Shares of Ambarella Inc. (NASDAQ:AMBA) gapped up prior to trading on Tuesday . The stock had previously closed at $65.34, but opened at $65.84. Ambarella shares last traded at $68.12, with a volume of 769,549 shares traded.

AMBA has been the subject of several recent analyst reports. Zacks Investment Research raised Ambarella from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Tuesday, July 12th. Vetr cut 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. Deutsche Bank AG lifted their price objective on Ambarella from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Monday, June 6th. Pacific Crest reissued an “overweight” rating and set a $53.00 price objective on shares of Ambarella in a research report on Monday, June 6th. Finally, Needham & Company LLC reissued a “neutral” rating on shares of Ambarella in a research report on Friday, June 3rd. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $71.42.

The firm’s 50 day moving average is $58.60 and its 200-day moving average is $47.18. The company has a market cap of $2.23 billion and a P/E ratio of 38.58.

Ambarella (NASDAQ:AMBA) last announced its earnings results on Thursday, June 2nd. The company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06. During the same period in the prior year, the business posted $0.71 earnings per share. The business had revenue of $57.20 million for the quarter, compared to the consensus estimate of $56.26 million. The firm’s revenue for the quarter was down 19.7% compared to the same quarter last year. Equities research analysts predict that Ambarella Inc. will post $2.37 earnings per share for the current year.

In other news, VP Christopher Day sold 1,173 shares of the firm’s 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 transaction, the vice president now directly owns 23,532 shares of the company’s stock, valued at $1,196,602.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $51.96, for a total transaction 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.

A number of hedge funds and institutional investors have recently made changes to their positions in AMBA. Redwood Investments LLC boosted its position in shares of 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. New York State Common Retirement Fund boosted its position 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 worth $2,558,000 after buying an additional 3,820 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Ambarella by 5.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 48,400 shares of the company’s stock worth $2,698,000 after buying an additional 2,300 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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