Bank of America Issues Positive Forecast for Ambarella (NASDAQ:AMBA) Stock Price

Ambarella (NASDAQ:AMBA) had its target price boosted by Bank of America from $57.00 to $65.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an underperform rating on the semiconductor company’s stock.

Other research analysts also recently issued reports about the company. Stifel Nicolaus lifted their target price on Ambarella from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Westpark Capital reiterated a “buy” rating and issued a $85.00 price objective on shares of Ambarella in a report on Monday, August 26th. Craig Hallum increased their price objective on shares of Ambarella from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Northland Securities reaffirmed an “outperform” rating and set a $95.00 target price (up previously from $75.00) on shares of Ambarella in a report on Wednesday. Finally, TD Cowen upped their price target on shares of Ambarella from $65.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $81.67.

Ambarella Price Performance

Shares of AMBA opened at $72.44 on Wednesday. The company has a market cap of $2.99 billion, a PE ratio of -16.77 and a beta of 1.63. The firm has a 50-day moving average of $58.23 and a 200-day moving average of $54.89. Ambarella has a one year low of $39.69 and a one year high of $81.32.

Ambarella (NASDAQ:AMBA) last posted its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. The business had revenue of $63.70 million during the quarter, compared to analysts’ expectations of $62.10 million. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. Ambarella’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.76) earnings per share. Analysts expect that Ambarella will post -3 earnings per share for the current year.

Insider Buying and Selling

In other Ambarella news, VP Christopher Day sold 2,904 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $58.00, for a total transaction of $168,432.00. Following the completion of the sale, the vice president now directly owns 18,466 shares in the company, valued at $1,071,028. This represents a 13.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Chan W. Lee sold 1,490 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $53.54, for a total value of $79,774.60. Following the completion of the sale, the chief operating officer now directly owns 121,406 shares in the company, valued at approximately $6,500,077.24. This represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,423 shares of company stock valued at $1,356,402 over the last 90 days. 5.70% of the stock is owned by corporate insiders.

Institutional Trading of Ambarella

Several institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new position in Ambarella in the second quarter valued at about $26,000. Blue Trust Inc. boosted its stake in shares of Ambarella by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 499 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 321 shares in the last quarter. CWM LLC grew its holdings in shares of Ambarella by 127.7% during the 2nd quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 304 shares during the last quarter. Signaturefd LLC increased its position in Ambarella by 389.6% during the 3rd quarter. Signaturefd LLC now owns 661 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 526 shares in the last quarter. Finally, Larson Financial Group LLC lifted its stake in Ambarella by 6,014.3% in the 3rd quarter. Larson Financial Group LLC now owns 856 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 842 shares during the last quarter. 82.09% of the stock is currently owned by institutional investors.

Ambarella Company Profile

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image signal processing, and artificial intelligence processing worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, artificial intelligence computer vision algorithms, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.