Needham & Company LLC Issues Pessimistic Forecast for Ambarella (NASDAQ:AMBA) Stock Price

Ambarella (NASDAQ:AMBA) had its price objective cut by research analysts at Needham & Company LLC from $110.00 to $90.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 74.05% from the company’s current price.

AMBA has been the topic of a number of other research reports. Wall Street Zen raised Ambarella from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Morgan Stanley decreased their price target on Ambarella from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, May 27th. Stifel Nicolaus cut their price objective on Ambarella from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Rosenblatt Securities raised their target price on shares of Ambarella from $87.00 to $95.00 and gave the company a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Ambarella has a consensus rating of “Moderate Buy” and a consensus target price of $84.55.

Ambarella Trading Down 16.6%

Ambarella stock opened at $51.71 on Friday. Ambarella has a 1-year low of $38.86 and a 1-year high of $85.15. The company has a fifty day simple moving average of $51.29 and a 200 day simple moving average of $63.42. The company has a market cap of $2.19 billion, a P/E ratio of -13.40 and a beta of 1.99.

Insider Buying and Selling at Ambarella

In other news, VP Christopher Day sold 479 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $55.02, for a total value of $26,354.58. Following the transaction, the vice president now owns 15,441 shares of the company’s stock, valued at approximately $849,563.82. This represents a 3.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John Alexander Young sold 2,103 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $55.02, for a total value of $115,707.06. Following the transaction, the chief financial officer now owns 113,886 shares in the company, valued at approximately $6,266,007.72. This trade represents a 1.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,328 shares of company stock worth $513,467 over the last ninety days. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Ambarella

Several institutional investors and hedge funds have recently modified their holdings of AMBA. Arizona State Retirement System raised its stake in Ambarella by 1.4% in the 4th quarter. Arizona State Retirement System now owns 11,368 shares of the semiconductor company’s stock worth $827,000 after purchasing an additional 156 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Ambarella by 4.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,964 shares of the semiconductor company’s stock worth $288,000 after purchasing an additional 161 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in shares of Ambarella by 68.7% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 452 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 184 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Ambarella by 24.2% in the fourth quarter. Pacer Advisors Inc. now owns 965 shares of the semiconductor company’s stock valued at $70,000 after buying an additional 188 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Ambarella by 3.2% in the fourth quarter. Mackenzie Financial Corp now owns 6,406 shares of the semiconductor company’s stock valued at $466,000 after buying an additional 201 shares during the period. 82.09% of the stock is currently owned by institutional investors and hedge funds.

About Ambarella

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.