled $81.4 million for the year ended March 29.

Company shares jumped July 17, after the company reported that earnings more than doubled for the first quarter ended June 28. The shares rose 34.7% that day, to $50.50, and hit a record $67.50 on July 29.

On Tuesday, QLogic shares fell $1.13 to $52.13.