If you mean at the conclusion of the total course, the last class of all classes with that teacher/professor:
(In U.S. undergraduate university in any of the 4 years)
Yes, I've felt the desire to do it at the end of the term with a professor and class I've enjoyed. Some classes just felt great (we students liked each other, liked being there, and liked the professor, who liked working with us), and on top of that, you have that sense of accomplishment that comes with the end of learning a whole new branch of study.
So if we all feel it, as a class, on a few occasions we've applauded, for the professor and for ourselves.