Bank of America Raises Ambarella (NASDAQ:AMBA) Price Target to $65.00

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

A number of other brokerages also recently issued reports on AMBA. Morgan Stanley raised their price objective on Ambarella from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Northland Securities restated an “outperform” rating and set a $95.00 price target (up previously from $75.00) on shares of Ambarella in a report on Wednesday. Craig Hallum upped their price objective on shares of Ambarella from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Susquehanna boosted their target price on shares of Ambarella from $70.00 to $85.00 and gave the company a “positive” rating in a report on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price objective on shares of Ambarella in a research note on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $81.67.

Ambarella Price Performance

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

Ambarella (NASDAQ:AMBA) last issued 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 company had revenue of $63.70 million for the quarter, compared to analyst estimates of $62.10 million. Ambarella had a negative net margin of 79.46% and a negative return on equity of 26.01%. Ambarella’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.76) earnings per share. Equities research analysts expect that Ambarella will post -3 EPS for the current year.

Insider Transactions at Ambarella

In other news, VP Yun-Lung Chen sold 5,963 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.56, for a total value of $343,230.28. Following the sale, the vice president now directly owns 62,026 shares of the company’s stock, valued at approximately $3,570,216.56. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John Alexander Young sold 2,139 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.54, for a total value of $114,522.06. Following the transaction, the chief financial officer now owns 103,529 shares of the company’s stock, valued at approximately $5,542,942.66. The trade was a 2.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,423 shares of company stock worth $1,356,402 in the last 90 days. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Ambarella

Several hedge funds have recently added to or reduced their stakes in AMBA. Meeder Asset Management Inc. bought a new stake in Ambarella in the 2nd quarter worth approximately $26,000. Blue Trust Inc. grew its position in Ambarella by 180.3% during the third quarter. Blue Trust Inc. now owns 499 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 321 shares during the last quarter. CWM LLC raised its stake in shares of Ambarella by 127.7% during the second quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 304 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Ambarella by 389.6% in the 3rd quarter. Signaturefd LLC now owns 661 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 526 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of 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 in the last quarter. Institutional investors own 82.09% of the company’s stock.

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.