Canaccord Genuity Boosts Ambarella Inc. (AMBA) Price Target to $87.00
Ambarella Inc. (NASDAQ:AMBA) had its price target lifted by Canaccord Genuity from $86.00 to $87.00 in a report issued on Wednesday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price objective would indicate a potential upside of 36.12% from the stock’s current price.
A number of other research analysts have also recently commented on AMBA. Morgan Stanley reiterated a “buy” rating and set a $78.00 price target on shares of Ambarella in a research report on Friday, September 2nd. Vetr upgraded shares of Ambarella from a “buy” rating to a “strong-buy” rating and set a $74.39 price target on the stock in a research report on Wednesday. Zacks Investment Research upgraded shares of 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 reiterated a “buy” rating on shares of Ambarella in a research report on Friday, September 2nd. Finally, KeyCorp increased their price target on shares of Ambarella from $53.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, August 30th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $70.03.
Shares of Ambarella (NASDAQ:AMBA) opened at 63.91 on Wednesday. The company’s 50 day moving average is $68.86 and its 200 day moving average is $53.99. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 48.12 and a beta of 1.50. Ambarella has a one year low of $33.39 and a one year high of $74.95.
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Ambarella (NASDAQ:AMBA) last announced its earnings results on Thursday, September 1st. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.16. The business had revenue of $65.10 million for the quarter, compared to the consensus estimate of $64.02 million. Ambarella had a net margin of 15.86% and a return on equity of 14.23%. Ambarella’s quarterly revenue was down 22.7% on a year-over-year basis. During the same period last year, the firm posted $0.88 earnings per share. Equities research analysts predict that Ambarella will post $2.64 earnings per share for the current year.
In other news, VP Christopher Day sold 2,000 shares of Ambarella 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 completion of the transaction, the vice president now owns 27,071 shares of the company’s stock, valued at approximately $1,813,757. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Feng-Ming Wang sold 9,573 shares of Ambarella stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $67.98, for a total value of $650,772.54. The disclosure for this sale can be found here. Company insiders own 5.43% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Smithfield Trust Co. raised its position in Ambarella by 100.0% in the second quarter. Smithfield Trust Co. now owns 2,000 shares of the company’s stock valued at $102,000 after buying an additional 1,000 shares in the last quarter. Penserra Capital Management LLC raised its position in Ambarella by 17.9% in the second quarter. Penserra Capital Management LLC now owns 2,084 shares of the company’s stock valued at $106,000 after buying an additional 316 shares in the last quarter. US Bancorp DE raised its position in Ambarella by 10.3% in the second quarter. US Bancorp DE now owns 2,106 shares of the company’s stock valued at $107,000 after buying an additional 197 shares in the last quarter. First Interstate Bank raised its position in Ambarella by 4.2% in the second quarter. First Interstate Bank now owns 2,167 shares of the company’s stock valued at $110,000 after buying an additional 88 shares in the last quarter. Finally, FTB Advisors Inc. bought a new position in Ambarella during the second quarter valued at about $112,000. 51.33% of the stock is owned by hedge funds and other institutional investors.
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.
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