Applied Micro Circuits Corp. (NASDAQ:AMCC) was downgraded by analysts at Raymond James Financial Inc. from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday.

A number of other equities research analysts also recently weighed in on the stock. Canaccord Genuity downgraded shares of Applied Micro Circuits Corp. from a “buy” rating to a “hold” rating in a report on Tuesday. Drexel Hamilton lowered shares of Applied Micro Circuits Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Roth Capital lowered shares of Applied Micro Circuits Corp. from a “buy” rating to a “neutral” rating and set a $8.00 price objective for the company. in a research note on Monday. Zacks Investment Research raised shares of Applied Micro Circuits Corp. from a “sell” rating to a “hold” rating and set a $8.25 price objective for the company in a research note on Tuesday, November 1st. Finally, Susquehanna started coverage on shares of Applied Micro Circuits Corp. in a research note on Tuesday, September 20th. They set a “neutral” rating and a $8.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating, The company currently 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) opened at 8.45 on Tuesday. The firm’s 50-day moving average is $6.92 and its 200 day moving average is $6.79. The stock’s market capitalization is $730.53 million. Applied Micro Circuits Corp. has a 1-year low of $4.93 and a 1-year high of $8.45.

Applied Micro Circuits Corp. (NASDAQ:AMCC) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.02 earnings per share for the quarter, beating 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 company earned $41.80 million during the quarter, compared to the consensus estimate of $41.59 million. During the same period in the prior year, the company earned ($0.03) EPS. Applied Micro Circuits Corp.’s revenue was up 5.3% on a year-over-year basis. On average, analysts expect that Applied Micro Circuits Corp. will post $0.03 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of AMCC. Botty Investors LLC raised its stake in Applied Micro Circuits Corp. by 0.9% in the second quarter. Botty Investors LLC now owns 345,039 shares of the company’s stock worth $2,215,000 after buying an additional 3,000 shares during the period. Rice Hall James & Associates LLC increased its position in Applied Micro Circuits Corp. by 18.7% in the second quarter. Rice Hall James & Associates LLC now owns 232,310 shares of the company’s stock worth $1,491,000 after buying an additional 36,527 shares in the last quarter. Quantitative Systematic Strategies LLC increased its position in Applied Micro Circuits Corp. by 6.0% in the second quarter. Quantitative Systematic Strategies LLC now owns 25,627 shares of the company’s stock worth $159,000 after buying an additional 1,459 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Applied Micro Circuits Corp. during the second quarter worth approximately $156,000. Finally, Swiss National Bank increased its position in Applied Micro Circuits Corp. by 4.1% in the second quarter. Swiss National Bank now owns 128,100 shares of the company’s stock worth $822,000 after buying an additional 5,000 shares in the last quarter. 76.06% of the stock is owned by institutional investors and hedge funds.

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About Applied Micro Circuits Corp.

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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