Price Action Don’t Lie: Could Applied Micro Circuits Corporation Go Down After Reaching 52-Week High?

Price Action Don't Lie: Could Applied Micro Circuits Corporation Go Down After Reaching 52 Week High?

The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) hit a new 52-week high and has $11.62 target or 42.00% above today’s $8.18 share price. The 7 months bullish chart indicates low risk for the $706.76 million company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $11.62 price target is reached, the company will be worth $296.84M 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 2.15M shares traded hands or 307.90% up from the average. Applied Micro Circuits Corporation (NASDAQ:AMCC) has risen 16.00% since April 19, 2016 and is uptrending. It has outperformed by 12.14% the S&P500.

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. $11 is the highest target while $6 is the lowest. The $8.50 average target is 3.91% above today’s ($8.18) stock price. Applied Micro Circuits has been the topic of 8 analyst reports since August 25, 2015 according to StockzIntelligence Inc. Drexel Hamilton initiated the shares of AMCC in a report on Tuesday, November 17 with “Buy” rating. The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) has “Hold” rating given on Friday, January 29 by Topeka Capital Markets. The stock has “Neutral” rating given by Susquehanna on Tuesday, September 20. Topeka Capital Markets maintained Applied Micro Circuits Corporation (NASDAQ:AMCC) rating on Friday, April 29. Topeka Capital Markets has “Hold” rating and $6.50 price target. The firm has “Buy” rating given on Thursday, September 1 by Roth Capital. On Tuesday, November 3 the stock rating was maintained by Topeka Capital Markets with “Hold”. The rating was upgraded by Zacks on Tuesday, September 1 to “Sell”. Zacks upgraded the stock to “Sell” rating in Tuesday, August 25 report.

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 worsened, 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.
Tower Rech Cap Llc (Trc) has 0.01% invested in the company for 16,915 shares. Ellington Mngmt Gru Ltd Com accumulated 23,900 shares or 0.21% of the stock. Credit Suisse Ag has 0% invested in the company for 105,873 shares. Stonebridge Cap Mngmt last reported 0.07% of its portfolio in the stock. Moreover, Whittier Tru has 0% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 22 shares. Aperio Grp Ltd Company owns 10,053 shares or 0% of their US portfolio. Bnp Paribas Arbitrage Sa, a New York-based fund reported 2,943 shares. Retail Bank Of New York Mellon last reported 0.01% of its portfolio in the stock. Principal Incorporated has invested 0% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC). Fuller And Thaler Asset Management holds 0.08% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 693,300 shares. The Washington-based Cornerstone Advsrs has invested 0.01% in Applied Micro Circuits Corporation (NASDAQ:AMCC). Creative Planning accumulated 0% or 1,511 shares. Amer Grp Inc Inc holds 43,702 shares or 0% of its portfolio. Hall Laurie J Trustee holds 0% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 1,080 shares. Manufacturers Life Insurance Com The reported 52,944 shares or 0% of all its holdings.

More important recent Applied Micro Circuits Corporation (NASDAQ:AMCC) news were published by: Streetinsider.com which released: “M/A-Com Technology Solutions (MTSI) to Acquire Applied Micro Circuits (AMCC …” on November 21, 2016, also Fool.com published article titled: “Why Applied Micro Circuits Corp. Shares Are Rising Today”, Marketwatch.com published: “Macom Technology’s stock drops 2% premarket after buyout bid for Applied Micro” on December 21, 2009. More interesting news about Applied Micro Circuits Corporation (NASDAQ:AMCC) was released by: Fool.com and their article: “Applied Micro Circuits Corporation Announces Use of TSMC 7-Nanometer Tech” with publication date: July 11, 2016.

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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