Applied Micro Circuits Corp. (AMCC) Stock Price Up 1.8%
Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) rose 1.8% on Monday . The company traded as high as $6.81 and last traded at $6.70, with a volume of 325,419 shares trading hands. The stock had previously closed at $6.58.
Several equities analysts have issued reports on AMCC shares. Canaccord Genuity reaffirmed a “buy” rating on shares of Applied Micro Circuits Corp. in a report on Monday, April 18th. Drexel Hamilton reaffirmed a “buy” rating on shares of Applied Micro Circuits Corp. in a report on Saturday, April 30th. Topeka Capital Markets raised their price objective on Applied Micro Circuits Corp. from $6.00 to $6.50 and gave the stock a “hold” rating in a report on Friday, April 29th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Applied Micro Circuits Corp. in a report on Friday, April 29th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $7.00 price objective on shares of Applied Micro Circuits Corp. in a report on Thursday, July 28th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Applied Micro Circuits Corp. presently has a consensus rating of “Hold” and a consensus target price of $8.25.
The company’s market cap is $567.67 million. The stock has a 50-day moving average price of $6.62 and a 200-day moving average price of $6.22.
Applied Micro Circuits Corp. (NASDAQ:AMCC) last posted its earnings results on Wednesday, July 27th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by $0.01. The business had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $41.51 million. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted ($0.04) EPS. On average, equities research analysts expect that Applied Micro Circuits Corp. will post ($0.04) EPS for the current year.
A number of hedge funds and institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in Applied Micro Circuits Corp. by 9.6% in the fourth quarter. Wells Fargo & Company MN now owns 2,765,732 shares of the company’s stock valued at $17,617,000 after buying an additional 241,874 shares during the period. Nationwide Fund Advisors boosted its position in Applied Micro Circuits Corp. by 266.1% in the fourth quarter. Nationwide Fund Advisors now owns 191,204 shares of the company’s stock valued at $1,218,000 after buying an additional 138,970 shares during the period. Finally, Russell Frank Co boosted its position in Applied Micro Circuits Corp. by 54.8% in the fourth quarter. Russell Frank Co now owns 435,928 shares of the company’s stock valued at $2,864,000 after buying an additional 154,234 shares during the period.
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 are used in a variety of communications and other networking applications, such as the infrastructure for data centers, wide area networks, carrier access networks, and enterprise networks.
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