Ambarella Inc. (AMBA) Stock Price Up 4.5%
Ambarella Inc. (NASDAQ:AMBA)’s share price rose 4.5% during trading on Tuesday . The stock traded as high as $62.10 and last traded at $61.89, with a volume of 792,372 shares trading hands. The stock had previously closed at $59.25.
AMBA has been the subject of several recent research reports. Zacks Investment Research raised Ambarella from a “sell” rating to a “hold” rating in a report on Wednesday, May 4th. Pacific Crest reissued an “overweight” rating and issued a $53.00 price objective (down from $62.00) on shares of Ambarella in a report on Thursday, May 12th. Canaccord Genuity reissued a “buy” rating and issued a $65.00 price objective on shares of Ambarella in a report on Tuesday, May 31st. Deutsche Bank AG reissued a “hold” rating and issued a $47.00 price objective (up from $45.00) on shares of Ambarella in a report on Tuesday, May 31st. Finally, Needham & Company LLC reissued a “neutral” rating on shares of Ambarella in a report on Friday, June 3rd. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $70.65.
The stock’s 50 day moving average price is $55.08 and its 200-day moving average price is $45.34. The firm has a market capitalization of $1.97 billion and a P/E ratio of 34.17.
Ambarella (NASDAQ:AMBA) last posted its earnings results on Thursday, June 2nd. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. The firm earned $57.20 million during the quarter, compared to the consensus estimate of $56.26 million. The business’s revenue was down 19.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 EPS. Equities research analysts expect that Ambarella Inc. will post $2.37 EPS for the current fiscal year.
In related news, CEO Feng-Ming Wang sold 9,573 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $51.97, for a total value of $497,508.81. Following the completion of the sale, the chief executive officer now owns 278,346 shares of the company’s stock, valued at $14,465,641.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of Ambarella stock in a transaction 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 sale, the director now directly owns 8,861 shares of the company’s stock, valued at approximately $460,417.56. The disclosure for this sale can be found here.
Other hedge funds have added to or reduced their stakes in the company. Alta Park Capital LP acquired a new stake in Ambarella during the fourth quarter worth approximately $1,667,000. Redwood Investments LLC raised its stake in 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 in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Ambarella during the fourth quarter worth approximately $18,952,000. State of Wisconsin Investment Board raised 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 worth $4,459,000 after buying an additional 20,000 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in 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 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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