Today’s Stock On Watch: Will Applied Micro Circuits Corporation Run Out of Steam Soon?

Today's Stock On Watch: Will Applied Micro Circuits Corporation Run Out of Steam Soon?

The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) hit a new 52-week high and has $9.17 target or 7.00% above today’s $8.57 share price. The 7 months bullish chart indicates low risk for the $745.72 million company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $9.17 price target is reached, the company will be worth $52.20 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 716,987 shares traded hands. Applied Micro Circuits Corporation (NASDAQ:AMCC) has risen 36.66% since April 25, 2016 and is uptrending. It has outperformed by 30.64% the S&P500.

Analysts await Applied Micro Circuits Corporation (NASDAQ:AMCC) to report earnings on January, 26. They expect $-0.05 EPS, up 50.00% or $0.05 from last year’s $-0.1 per share. After $-0.05 actual EPS reported by Applied Micro Circuits Corporation for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

Applied Micro Circuits Corporation (NASDAQ:AMCC) Ratings Coverage

Out of 7 analysts covering Applied Micro Circuits (NASDAQ:AMCC), 2 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 29% are positive. $11 is the highest target while $6 is the lowest. The $8.50 average target is -0.82% below today’s ($8.57) stock price. Applied Micro Circuits has been the topic of 11 analyst reports since August 25, 2015 according to StockzIntelligence Inc. The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) earned “Sell” rating by Zacks on Tuesday, September 1. The rating was downgraded by Raymond James on Tuesday, November 22 to “Mkt Perform”. The firm has “Buy” rating given on Tuesday, November 17 by Drexel Hamilton. The firm has “Hold” rating by Topeka Capital Markets given on Tuesday, November 3. As per Friday, January 29, the company rating was maintained by Topeka Capital Markets. The firm has “Neutral” rating by TH Capital given on Monday, November 21. The firm has “Hold” rating given on Friday, April 29 by Topeka Capital Markets. As per Tuesday, August 25, the company rating was upgraded by Zacks. The company was initiated on Tuesday, September 20 by Susquehanna. The firm has “Hold” rating by Canaccord Genuity given on Tuesday, November 22.

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 decreased to 0.92 in Q2 2016. Its down 0.35, from 1.27 in 2016Q1. The ratio dived, 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.
The New York-based New York State Common Retirement Fund has invested 0% in Applied Micro Circuits Corporation (NASDAQ:AMCC). The New York-based Alliancebernstein Lp has invested 0% in Applied Micro Circuits Corporation (NASDAQ:AMCC). Cornerstone Advisors has invested 0.01% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). Moreover, Creative Planning has 0% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 1,511 shares. Kingdom Ridge Cap Limited Liability last reported 7.91M shares in the company. Essex Mngmt Com Ltd Liability Corp, a Massachusetts-based fund reported 142,364 shares. Fmr Ltd last reported 11.50M shares in the company. Pnc Fin Serv Group last reported 475 shares in the company. The New York-based Renaissance Ltd Liability Corp has invested 0.01% in Applied Micro Circuits Corporation (NASDAQ:AMCC). Pinnacle Assocs Ltd, a New York-based fund reported 3.51M shares. Quantitative Management Llc has invested 0.01% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). Great West Life Assurance Can owns 3,801 shares or 0% of their US portfolio. Blackrock Investment Mgmt Limited Liability Company accumulated 0% or 301,052 shares. Geode Cap Management Limited Liability Corporation accumulated 595,008 shares or 0% of the stock. Ubs Asset Mngmt Americas owns 37,000 shares or 0% of their US portfolio.

More recent Applied Micro Circuits Corporation (NASDAQ:AMCC) news were published by: Fool.com which released: “Why Applied Micro Circuits Corp. Shares Are Up Today” on November 21, 2016. Also Businesswire.com published the news titled: “APPLIED MICRO CIRCUITS CORPORATION SHAREHOLDER ALERT: Former SEC Attorney …” on November 22, 2016. Prnewswire.com‘s news article titled: “Harwood Feffer LLP Announces Investigation of Applied Micro Circuits Corporation” with publication date: November 21, 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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