Applied Micro Circuits Corp. (NASDAQ:AMCC) was downgraded by equities research analysts at Roth Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They presently have a $8.00 price objective on the stock. Roth Capital’s target price indicates a potential upside of 10.34% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. BMO Capital Markets reiterated a “hold” rating and issued a $7.00 price objective on shares of Applied Micro Circuits Corp. in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of Applied Micro Circuits Corp. from a “sell” rating to a “hold” rating and set a $8.25 price objective on the stock in a research note on Tuesday, November 1st. Finally, Susquehanna assumed coverage on shares of Applied Micro Circuits Corp. in a research note on Tuesday, September 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Applied Micro Circuits Corp. presently has an average rating of “Hold” and a consensus target price of $7.82.

Analyst Recommendations for Applied Micro Circuits Corp. (NASDAQ:AMCC)

Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) traded up 10.690% during trading on Monday, reaching $8.025. 8,957,527 shares of the company traded hands. Applied Micro Circuits Corp. has a 52 week low of $4.93 and a 52 week high of $8.25. The company’s 50-day moving average price is $6.81 and its 200-day moving average price is $6.74. The company’s market capitalization is $693.79 million.

Applied Micro Circuits Corp. (NASDAQ:AMCC) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $41.80 million for the quarter, compared to the consensus estimate of $41.59 million. Applied Micro Circuits Corp. had a negative net margin of 19.57% and a negative return on equity of 28.45%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. Equities research analysts forecast that Applied Micro Circuits Corp. will post $0.03 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in AMCC. Peregrine Capital Management LLC purchased a new stake in Applied Micro Circuits Corp. during the third quarter worth approximately $15,580,000. Macquarie Group Ltd. boosted its stake in Applied Micro Circuits Corp. by 36.1% in the second quarter. Macquarie Group Ltd. now owns 2,713,104 shares of the company’s stock valued at $17,418,000 after buying an additional 719,568 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in Applied Micro Circuits Corp. during the second quarter valued at about $3,904,000. Emerald Acquisition Ltd. bought a new stake in Applied Micro Circuits Corp. during the second quarter valued at about $2,015,000. Finally, Vanguard Group Inc. boosted its stake in Applied Micro Circuits Corp. by 3.9% in the second quarter. Vanguard Group Inc. now owns 6,371,609 shares of the company’s stock valued at $40,905,000 after buying an additional 239,326 shares during the last quarter. Institutional investors own 76.06% of the company’s stock.

Applied Micro Circuits Corp. Company Profile

Applied Micro Circuits Corporation (AMCC) provides silicon solutions for cloud infrastructure and data centers, as well as connectivity products for edge, metro and long haul communications equipment. The Company’s products serve Computing and Connectivity markets. Its Computing products include the X-Gene family of server processors, based on the ARMv8 64-bit Instruction Set Architecture (ISA), which target mainstream cloud and data center infrastructure, including hyperscale, telco, enterprise and high performance computing.

5 Day Chart for NASDAQ:AMCC

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