Applied Micro Circuits Corp. (AMCC) Announces Quarterly Earnings Results, Meets Expectations
Applied Micro Circuits Corp. (NASDAQ:AMCC) issued its quarterly earnings data on Thursday. The company reported $0.02 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.02, Analyst Ratings Net reports. The company had revenue of $54.80 million for the quarter, compared to the consensus estimate of $55.23 million.
AMCC has been the subject of a number of recent research reports. Analysts at Sterne Agee downgraded shares of Applied Micro Circuits Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, January 10th. They now have a $14.00 price target on the stock, down previously from $16.00. On a related note, analysts at BMO Capital Markets downgraded shares of Applied Micro Circuits Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Friday, January 3rd. They now have a $14.00 price target on the stock, down previously from $18.00. Finally, analysts at Thomson Reuters/Verus upgraded shares of Applied Micro Circuits Corp. from a “sell” rating to a “hold” rating in a research note to investors on Monday, December 9th. Eight analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.11.
Applied Micro Circuits Corp. (NASDAQ:AMCC) traded down 3.40% on Thursday, hitting $11.35. 1,346,298 shares of the company’s stock traded hands. Applied Micro Circuits Corp. has a 1-year low of $6.51 and a 1-year high of $15.09. The stock has a 50-day moving average of $12.19 and a 200-day moving average of $11.93. The company’s market cap is $838.3 million.
Applied Micro Circuits Corporation (NASDAQ:AMCC) is a provider of semiconductor solutions for the data center, enterprise, telecom and consumer/small medium business (SMB) markets.
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