Ambarella Inc. (AMBA) Shares Up 2.4%
Ambarella Inc. (NASDAQ:AMBA)’s share price shot up 2.4% during mid-day trading on Friday . The company traded as high as $66.03 and last traded at $65.15, with a volume of 788,711 shares traded. The stock had previously closed at $63.64.
A number of brokerages have issued reports on AMBA. Morgan Stanley restated a “buy” rating and set a $55.00 target price on shares of Ambarella in a report on Saturday, June 4th. Canaccord Genuity reiterated a “buy” rating and set a $65.00 price objective on shares of Ambarella in a report on Tuesday, May 31st. Zacks Investment Research cut Ambarella from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Needham & Company LLC reiterated a “neutral” rating on shares of Ambarella in a report on Friday, June 3rd. Finally, Vetr cut Ambarella from a “buy” rating to a “hold” rating and set a $68.62 price objective on the stock. in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Ambarella presently has an average rating of “Buy” and a consensus price target of $71.42.
The firm has a 50-day moving average of $57.90 and a 200-day moving average of $46.63. The company has a market cap of $2.14 billion and a PE ratio of 36.96.
Ambarella (NASDAQ:AMBA) last issued its quarterly earnings results on Thursday, June 2nd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.06. The company earned $57.20 million during the quarter, compared to analyst estimates of $56.26 million. During the same period in the previous year, the company posted $0.71 EPS. The company’s quarterly revenue was down 19.7% on a year-over-year basis. On average, equities research analysts forecast that Ambarella Inc. will post $2.37 earnings per share for the current fiscal year.
In related news, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction dated 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 owns 8,861 shares in the company, valued at approximately $460,417.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Christopher Day sold 1,173 shares of the company’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $50.85, for a total value of $59,647.05. Following the sale, the vice president now owns 23,532 shares in the company, valued at approximately $1,196,602.20. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Ambarella stock. New York State Common Retirement Fund raised its stake in shares of Ambarella Inc. (NASDAQ:AMBA) by 9.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,886 shares of the company’s stock after buying an additional 3,820 shares during the period. New York State Common Retirement Fund owned approximately 0.14% of Ambarella worth $2,558,000 at the end of the most recent 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.