Trade Report: Today, Brokerages give average Rating of “Hold” to Applied Micro Circuits Corp. (AMCC)

Today, Brokerages give average Rating of “Hold” to Applied Micro Circuits Corp. (AMCC)

Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) have earned a consensus recommendation of “Hold” from the ten analysts that are covering the company. Ten equities research analysts have rated the stock with a hold rating. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $7.46.

Several analysts have commented on AMCC shares. Zacks Investment Research lowered Applied Micro Circuits Corp. from a “hold” rating to a “sell” rating in a report on Monday, September 5th. Susquehanna started coverage on Applied Micro Circuits Corp. in a report on Tuesday, September 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. BMO Capital Markets reissued a “hold” rating and issued a $7.00 price objective on shares of Applied Micro Circuits Corp. in a report on Thursday, July 28th. Roth Capital started coverage on Applied Micro Circuits Corp. in a report on Thursday, September 1st. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, Drexel Hamilton lowered Applied Micro Circuits Corp. from a “buy” rating to a “hold” rating in a report on Monday.

Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) traded up 0.59% during trading on Friday, reaching $8.50. The company’s stock had a trading volume of 713,425 shares. The company’s market capitalization is $734.85 million. Applied Micro Circuits Corp. has a 1-year low of $4.93 and a 1-year high of $8.55. The stock has a 50 day moving average of $6.92 and a 200-day moving average of $6.79.

Applied Micro Circuits Corp. (NASDAQ:AMCC) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.02 EPS for the quarter, beating 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 company 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) earnings per share. Applied Micro Circuits Corp.’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Applied Micro Circuits Corp. will post $0.03 earnings per share for the current year.

Several hedge funds have recently modified their holdings of AMCC. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Applied Micro Circuits Corp. during the second quarter worth about $189,000. Rice Hall James & Associates LLC raised its stake in shares of 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. SECOR Capital Advisors LP purchased a new stake in shares of Applied Micro Circuits Corp. during the second quarter worth about $1,170,000. Emerald Acquisition Ltd. purchased a new stake in shares of Applied Micro Circuits Corp. during the second quarter worth about $2,015,000. Finally, Quantitative Systematic Strategies LLC raised its stake in shares of 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. 76.06% of the stock is currently owned by hedge funds and other institutional investors.

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.

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