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

Ambarella (NASDAQ:AMBA) had its target price upped by stock analysts at Bank of America from $57.00 to $65.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective would suggest a potential downside of 4.98% from the stock’s current price.

Several other equities research analysts also recently issued reports on AMBA. Stifel Nicolaus increased their target price on Ambarella from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Roth Mkm reissued a “neutral” rating and set a $60.00 price objective on shares of Ambarella in a report on Wednesday, August 28th. Susquehanna lifted their target price on Ambarella from $70.00 to $85.00 and gave the company a “positive” rating in a report on Wednesday. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price target on shares of Ambarella in a report on Friday, August 23rd. Finally, Craig Hallum raised 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $78.58.

Ambarella Stock Performance

Shares of Ambarella stock opened at $68.41 on Wednesday. The stock has a market capitalization of $2.82 billion, a P/E ratio of -15.84 and a beta of 1.63. Ambarella has a 52-week low of $39.69 and a 52-week high of $69.55. The stock’s 50-day simple moving average is $58.23 and its 200 day simple moving average is $54.89.

Ambarella (NASDAQ:AMBA) last posted its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. Equities research analysts forecast that Ambarella will post -3 EPS for the current fiscal year.

Insider Transactions at Ambarella

In other news, VP Yun-Lung Chen sold 5,963 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.56, for a total value of $343,230.28. Following the completion of the transaction, the vice president now directly owns 62,026 shares in the company, valued at approximately $3,570,216.56. This represents a 8.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher Day sold 2,904 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $58.00, for a total value of $168,432.00. Following the transaction, the vice president now owns 18,466 shares in the company, valued at $1,071,028. This trade represents a 13.59 % 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 valued at $1,356,402 in the last quarter. Insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AMBA. Point72 Asset Management L.P. increased its holdings in shares of Ambarella by 1,556.9% in the second quarter. Point72 Asset Management L.P. now owns 507,006 shares of the semiconductor company’s stock worth $27,353,000 after buying an additional 476,406 shares during the period. The Manufacturers Life Insurance Company grew its position in Ambarella by 36.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,291,900 shares of the semiconductor company’s stock worth $69,698,000 after acquiring an additional 343,385 shares during the last quarter. Barclays PLC increased its stake in Ambarella by 281.3% in the 3rd quarter. Barclays PLC now owns 388,090 shares of the semiconductor company’s stock worth $21,891,000 after purchasing an additional 286,296 shares during the period. Marshall Wace LLP lifted its position in Ambarella by 69.2% in the second quarter. Marshall Wace LLP now owns 613,346 shares of the semiconductor company’s stock valued at $33,090,000 after purchasing an additional 250,778 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Ambarella by 6.1% during the first quarter. Vanguard Group Inc. now owns 4,340,831 shares of the semiconductor company’s stock valued at $220,384,000 after purchasing an additional 248,297 shares during the period. 82.09% of the stock is owned by hedge funds and other 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.