Bank of America Cuts Ambarella (NASDAQ:AMBA) Price Target to $50.00

Ambarella (NASDAQ:AMBA) had its price target cut by analysts at Bank of America from $62.00 to $50.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective would indicate a potential upside of 14.52% from the stock’s previous close.

AMBA has been the topic of a number of other research reports. Morgan Stanley upped their target price on shares of Ambarella from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Ambarella in a research report on Wednesday, February 28th. Susquehanna upped their target price on shares of Ambarella from $70.00 to $80.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Wells Fargo & Company cut shares of Ambarella from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $85.00 to $65.00 in a research report on Wednesday, January 3rd. Finally, StockNews.com raised shares of Ambarella to a “sell” rating in a research report on Saturday, April 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Ambarella has an average rating of “Hold” and an average price target of $71.08.

Ambarella Stock Performance

Shares of NASDAQ AMBA opened at $43.66 on Tuesday. The firm has a market cap of $1.79 billion, a PE ratio of -10.30 and a beta of 1.66. The firm has a fifty day moving average of $52.33 and a 200 day moving average of $54.09. Ambarella has a one year low of $43.23 and a one year high of $89.18.

Ambarella (NASDAQ:AMBA) last released its earnings results on Tuesday, February 27th. The semiconductor company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.03. Ambarella had a negative net margin of 74.81% and a negative return on equity of 23.78%. The business had revenue of $51.62 million during the quarter, compared to analyst estimates of $51.68 million. On average, equities analysts predict that Ambarella will post -3.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Chan W. Lee sold 1,075 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total transaction of $52,965.25. Following the completion of the sale, the chief operating officer now directly owns 124,146 shares of the company’s stock, valued at $6,116,673.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Chan W. Lee sold 1,075 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total transaction of $52,965.25. Following the completion of the sale, the chief operating officer now directly owns 124,146 shares of the company’s stock, valued at $6,116,673.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Leslie Kohn sold 1,198 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total transaction of $59,025.46. Following the sale, the chief technology officer now owns 964,664 shares in the company, valued at $47,528,995.28. The disclosure for this sale can be found here. Insiders sold a total of 6,648 shares of company stock valued at $327,595 over the last three months. 5.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ambarella

Several institutional investors have recently made changes to their positions in the stock. Tributary Capital Management LLC raised its stake in shares of Ambarella by 20.2% during the 4th quarter. Tributary Capital Management LLC now owns 225,937 shares of the semiconductor company’s stock worth $13,848,000 after buying an additional 38,018 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of Ambarella by 1,300.9% during the 3rd quarter. Quantbot Technologies LP now owns 22,709 shares of the semiconductor company’s stock worth $1,204,000 after buying an additional 21,088 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ambarella by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 294,469 shares of the semiconductor company’s stock worth $15,616,000 after buying an additional 10,774 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of Ambarella during the 3rd quarter worth $614,000. Finally, Deutsche Bank AG raised its stake in shares of Ambarella by 49.8% during the 3rd quarter. Deutsche Bank AG now owns 26,832 shares of the semiconductor company’s stock worth $1,423,000 after buying an additional 8,921 shares during the last quarter. 82.09% of the stock is currently owned by hedge funds and other institutional investors.

About Ambarella

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network 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.