Ambarella (NASDAQ:AMBA) Price Target Raised to $65.00

Ambarella (NASDAQ:AMBA) had its target price upped by equities researchers at Bank of America from $57.00 to $65.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price target would indicate a potential downside of 4.98% from the company’s current price.

A number of other brokerages also recently issued reports on AMBA. Morgan Stanley boosted their price objective on Ambarella from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Stifel Nicolaus increased their price target on Ambarella from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Westpark Capital reiterated a “buy” rating and issued a $85.00 price objective on shares of Ambarella in a research note on Monday, August 26th. Craig Hallum increased their target price on shares of Ambarella from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $95.00 price target (up from $75.00) on shares of Ambarella in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Ambarella currently has an average rating of “Hold” and an average price target of $78.58.

Ambarella Stock Performance

Shares of NASDAQ AMBA opened at $68.41 on Wednesday. The stock has a market cap of $2.82 billion, a P/E ratio of -15.84 and a beta of 1.63. The firm has a 50 day moving average price of $58.23 and a two-hundred day moving average price of $54.89. Ambarella has a 52-week low of $39.69 and a 52-week high of $69.55.

Ambarella (NASDAQ:AMBA) last announced its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. The business had revenue of $63.70 million for the quarter, compared to analysts’ expectations of $62.10 million. During the same period in the prior year, the business posted ($0.76) earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Analysts predict that Ambarella will post -3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ambarella news, VP Christopher Day sold 2,904 shares of Ambarella stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $58.00, for a total transaction of $168,432.00. Following the transaction, the vice president now directly owns 18,466 shares of the company’s stock, valued at $1,071,028. The trade was a 13.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Yun-Lung Chen sold 5,963 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.56, for a total transaction of $343,230.28. Following the completion of the sale, the vice president now owns 62,026 shares of the company’s stock, valued at approximately $3,570,216.56. The trade was a 8.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,423 shares of company stock worth $1,356,402 in the last quarter. Insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Ambarella

Several hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of Ambarella during the 2nd quarter valued at $26,000. Blue Trust Inc. grew its position in Ambarella by 180.3% during the third quarter. Blue Trust Inc. now owns 499 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 321 shares during the period. CWM LLC grew its position in Ambarella by 127.7% during the second quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 304 shares during the period. Signaturefd LLC increased its holdings in Ambarella by 389.6% during the third quarter. Signaturefd LLC now owns 661 shares of the semiconductor company’s stock worth $37,000 after buying an additional 526 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Ambarella by 6,014.3% in the third quarter. Larson Financial Group LLC now owns 856 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 842 shares during the last quarter. Institutional investors own 82.09% of the company’s stock.

About Ambarella

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image signal processing, and artificial intelligence processing worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, artificial intelligence computer vision algorithms, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.