Ambarella Inc. (NASDAQ:AMBA) gapped up before the market opened 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 traded.

AMBA has been the topic of several recent analyst reports. Pacific Crest reissued an “overweight” rating and set a $53.00 target price on shares of Ambarella in a research note 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 on the stock. in a research note on Friday. Zacks Investment Research raised shares of Ambarella from a “hold” rating to a “strong-buy” rating and set a $65.00 target price on the stock in a research note on Tuesday, August 2nd. Morgan Stanley reissued a “buy” rating and set a $55.00 target price on shares of Ambarella in a research note on Saturday, June 4th. Finally, Deutsche Bank AG increased their target price on shares of Ambarella from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Monday, June 6th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $71.42.

The stock has a 50 day moving average price of $55.72 and a 200 day moving average price of $45.65. The stock has a market capitalization of $2.11 billion and a price-to-earnings ratio of 36.44.

Ambarella (NASDAQ:AMBA) last issued its quarterly earnings results on Thursday, June 2nd. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. The firm had revenue of $57.20 million for the quarter, compared to analyst estimates of $56.26 million. The company’s revenue was down 19.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.71 earnings per share. Analysts forecast that Ambarella Inc. will post $2.37 earnings per share for the current fiscal year.

In related news, CEO Feng-Ming Wang sold 9,573 shares of the business’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $51.97, for a total transaction of $497,508.81. Following the sale, the chief executive officer now owns 278,346 shares of the company’s stock, valued at $14,465,641.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Christopher Day sold 1,405 shares of the business’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $51.97, for a total transaction of $73,017.85. Following the sale, the vice president now directly owns 26,110 shares in the company, valued at approximately $1,356,936.70. The disclosure for this sale can be found here.

A number of hedge funds recently added to or reduced their stakes in AMBA. Alta Park Capital LP bought a new stake in Ambarella during the fourth quarter worth approximately $1,667,000. Rhumbline Advisers increased 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 in the last quarter. Redwood Investments LLC increased 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 in the last quarter. New York State Common Retirement Fund increased 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 in the last quarter. Finally, State of Wisconsin Investment Board increased its stake 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.

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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