Ambarella Inc. (AMBA) Sees Strong Trading Volume
Ambarella Inc. (NASDAQ:AMBA) shares saw an uptick in trading volume on Monday . 883,396 shares were traded during trading, an increase of 15% from the previous session’s volume of 766,836 shares.The stock last traded at $66.31 and had previously closed at $64.09.
Several brokerages recently commented on AMBA. Deutsche Bank AG restated 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 restated a “buy” rating and set a $65.00 target price on shares of Ambarella in a report on Tuesday, May 31st. Morgan Stanley reaffirmed a “buy” rating and set a $55.00 price target on shares of Ambarella in a research report on Saturday, June 4th. Zacks Investment Research raised shares of Ambarella from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, July 12th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $53.00 price target on shares of Ambarella in a research report on Monday, June 6th. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Ambarella currently has a consensus rating of “Buy” and a consensus target price of $71.42.
The stock has a 50 day moving average price of $56.19 and a 200 day moving average price of $45.98. The stock has a market cap of $2.17 billion and a PE ratio of 37.57.
Ambarella (NASDAQ:AMBA) last announced its quarterly earnings data on Thursday, June 2nd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.06. During the same quarter in the prior year, the firm posted $0.71 earnings per share. The firm earned $57.20 million during the quarter, compared to the consensus estimate of $56.26 million. The company’s revenue was down 19.7% on a year-over-year basis. Analysts predict that Ambarella Inc. will post $2.37 EPS for the current fiscal year.
In other news, VP Christopher Day sold 1,173 shares of the company’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $50.85, for a total transaction of $59,647.05. Following the sale, the vice president now directly owns 23,532 shares in the company, valued at $1,196,602.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $51.96, for a total value of $51,960.00. Following the sale, the director now owns 8,861 shares in the company, valued at $460,417.56. The disclosure for this sale can be found here.
Other large investors recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in shares of Ambarella by 6.8% in the fourth quarter. Rhumbline Advisers now owns 31,329 shares of the company’s stock valued at $1,746,000 after buying an additional 2,000 shares in the last quarter. New York State Common Retirement Fund boosted its stake 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 valued at $2,558,000 after buying an additional 3,820 shares in the last quarter. Redwood Investments LLC boosted its stake in shares of Ambarella by 26.4% in the fourth quarter. Redwood Investments LLC now owns 34,514 shares of the company’s stock valued at $1,924,000 after buying an additional 7,204 shares in the last quarter. Alta Park Capital LP bought a new stake in shares of Ambarella during the fourth quarter valued at $1,667,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Ambarella during the fourth quarter valued at $18,952,000.
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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