Ambarella Inc. (AMBA) Upgraded by Vetr Inc. to “Strong-Buy”
Ambarella Inc. (NASDAQ:AMBA) was upgraded by stock analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $74.39 price objective on the stock. Vetr‘s price objective points to a potential upside of 16.39% from the stock’s previous close.
Several other research firms have also recently commented on AMBA. Canaccord Genuity upped their target price on shares of Ambarella from $85.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, August 31st. Needham & Company LLC reiterated a “hold” rating on shares of Ambarella in a research note on Friday, September 2nd. Pacific Crest reiterated a “buy” rating on shares of Ambarella in a research note on Friday, September 2nd. Morgan Stanley reiterated a “buy” rating and set a $78.00 target price on shares of Ambarella in a research note on Friday, September 2nd. Finally, KeyCorp boosted their price target on shares of Ambarella from $53.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, August 30th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $69.96.
Ambarella (NASDAQ:AMBA) opened at 63.91 on Wednesday. The company’s 50-day moving average price is $68.86 and its 200 day moving average price is $53.99. Ambarella has a 52-week low of $33.39 and a 52-week high of $74.95. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 48.12 and a beta of 1.50.
Ambarella (NASDAQ:AMBA) last released its earnings results on Thursday, September 1st. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.16. The firm earned $65.10 million during the quarter, compared to analysts’ expectations of $64.02 million. Ambarella had a net margin of 15.86% and a return on equity of 14.23%. The business’s quarterly revenue was down 22.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. On average, equities analysts expect that Ambarella will post $2.64 EPS for the current fiscal year.
In related news, CFO George Laplante sold 30,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $67.08, for a total transaction of $2,012,400.00. Following the transaction, the chief financial officer now owns 118,720 shares in the company, valued at approximately $7,963,737.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $69.13, for a total transaction of $69,130.00. Following the transaction, the director now owns 10,014 shares in the company, valued at approximately $692,267.82. The disclosure for this sale can be found here. Corporate insiders own 5.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van Berkom & Associates Inc. acquired a new position in Ambarella during the second quarter worth about $36,083,000. Lord Abbett & CO. LLC acquired a new position in Ambarella during the second quarter worth about $18,516,000. Columbus Circle Investors acquired a new position in Ambarella during the second quarter worth about $14,506,000. Scout Investments Inc. increased its position in Ambarella by 278.0% in the second quarter. Scout Investments Inc. now owns 250,061 shares of the company’s stock worth $12,706,000 after buying an additional 183,911 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new position in Ambarella during the second quarter worth about $6,198,000. Institutional investors own 51.33% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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