Ambarella, Inc. (NASDAQ:AMBA) Expected to Announce Quarterly Sales of $70.77 Million
Equities research analysts forecast that Ambarella, Inc. (NASDAQ:AMBA) will post sales of $70.77 million for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Ambarella’s earnings. The highest sales estimate is $71.80 million and the lowest is $70.50 million. Ambarella reported sales of $65.14 million in the same quarter last year, which indicates a positive year over year growth rate of 8.6%. The business is expected to report its next quarterly earnings report on Thursday, September 7th.
According to Zacks, analysts expect that Ambarella will report full-year sales of $70.77 million for the current financial year, with estimates ranging from $306.60 million to $312.00 million. For the next financial year, analysts anticipate that the business will post sales of $352.17 million per share, with estimates ranging from $319.80 million to $370.00 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Ambarella.
Ambarella (NASDAQ:AMBA) last issued its quarterly earnings data on Tuesday, June 6th. The semiconductor company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The company had revenue of $64.10 million during the quarter, compared to the consensus estimate of $63.54 million. Ambarella had a net margin of 18.47% and a return on equity of 13.70%. Ambarella’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share.
Several brokerages have commented on AMBA. Deutsche Bank AG decreased their price target on shares of Ambarella from $55.00 to $54.00 and set a “hold” rating for the company in a research report on Friday, June 9th. Vetr cut shares of Ambarella from a “strong-buy” rating to a “buy” rating and set a $62.50 price target for the company. in a research report on Monday, May 1st. Stifel Nicolaus reissued a “buy” rating and issued a $64.00 price target (down previously from $65.00) on shares of Ambarella in a research report on Thursday, June 1st. Zacks Investment Research cut shares of Ambarella from a “hold” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Ambarella in a research report on Friday, June 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $67.88.
Ambarella (NASDAQ AMBA) opened at 50.90 on Monday. The company has a 50-day moving average of $49.91 and a 200-day moving average of $54.12. The company has a market cap of $1.71 billion, a P/E ratio of 30.08 and a beta of 1.61. Ambarella has a 52 week low of $46.80 and a 52 week high of $74.95.
Ambarella announced that its Board of Directors has approved a stock buyback program on Tuesday, June 6th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, VP Christopher Day sold 1,526 shares of Ambarella stock in a transaction on Friday, June 16th. The shares were sold at an average price of $48.77, for a total transaction of $74,423.02. Following the sale, the vice president now directly owns 22,892 shares in the company, valued at approximately $1,116,442.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Feng-Ming Wang sold 11,628 shares of Ambarella stock in a transaction on Friday, June 16th. The stock was sold at an average price of $48.77, for a total transaction of $567,097.56. Following the sale, the chief executive officer now owns 290,691 shares in the company, valued at $14,177,000.07. The disclosure for this sale can be found here. Insiders have sold a total of 23,963 shares of company stock worth $1,168,676 over the last quarter. 5.80% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Ambarella by 5.3% in the first quarter. Vanguard Group Inc. now owns 2,084,839 shares of the semiconductor company’s stock valued at $114,061,000 after buying an additional 104,382 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in shares of Ambarella by 22.7% in the second quarter. Van Berkom & Associates Inc. now owns 1,235,483 shares of the semiconductor company’s stock valued at $59,983,000 after buying an additional 228,740 shares in the last quarter. Eagle Asset Management Inc. raised its stake in shares of Ambarella by 3.4% in the first quarter. Eagle Asset Management Inc. now owns 846,157 shares of the semiconductor company’s stock valued at $46,293,000 after buying an additional 28,114 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Ambarella by 44.9% in the first quarter. Pinnacle Associates Ltd. now owns 679,192 shares of the semiconductor company’s stock valued at $37,159,000 after buying an additional 210,558 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Ambarella by 3.5% in the first quarter. State Street Corp now owns 561,807 shares of the semiconductor company’s stock valued at $30,731,000 after buying an additional 18,892 shares in the last quarter. Hedge funds and other institutional investors own 56.42% of the company’s stock.
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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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