The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) is a huge mover today! The stock increased 17.85% or $1.06 during the last trading session, hitting $7. About 2.40 million shares traded hands or 602.56% up from the average. Applied Micro Circuits Corporation (NASDAQ:AMCC) has declined 7.62% since March 28, 2016 and is downtrending. It has underperformed by 12.33% the S&P500.
The move comes after 6 months positive chart setup for the $588.64M company. It was reported on Oct, 28 by Barchart.com. We have $11.55 PT which if reached, will make NASDAQ:AMCC worth $382.62M more.
Analysts await Applied Micro Circuits Corporation (NASDAQ:AMCC) to report earnings on November, 7. They expect $-0.09 EPS, up 10.00% or $0.01 from last year’s $-0.1 per share. After $-0.12 actual EPS reported by Applied Micro Circuits Corporation for the previous quarter, Wall Street now forecasts -25.00% EPS growth.
Applied Micro Circuits Corporation (NASDAQ:AMCC) Ratings Coverage
Out of 4 analysts covering Applied Micro Circuits (NASDAQ:AMCC), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. Applied Micro Circuits has been the topic of 8 analyst reports since August 25, 2015 according to StockzIntelligence Inc. As per Thursday, September 1, the company rating was initiated by Roth Capital. Topeka Capital Markets maintained Applied Micro Circuits Corporation (NASDAQ:AMCC) rating on Tuesday, November 3. Topeka Capital Markets has “Hold” rating and $7 price target. The firm has “Buy” rating by Drexel Hamilton given on Tuesday, November 17. The firm has “Neutral” rating by Susquehanna given on Tuesday, September 20. On Friday, January 29 the stock rating was maintained by Topeka Capital Markets with “Hold”. The rating was maintained by Topeka Capital Markets on Friday, April 29 with “Hold”. The firm has “Sell” rating by Zacks given on Tuesday, September 1. The firm earned “Sell” rating on Tuesday, August 25 by Zacks.
According to Zacks Investment Research, “Applied Micro Circuits Corporation is a global leader in network and embedded PowerPC processing, optical transport and storage solutions. The Company’s products enable the development of converged IP-based networks offering high-speed secure data, high-definition video and high-quality voice for carrier, metropolitan, access and enterprise applications. AMCC provides networking equipment vendors with industry-leading network and communications processing, Ethernet, SONET and switch fabric solutions. AMCC is also the leading vendor of high-port count SATA RAID controllers enabling low-cost, high-performance, high-capacity storage. AMCC’s corporate headquarters are located in Sunnyvale, California. Sales and engineering offices are located throughout the world.”
Insitutional Activity: The institutional sentiment increased to 1.27 in 2016 Q2. Its up 0.29, from 0.98 in 2016Q1. The ratio increased, as 6 funds sold all Applied Micro Circuits Corporation shares owned while 38 reduced positions. 18 funds bought stakes while 38 increased positions. They now own 63.61 million shares or 1.72% less from 64.72 million shares in 2016Q1.
Ellington Management Limited Liability Co accumulated 23,900 shares or 0.21% of the stock. Renaissance Technologies Limited holds 0.01% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 913,436 shares. Morgan Stanley last reported 10,200 shares in the company. Northern Tru accumulated 0% or 892,787 shares. Blackrock Gru Limited has 33,604 shares for 0% of their US portfolio. Citigroup has invested 0% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). State Street last reported 1.53 million shares in the company. Wells Fargo Mn has invested 0.01% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). Menta Ltd Liability Corp has invested 0.05% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). Parametric Port Associate Limited Liability, a Washington-based fund reported 270,089 shares. Kingdom Ridge Capital Llc, a New York-based fund reported 7.91M shares. Moreover, Goldman Sachs Grp Inc has 0% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 97,364 shares. Clearbridge Investments owns 188 shares or 0% of their US portfolio. Hbk Lp, a Texas-based fund reported 47,100 shares. Moreover, Quantitative Systematic Strategies Limited Liability Corp has 0.07% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 25,627 shares.
More recent Applied Micro Circuits Corporation (NASDAQ:AMCC) news were published by: Fool.com which released: “Applied Micro Circuits Corporation Announces Use of TSMC 7-Nanometer Tech” on July 11, 2016. Also Seekingalpha.com published the news titled: “Applied Micro Circuits (AMCC) Paramesh Gopi on Q2 2017 Results – Earnings Call …” on October 28, 2016. Globenewswire.com‘s news article titled: “Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal …” with publication date: April 28, 2016 was also an interesting one.
AMCC Company Profile
Applied Micro Circuits Corporation (AMCC), incorporated on February 6, 1987, 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. The Company’s 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. The Firm also offers embedded computing products, which include HeliX family of processors, based on the ARM 64-bit ISA and its PowerPC products, based on Power Architecture. The Company’s embedded Computing products are deployed in various applications, including networking and telecom, enterprise storage, data center and industrial applications. The Connectivity business includes X-Weave family of products for service providers and public cloud, private cloud and enterprise data centers.
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