Ambarella Inc. (AMBA) Trading 4.4% Higher
Ambarella Inc. (NASDAQ:AMBA)’s share price traded up 4.4% during mid-day trading on Monday . The stock traded as high as $58.17 and last traded at $57.44, with a volume of 969,541 shares changing hands. The stock had previously closed at $55.02.
Several equities analysts recently issued reports on the stock. Needham & Company LLC reissued a “neutral” rating on shares of Ambarella in a research note on Friday, June 3rd. Morgan Stanley raised shares of Ambarella to a “buy” rating in a research note on Saturday, April 9th. Deutsche Bank AG reaffirmed a “hold” rating and set a $47.00 price target (up previously from $45.00) on shares of Ambarella in a research note on Tuesday, May 31st. Oppenheimer Holdings Inc. assumed coverage on shares of Ambarella in a research note on Thursday, April 7th. They set a “market perform” rating on the stock. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $65.00 price target on shares of Ambarella in a research note on Tuesday, May 31st. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $70.43.
The company has a market capitalization of $1.88 billion and a P/E ratio of 32.51. The firm has a 50-day moving average of $50.39 and a 200 day moving average of $43.86.
Ambarella (NASDAQ:AMBA) last announced its quarterly earnings data on Thursday, June 2nd. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.06. The company had revenue of $57.20 million for the quarter, compared to analysts’ expectations of $56.26 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The business’s revenue for the quarter was down 19.7% on a year-over-year basis. On average, equities research analysts predict that Ambarella Inc. will post $2.37 earnings per share for the current year.
In other Ambarella news, VP Christopher Day sold 1,405 shares of Ambarella stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $51.97, for a total value of $73,017.85. Following the completion of the sale, the vice president now directly owns 26,110 shares in the company, valued at $1,356,936.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Feng-Ming Wang sold 9,573 shares of Ambarella stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $51.97, for a total transaction of $497,508.81. Following the completion of the sale, the chief executive officer now owns 278,346 shares of the company’s stock, valued at $14,465,641.62. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of AMBA. Pinnacle Associates Ltd. boosted its stake in Ambarella by 514.6% in the fourth quarter. Pinnacle Associates Ltd. now owns 22,525 shares of the company’s stock worth $1,256,000 after buying an additional 18,860 shares during the period. Rhumbline Advisers boosted its stake in Ambarella by 6.8% in the fourth quarter. Rhumbline Advisers now owns 31,329 shares of the company’s stock worth $1,746,000 after buying an additional 2,000 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Ambarella by 4.7% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 31,706 shares of the company’s stock worth $1,767,000 after buying an additional 1,410 shares during the period. Redwood Investments LLC boosted its stake in Ambarella by 26.4% in the fourth quarter. Redwood Investments LLC now owns 34,514 shares of the company’s stock worth $1,924,000 after buying an additional 7,204 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Ambarella by 9.1% in the fourth quarter. New York State Common Retirement Fund now owns 45,886 shares of the company’s stock worth $2,558,000 after buying an additional 3,820 shares during the period.
Ambarella, Inc offers semiconductor processing solutions for video that enable high-definition (HD), video capture, sharing and display. The Company operates through the development and sale of low-power, high-definition video products segment. Its system-on-a-chip designs incorporate HD video processing, image processing, audio processing and system functions onto a single chip.
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