Today: Applied Micro Circuits Corp. (AMCC) gets Hold status at Canaccord Genuity

Today: Applied Micro Circuits Corp. (AMCC) gets Hold status at Canaccord Genuity

Canaccord Genuity cut shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) from a buy rating to a hold rating in a report published on Tuesday morning.

Several other analysts also recently commented on AMCC. BMO Capital Markets reissued a hold rating and issued a $7.00 target price on shares of Applied Micro Circuits Corp. in a research report on Thursday, July 28th. Roth Capital began coverage on shares of Applied Micro Circuits Corp. in a report on Thursday, September 1st. They set a buy rating and a $8.00 price objective for the company. Zacks Investment Research downgraded shares of Applied Micro Circuits Corp. from a hold rating to a sell rating in a report on Monday, September 5th. Susquehanna began coverage on shares of Applied Micro Circuits Corp. in a report on Tuesday, September 20th. They set a neutral rating and a $8.00 price objective for the company. Finally, Drexel Hamilton downgraded shares of Applied Micro Circuits Corp. from a buy rating to a hold rating in a report on Monday, November 21st. Ten analysts have rated the stock with a hold rating, Applied Micro Circuits Corp. has a consensus rating of Hold and a consensus target price of $7.82.

Applied Micro Circuits Corp. (NASDAQ:AMCC) opened at 8.50 on Tuesday. The firm’s market capitalization is $734.85 million. Applied Micro Circuits Corp. has a 12-month low of $4.93 and a 12-month high of $8.55. The stock has a 50 day moving average of $6.96 and a 200 day moving average of $6.81.

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

A number of institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in Applied Micro Circuits Corp. by 0.6% in the third quarter. Rhumbline Advisers now owns 85,047 shares of the company’s stock valued at $591,000 after buying an additional 520 shares during the last quarter. LPL Financial LLC boosted its position in shares of Applied Micro Circuits Corp. by 1.6% in the third quarter. LPL Financial LLC now owns 63,842 shares of the company’s stock worth $446,000 after buying an additional 1,012 shares in the last quarter. Stifel Financial Corp boosted its position 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. Quantitative Systematic Strategies LLC boosted its position 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. Finally, California State Teachers Retirement System boosted its position in shares of Applied Micro Circuits Corp. by 1.0% in the third quarter. California State Teachers Retirement System now owns 160,785 shares of the company’s stock worth $1,117,000 after buying an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 74.27% of the company’s stock.

About Applied Micro Circuits Corp.

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