Ambarella, Inc. (AMBA) Receives Buy Rating from Canaccord Genuity
Ambarella, Inc. (NASDAQ:AMBA)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity in a report released on Friday. They currently have a $65.00 price target on the semiconductor company’s stock, up from their previous price target of $58.00. Canaccord Genuity’s price target would indicate a potential upside of 18.83% from the company’s previous close.
AMBA has been the subject of a number of other reports. Zacks Investment Research upgraded Ambarella from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Roth Capital downgraded Ambarella from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $65.00 to $50.00 in a research report on Friday, September 1st. Dougherty & Co dropped their price objective on Ambarella from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, September 1st. Deutsche Bank AG restated a “hold” rating and set a $49.00 price objective (down from $54.00) on shares of Ambarella in a research report on Friday, September 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Ambarella in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. Ambarella presently has a consensus rating of “Hold” and a consensus target price of $58.86.
Shares of Ambarella (NASDAQ AMBA) traded up 6.30% on Friday, hitting $54.70. The company’s stock had a trading volume of 1,813,167 shares. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 35.73 and a beta of 1.57. Ambarella has a 52 week low of $40.06 and a 52 week high of $69.09. The stock’s 50-day moving average price is $48.14 and its 200-day moving average price is $52.31.
Ambarella (NASDAQ:AMBA) last released its earnings results on Thursday, August 31st. The semiconductor company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. The firm had revenue of $71.63 million during the quarter, compared to the consensus estimate of $70.79 million. Ambarella had a return on equity of 11.94% and a net margin of 16.45%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 EPS. Equities analysts expect that Ambarella will post $1.89 earnings per share for the current fiscal year.
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In other news, CFO George Laplante sold 5,592 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $46.50, for a total value of $260,028.00. Following the completion of the sale, the chief financial officer now owns 103,586 shares of the company’s stock, valued at $4,816,749. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Christopher Day sold 1,529 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $46.50, for a total value of $71,098.50. The disclosure for this sale can be found here. In the last three months, insiders sold 27,835 shares of company stock valued at $1,301,265. Insiders own 5.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMBA. AXA grew its stake in Ambarella by 100.6% during the second quarter. AXA now owns 708,106 shares of the semiconductor company’s stock worth $34,379,000 after purchasing an additional 355,170 shares during the period. Rothschild Asset Management Inc. acquired a new stake in Ambarella during the second quarter worth approximately $16,083,000. Eagle Asset Management Inc. grew its stake in Ambarella by 36.2% during the second quarter. Eagle Asset Management Inc. now owns 1,152,405 shares of the semiconductor company’s stock worth $55,949,000 after purchasing an additional 306,248 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Ambarella by 2,572.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 294,000 shares of the semiconductor company’s stock worth $16,085,000 after purchasing an additional 283,000 shares during the period. Finally, Van Berkom & Associates Inc. grew its stake in Ambarella by 22.7% during the second quarter. Van Berkom & Associates Inc. now owns 1,235,483 shares of the semiconductor company’s stock worth $59,983,000 after purchasing an additional 228,740 shares during the period. 57.06% of the stock is owned by institutional investors and hedge funds.
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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