Ambarella Inc. (AMBA) Shares Up 3.8%
Ambarella Inc. (NASDAQ:AMBA) shot up 3.8% during trading on Wednesday . The company traded as high as $51.33 and last traded at $51.29, with a volume of 441,307 shares. The stock had previously closed at $49.43.
A number of research firms recently commented on AMBA. Morgan Stanley raised Ambarella to a “buy” rating in a report on Saturday, April 9th. Deutsche Bank AG reaffirmed a “hold” rating and set a $47.00 target price (up previously from $45.00) on shares of Ambarella in a report on Tuesday, May 31st. Canaccord Genuity reaffirmed a “buy” rating and set a $65.00 target price on shares of Ambarella in a report on Tuesday, May 31st. Vetr downgraded Ambarella from a “strong-buy” rating to a “buy” rating and set a $54.74 target price for the company. in a report on Wednesday, June 15th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $53.00 target price on shares of Ambarella in a report on Monday, June 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $70.26.
The stock’s 50 day moving average is $47.78 and its 200 day moving average is $43.93. The company has a market capitalization of $1.75 billion and a P/E ratio of 30.28.
Ambarella (NASDAQ:AMBA) last posted its quarterly earnings data on Thursday, June 2nd. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.06. The company had revenue of $57.20 million for the quarter, compared to analyst estimates of $56.26 million. During the same period in the previous year, the business posted $0.71 earnings per share. The firm’s revenue was down 19.7% compared to the same quarter last year. On average, equities analysts anticipate that Ambarella Inc. will post $2.37 earnings per share for the current year.
In other news, insider Leslie Kohn sold 4,675 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $51.97, for a total value of $242,959.75. Following the completion of the sale, the insider now directly owns 894,162 shares of the company’s stock, valued at approximately $46,469,599.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $51.96, for a total value of $51,960.00. Following the completion of the sale, the director now directly owns 8,861 shares of the company’s stock, valued at $460,417.56. The disclosure for this sale can be found here.
Other hedge funds have bought and sold shares of the company. Morgan Stanley boosted its stake in Ambarella by 12.3% in the fourth quarter. Morgan Stanley now owns 780,760 shares of the company’s stock valued at $43,519,000 after buying an additional 85,621 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Ambarella during the fourth quarter valued at approximately $18,952,000. Greenleaf Trust acquired a new stake in Ambarella during the fourth quarter valued at approximately $6,925,000. Russell Frank Co boosted its stake in Ambarella by 341.1% in the fourth quarter. Russell Frank Co now owns 89,889 shares of the company’s stock valued at $5,090,000 after buying an additional 69,510 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted 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 valued at $4,459,000 after buying an additional 20,000 shares in the last quarter.
Ambarella, Inc is a developer of semiconductor processing solutions for video that enable high-definition (HD), video capture, sharing and display. The Company’s system-on-a-chip (SoC) designs HD video processing, image processing, audio processing and system functions onto a single chip, delivering video and image.
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