Ambarella Inc. (AMBA) Shares Gap Up to $61.80
Ambarella Inc. (NASDAQ:AMBA)’s share price gapped up prior to trading on Friday . The stock had previously closed at $61.79, but opened at $61.80. Ambarella shares last traded at $62.79, with a volume of 613,393 shares trading hands.
A number of equities analysts have recently commented on AMBA shares. Pacific Crest restated an “overweight” rating and issued a $53.00 price objective on shares of Ambarella in a research report on Monday, June 6th. Vetr lowered shares of Ambarella from a “strong-buy” rating to a “buy” rating and set a $68.62 target price for the company. in a research report on Friday. Zacks Investment Research upgraded shares of Ambarella from a “hold” rating to a “strong-buy” rating and set a $65.00 target price for the company in a research report on Tuesday, August 2nd. Morgan Stanley reiterated a “buy” rating and set a $55.00 target price on shares of Ambarella in a research report on Saturday, June 4th. Finally, Deutsche Bank AG lifted their target price on shares of Ambarella from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Monday, June 6th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Ambarella has an average rating of “Buy” and an average target price of $71.42.
The company has a market cap of $2.11 billion and a price-to-earnings ratio of 36.44. The stock’s 50-day moving average price is $55.72 and its 200 day moving average price is $45.65.
Ambarella (NASDAQ:AMBA) last announced its quarterly earnings data on Thursday, June 2nd. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the business earned $0.71 earnings per share. The company’s quarterly revenue was down 19.7% compared to the same quarter last year. On average, analysts predict that Ambarella Inc. will post $2.37 earnings per share for the current year.
In other Ambarella news, VP Christopher Day sold 1,173 shares of the stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $50.85, for a total transaction of $59,647.05. Following the completion of the sale, the vice president now directly owns 23,532 shares of the company’s stock, valued at approximately $1,196,602.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $51.96, for a total value of $51,960.00. Following the transaction, the director now owns 8,861 shares of the company’s stock, valued at $460,417.56. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers increased its position 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 in the last quarter. New York State Common Retirement Fund increased its position 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 in the last quarter. Redwood Investments LLC increased its position 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 in the last quarter. State of Wisconsin Investment Board increased its position in Ambarella by 33.3% in the fourth quarter. State of Wisconsin Investment Board now owns 80,000 shares of the company’s stock worth $4,459,000 after buying an additional 20,000 shares in the last quarter. Finally, Alta Park Capital LP purchased a new position in Ambarella during the fourth quarter worth approximately $1,667,000.
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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