Applied Micro Circuits Corp. (NASDAQ:AMCC) was downgraded by equities researchers at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Other equities analysts have also issued reports about the company. Roth Capital started coverage on Applied Micro Circuits Corp. in a research report on Thursday, September 1st. They set a “buy” rating and a $8.00 price target on the stock. Zacks Investment Research upgraded Applied Micro Circuits Corp. from a “sell” rating to a “hold” rating and set a $8.25 price target on the stock in a research report on Tuesday, November 1st. BMO Capital Markets restated a “hold” rating and set a $7.00 price target on shares of Applied Micro Circuits Corp. in a research report on Thursday, July 28th. Drexel Hamilton lowered Applied Micro Circuits Corp. to a “hold” rating in a research report on Monday. Finally, Susquehanna started coverage on Applied Micro Circuits Corp. in a research report on Tuesday, September 20th. They set a “neutral” rating and a $8.00 price target on the stock. Nine analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average target price of $7.82.

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

Applied Micro Circuits Corp. (NASDAQ:AMCC) opened at 8.10 on Tuesday. The stock’s 50 day moving average price is $6.84 and its 200-day moving average price is $6.76. Applied Micro Circuits Corp. has a 12 month low of $4.93 and a 12 month high of $8.25. The firm’s market capitalization is $700.27 million.

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

Several large investors have recently modified their holdings of the company. Jane Street Group LLC raised its stake in shares of Applied Micro Circuits Corp. by 49.3% in the second quarter. Jane Street Group LLC now owns 16,655 shares of the company’s stock worth $107,000 after buying an additional 5,503 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Applied Micro Circuits Corp. by 2,462.9% in the second quarter. Tower Research Capital LLC TRC now owns 16,915 shares of the company’s stock worth $109,000 after buying an additional 16,255 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Applied Micro Circuits Corp. during the third quarter worth $120,000. Stifel Financial Corp raised its stake in shares of Applied Micro Circuits Corp. by 6.6% in the second quarter. Stifel Financial Corp now owns 20,250 shares of the company’s stock worth $130,000 after buying an additional 1,250 shares in the last quarter. Finally, Quantitative Investment Management LLC acquired a new stake in shares of Applied Micro Circuits Corp. during the second quarter worth $156,000. Hedge funds and other 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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