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Shares of PMC-Sierra (NASDAQ:PMCS) were the recipient of a significant decline in short interest in the month of May. As of May 30th, there was short interest totalling 6,285,767 shares, a decline of 16.2% from the May 15th total of 7,497,149 shares, StockRatingsNetwork reports. Approximately 3.3% of the shares of the company are short sold. Based on an average daily volume of 881,098 shares, the days-to-cover ratio is presently 7.1 days.

PMCS has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of PMC-Sierra in a research note on Monday, May 5th. They now have a $7.50 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of PMC-Sierra from $6.00 to $7.00 in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, PMC-Sierra has a consensus rating of “Hold” and a consensus target price of $7.25.

Shares of PMC-Sierra (NASDAQ:PMCS) opened at 7.54 on Wednesday. PMC-Sierra has a one year low of $5.60 and a one year high of $7.85. The stock’s 50-day moving average is $7. and its 200-day moving average is $6.95. The company’s market cap is $1.477 billion.

PMC-Sierra (NASDAQ:PMCS) last announced its earnings results on Thursday, May 1st. The company reported $0.08 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.07 by $0.01. The company had revenue of $126.50 million for the quarter, compared to the consensus estimate of $124.00 million. During the same quarter last year, the company posted $0.07 earnings per share. PMC-Sierra’s revenue was up 1.0% compared to the same quarter last year. On average, analysts predict that PMC-Sierra will post $0.37 earnings per share for the current fiscal year.

PMC-Sierra, Inc, is a semiconductor innovator transforming networks that connect, move and store digital content.

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