Ambarella Inc. (AMBA) Price Target Raised to $87.00 at Canaccord Genuity
Ambarella Inc. (NASDAQ:AMBA) had its price objective lifted by Canaccord Genuity from $86.00 to $87.00 in a research note issued to investors on Wednesday. They currently have a buy rating on the stock.
AMBA has been the subject of several other research reports. Roth Capital initiated coverage on shares of Ambarella in a research note on Wednesday, September 28th. They issued a buy rating and a $80.00 target price for the company. Vetr upgraded shares of Ambarella from a sell rating to a hold rating and set a $65.38 target price for the company in a research note on Monday, September 26th. Stifel Nicolaus restated a buy rating and set a $86.00 price target on shares of Ambarella in a research note on Thursday, August 25th. Pacific Crest raised their price target on shares of Ambarella from $53.00 to $75.00 and gave the stock an overweight rating in a research note on Tuesday, August 30th. Finally, Needham & Company LLC restated a hold rating on shares of Ambarella in a research note on Friday, August 26th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Ambarella currently has an average rating of Buy and an average price target of $70.03.
Shares of Ambarella (NASDAQ:AMBA) opened at 60.92 on Wednesday. The firm’s 50-day moving average is $68.72 and its 200 day moving average is $54.05. Ambarella has a 12 month low of $33.39 and a 12 month high of $74.95. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 45.87 and a beta of 1.50.
Ambarella (NASDAQ:AMBA) last released its earnings results on Thursday, September 1st. The company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.16. Ambarella had a net margin of 15.86% and a return on equity of 14.23%. The business earned $65.10 million during the quarter, compared to analysts’ expectations of $64.02 million. During the same quarter last year, the company earned $0.88 earnings per share. The firm’s revenue was down 22.7% on a year-over-year basis. Equities analysts expect that Ambarella will post $2.64 EPS for the current year.
In other Ambarella news, Director Christopher B. Paisley sold 1,000 shares of Ambarella stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $69.13, for a total transaction of $69,130.00. Following the completion of the sale, the director now owns 10,014 shares of the company’s stock, valued at approximately $692,267.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO George Laplante sold 30,000 shares of Ambarella stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $67.08, for a total transaction of $2,012,400.00. Following the sale, the chief financial officer now directly owns 118,720 shares of the company’s stock, valued at approximately $7,963,737.60. The disclosure for this sale can be found here. 5.43% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Smithfield Trust Co. raised its stake in Ambarella by 100.0% in the second quarter. Smithfield Trust Co. now owns 2,000 shares of the company’s stock worth $102,000 after buying an additional 1,000 shares in the last quarter. Penserra Capital Management LLC raised its stake in Ambarella by 17.9% in the second quarter. Penserra Capital Management LLC now owns 2,084 shares of the company’s stock worth $106,000 after buying an additional 316 shares in the last quarter. US Bancorp DE raised its stake in Ambarella by 10.3% in the second quarter. US Bancorp DE now owns 2,106 shares of the company’s stock worth $107,000 after buying an additional 197 shares in the last quarter. First Interstate Bank raised its stake in Ambarella by 4.2% in the second quarter. First Interstate Bank now owns 2,167 shares of the company’s stock worth $110,000 after buying an additional 88 shares in the last quarter. Finally, FTB Advisors Inc. acquired a new stake in Ambarella during the second quarter worth approximately $112,000. 51.33% of the stock is owned by hedge funds and other institutional investors.
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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