Ambarella Inc. (AMBA) Stock Price Down 3.2%
Ambarella Inc. (NASDAQ:AMBA) shares dropped 3.2% during trading on Thursday . The company traded as low as $63.85 and last traded at $64.00, with a volume of 616,857 shares trading hands. The stock had previously closed at $66.10.
A number of research analysts recently weighed in on the company. Vetr lowered Ambarella from a “strong-buy” rating to a “buy” rating and set a $68.62 price objective for the company. in a research report on Friday, August 12th. Zacks Investment Research raised Ambarella from a “hold” rating to a “strong-buy” rating and set a $65.00 price objective for the company in a research report on Tuesday, August 2nd. Pacific Crest reaffirmed an “overweight” rating and set a $53.00 price objective (down previously from $62.00) on shares of Ambarella in a research report on Thursday, May 12th. Finally, Needham & Company LLC reaffirmed a “neutral” rating on shares of Ambarella in a research report on Friday, June 3rd. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $71.42.
The company has a market cap of $2.09 billion and a P/E ratio of 36.18. The firm’s 50-day moving average is $57.11 and its 200-day moving average is $46.32.
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. During the same period in the previous year, the company posted $0.71 earnings per share. The business had revenue of $57.20 million for the quarter, compared to analyst estimates of $56.26 million. The business’s revenue for the quarter was down 19.7% on a year-over-year basis. Analysts anticipate that Ambarella Inc. will post $2.37 EPS for the current fiscal year.
In other news, insider Leslie Kohn sold 4,675 shares of the company’s stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $51.97, for a total transaction of $242,959.75. Following the transaction, the insider now directly owns 894,162 shares of the company’s stock, valued at $46,469,599.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $51.96, for a total value of $51,960.00. Following the transaction, the director now directly owns 8,861 shares in the company, valued at $460,417.56. The disclosure for this sale can be found here.
Several institutional investors have recently added to or reduced their stakes in AMBA. 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 valued at $1,924,000 after buying an additional 7,204 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Ambarella by 9.1% in the fourth quarter. New York State Common Retirement Fund now owns 45,886 shares of the company’s stock valued at $2,558,000 after buying an additional 3,820 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Ambarella by 6.8% in the fourth quarter. Rhumbline Advisers now owns 31,329 shares of the company’s stock valued at $1,746,000 after buying an additional 2,000 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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