Drexel Hamilton lowered shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) to a hold rating in a research note published on Monday morning.

A number of other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Applied Micro Circuits Corp. from a hold rating to a sell rating in a research report on Monday, September 5th. Susquehanna initiated coverage on shares of Applied Micro Circuits Corp. in a research report on Tuesday, September 20th. They set a neutral rating and a $8.00 target price for the company. BMO Capital Markets restated a hold rating and set a $7.00 target price on shares of Applied Micro Circuits Corp. in a research report on Thursday, July 28th. Finally, Roth Capital initiated coverage on shares of Applied Micro Circuits Corp. in a research report on Thursday, September 1st. They set a buy rating and a $8.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating, Applied Micro Circuits Corp. presently has an average rating of Hold and a consensus target price of $7.82.

Applied Micro Circuits Corp. (NASDAQ:AMCC) opened at 8.10 on Monday. The firm has a 50 day moving average of $6.84 and a 200-day moving average of $6.76. Applied Micro Circuits Corp. has a 52-week low of $4.93 and a 52-week high of $8.25. The stock’s market cap is $700.27 million.

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

Large investors have recently made changes to their positions in the stock. Jane Street Group LLC increased 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 valued at $107,000 after buying an additional 5,503 shares in the last quarter. Tower Research Capital LLC TRC increased 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 valued at $109,000 after buying an additional 16,255 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Applied Micro Circuits Corp. during the third quarter valued at $120,000. Stifel Financial Corp increased 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 valued at $130,000 after buying an additional 1,250 shares in the last quarter. Finally, Quantitative Investment Management LLC purchased a new stake in shares of Applied Micro Circuits Corp. during the second quarter valued at $156,000. 76.06% of the stock is currently owned by institutional investors and hedge funds.

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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