The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) is a huge mover today! The stock increased 3.68% or $0.3 on November 23, hitting $8.45. About 2.49M shares traded hands or 160.38% up from the average. Applied Micro Circuits Corporation (NASDAQ:AMCC) has risen 31.83% since April 22, 2016 and is uptrending. It has outperformed by 26.42% the S&P500.
The move comes after 9 months positive chart setup for the $735.04M company. It was reported on Nov, 24 by Barchart.com. We have $8.70 PT which if reached, will make NASDAQ:AMCC worth $22.05M more.
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 0.59% above today’s ($8.45) stock price. Applied Micro Circuits has been the topic of 11 analyst reports since August 25, 2015 according to StockzIntelligence Inc. The rating was downgraded by Canaccord Genuity to “Hold” on Tuesday, November 22. The stock of Applied Micro Circuits Corporation (NASDAQ:AMCC) has “Buy” rating given on Thursday, September 1 by Roth Capital. As per Monday, November 21, the company rating was downgraded by TH Capital. The firm earned “Hold” rating on Friday, April 29 by Topeka Capital Markets. The firm has “Neutral” rating by Susquehanna given on Tuesday, September 20. Drexel Hamilton initiated Applied Micro Circuits Corporation (NASDAQ:AMCC) rating on Tuesday, November 17. Drexel Hamilton has “Buy” rating and $11 price target. The stock has “Hold” rating given by Topeka Capital Markets on Friday, January 29. The firm has “Mkt Perform” rating by Raymond James given on Tuesday, November 22. The firm has “Hold” rating by Topeka Capital Markets given on Tuesday, November 3. 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 decreased to 0.92 in Q2 2016. Its down 0.35, from 1.27 in 2016Q1. The ratio dropped, 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.
Jpmorgan Chase & Communications owns 1,850 shares or 0% of their US portfolio. Raymond James & Associate has 0.01% invested in the company for 397,652 shares. State Board Of Administration Of Florida Retirement Systems, a Florida-based fund reported 70,173 shares. The California-based California State Teachers Retirement has invested 0% in Applied Micro Circuits Corporation (NASDAQ:AMCC). Manufacturers Life Ins The holds 0% or 52,944 shares in its portfolio. Goldman Sachs Gru Inc has 0% invested in the company for 97,364 shares. Swiss Bank last reported 0% of its portfolio in the stock. Bnp Paribas Arbitrage Sa holds 2,943 shares or 0% of its portfolio. White Elm reported 3.71 million shares or 2.75% of all its holdings. Nationwide Fund Advsrs holds 50,019 shares or 0% of its portfolio. Teacher Retirement Sys Of Texas, a Texas-based fund reported 10,345 shares. Guggenheim Ltd Limited Liability Company has 0% invested in the company for 164,971 shares. Moreover, Citigroup Inc has 0% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 8,549 shares. Moreover, Art Advsrs Ltd Liability Corp has 0.02% invested in Applied Micro Circuits Corporation (NASDAQ:AMCC) for 59,622 shares. Whittier Of Nevada has invested 0% of its portfolio in Applied Micro Circuits Corporation (NASDAQ:AMCC).
More notable 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 with their article: “APPLIED MICRO CIRCUITS CORPORATION SHAREHOLDER ALERT: Former SEC Attorney …” published on November 22, 2016, Fool.com published: “Why Applied Micro Circuits Corp. Shares Are Rising Today” on October 28, 2016. More interesting news about Applied Micro Circuits Corporation (NASDAQ:AMCC) were released by: Prnewswire.com and their article: “Harwood Feffer LLP Announces Investigation of Applied Micro Circuits Corporation” published on November 21, 2016 as well as Fool.com‘s news article titled: “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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