Vetr upgraded shares of Ambarella Inc. (NASDAQ:AMBA) from a buy rating to a strong-buy rating in a report released on Wednesday morning. They currently have $74.39 target price on the stock.
Several other equities analysts also recently commented on AMBA. Morgan Stanley reaffirmed a buy rating and issued a $78.00 target price on shares of Ambarella in a research report on Friday, September 2nd. Zacks Investment Research raised Ambarella from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Tuesday, July 12th. Pacific Crest reissued a buy rating on shares of Ambarella in a research report on Friday, September 2nd. KeyCorp increased their price target on Ambarella from $53.00 to $75.00 and gave the stock an overweight rating in a research report on Tuesday, August 30th. Finally, Needham & Company LLC reissued a hold rating on shares of Ambarella in a research report on Friday, September 2nd. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $70.03.
Ambarella (NASDAQ:AMBA) opened at 62.69 on Wednesday. Ambarella has a 12 month low of $33.39 and a 12 month high of $74.95. The company has a market cap of $2.05 billion, a P/E ratio of 47.21 and a beta of 1.50. The firm has a 50-day moving average price of $68.40 and a 200 day moving average price of $54.28.
Ambarella (NASDAQ:AMBA) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.16. The firm had revenue of $65.10 million for the quarter, compared to the consensus estimate of $64.02 million. Ambarella had a return on equity of 14.23% and a net margin of 15.86%. The business’s revenue was down 22.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, equities analysts expect that Ambarella will post $2.64 earnings per share for the current year.
In other Ambarella news, CFO George Laplante sold 30,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $67.08, for a total transaction of $2,012,400.00. Following the completion of the sale, the chief financial officer now directly owns 118,720 shares in the company, valued at approximately $7,963,737.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Christopher Day sold 2,000 shares of the stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $67.00, for a total value of $134,000.00. Following the sale, the vice president now owns 27,071 shares of the company’s stock, valued at $1,813,757. The disclosure for this sale can be found here. Corporate insiders own 5.43% of the company’s stock.
A number of hedge funds have recently modified their holdings of AMBA. Macquarie Group Ltd. increased its stake in shares of Ambarella by 18.5% in the second quarter. Macquarie Group Ltd. now owns 87,390 shares of the company’s stock worth $4,440,000 after buying an additional 13,641 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Ambarella by 93.8% in the second quarter. Royal Bank of Canada now owns 14,198 shares of the company’s stock worth $720,000 after buying an additional 6,872 shares during the last quarter. Amalgamated Bank acquired a new stake in shares of Ambarella during the second quarter worth $213,000. Elk Creek Partners LLC increased its stake in shares of Ambarella by 30.0% in the second quarter. Elk Creek Partners LLC now owns 213,600 shares of the company’s stock worth $10,853,000 after buying an additional 49,275 shares during the last quarter. Finally, First Foundation Advisors acquired a new stake in shares of Ambarella during the second quarter worth $203,000. Hedge funds and other institutional investors own 51.25% of the company’s stock.
Ambarella Company Profile
Ambarella, Inc offers semiconductor processing solutions for video that enable high-definition (HD), video capture, sharing and display. The Company operates through the development and sale of low-power, high-definition video products segment. Its system-on-a-chip designs incorporate HD video processing, image processing, audio processing and system functions onto a single chip.
To view Vetr’s full report, visit Vetr’s official website.
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