Ambarella (NASDAQ:AMBA) Price Target Cut to $50.00

Ambarella (NASDAQ:AMBA) had its price objective decreased by Bank of America from $62.00 to $50.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Bank of America currently has an underperform rating on the semiconductor company’s stock.

AMBA has been the subject of several other reports. StockNews.com upgraded Ambarella to a sell rating in a research report on Saturday, April 13th. Morgan Stanley boosted their target price on Ambarella from $67.00 to $73.00 and gave the stock an overweight rating in a research report on Wednesday, February 28th. Susquehanna boosted their target price on Ambarella from $70.00 to $80.00 and gave the stock a positive rating in a research report on Wednesday, February 28th. Wells Fargo & Company cut Ambarella from an overweight rating to an equal weight rating and reduced their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, January 3rd. Finally, Needham & Company LLC reiterated a buy rating and issued a $90.00 price objective on shares of Ambarella in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $71.08.

Ambarella Price Performance

NASDAQ:AMBA opened at $40.99 on Tuesday. The business has a fifty day simple moving average of $51.90 and a two-hundred day simple moving average of $53.94. Ambarella has a 1 year low of $40.76 and a 1 year high of $89.18. The company has a market capitalization of $1.68 billion, a P/E ratio of -10.01 and a beta of 1.66.

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

Insider Activity

In other news, CEO Feng-Ming Wang sold 2,173 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $49.27, for a total value of $107,063.71. Following the completion of the sale, the chief executive officer now owns 806,632 shares of the company’s stock, valued at approximately $39,742,758.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO John Alexander Young sold 1,546 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $49.27, for a total value of $76,171.42. Following the completion of the sale, the chief financial officer now owns 107,571 shares of the company’s stock, valued at approximately $5,300,023.17. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Feng-Ming Wang sold 2,173 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $49.27, for a total value of $107,063.71. Following the completion of the sale, the chief executive officer now directly owns 806,632 shares of the company’s stock, valued at approximately $39,742,758.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,648 shares of company stock valued at $327,595. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AMBA. Kodai Capital Management LP bought a new position in Ambarella during the 4th quarter valued at approximately $65,543,000. Macquarie Group Ltd. raised its position in Ambarella by 61.9% during the 2nd quarter. Macquarie Group Ltd. now owns 1,640,233 shares of the semiconductor company’s stock valued at $107,370,000 after purchasing an additional 626,893 shares during the last quarter. BlackRock Inc. raised its position in Ambarella by 14.9% during the 1st quarter. BlackRock Inc. now owns 4,028,021 shares of the semiconductor company’s stock valued at $422,620,000 after purchasing an additional 522,698 shares during the last quarter. Norges Bank bought a new position in Ambarella during the 4th quarter valued at approximately $23,495,000. Finally, Assenagon Asset Management S.A. raised its position in Ambarella by 1,276.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 403,197 shares of the semiconductor company’s stock valued at $24,712,000 after purchasing an additional 373,915 shares during 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 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.