Applied Micro Circuits Corp. (NASDAQ:AMCC) has earned an average rating of “Hold” from the ten ratings firms that are covering the company. Ten equities research analysts have rated the stock with a hold rating. The average twelve-month price objective among brokers that have covered the stock in the last year is $7.46.

A number of research firms recently commented on AMCC. Raymond James Financial Inc. cut Applied Micro Circuits Corp. from an “outperform” rating to a “market perform” rating in a report on Tuesday. Canaccord Genuity cut Applied Micro Circuits Corp. from a “buy” rating to a “hold” rating in a report on Tuesday. Drexel Hamilton cut Applied Micro Circuits Corp. from a “buy” rating to a “hold” rating in a report on Monday. Roth Capital cut Applied Micro Circuits Corp. from a “buy” rating to a “neutral” rating and set a $8.00 price target on the stock. in a report on Monday. Finally, Zacks Investment Research raised Applied Micro Circuits Corp. from a “sell” rating to a “hold” rating and set a $8.25 price target on the stock in a report on Tuesday, November 1st.

Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) traded up 0.59% on Friday, hitting $8.50. 713,425 shares of the stock traded hands. The firm has a 50 day moving average price of $6.92 and a 200 day moving average price of $6.79. The firm’s market cap is $734.85 million. Applied Micro Circuits Corp. has a 52-week low of $4.93 and a 52-week high of $8.55.

Applied Micro Circuits Corp. (NASDAQ:AMCC) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.02 EPS for the quarter, topping the Zacks’ 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 company had revenue of $41.80 million for the quarter, compared to analysts’ expectations of $41.59 million. During the same period in the previous year, the firm earned ($0.03) EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that Applied Micro Circuits Corp. will post $0.03 EPS for the current year.

Several hedge funds have recently modified their holdings of AMCC. Jane Street Group LLC boosted 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 during the period. Tower Research Capital LLC TRC boosted 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 during the period. Fox Run Management L.L.C. purchased a new stake in shares of Applied Micro Circuits Corp. during the third quarter valued at about $120,000. Stifel Financial Corp boosted 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 during the period. Finally, Quantitative Investment Management LLC purchased a new stake in shares of Applied Micro Circuits Corp. during the second quarter valued at about $156,000. 76.06% of the stock is currently owned by institutional investors and hedge funds.

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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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