Ambarella Inc. (NASDAQ:AMBA) Receives $72.24 Consensus Price Target from Brokerages
Shares of Ambarella Inc. (NASDAQ:AMBA) have been given a consensus recommendation of “Buy” by the eighteen research firms that are covering the firm. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $72.94.
Several brokerages have recently commented on AMBA. Needham & Company LLC restated a “neutral” rating on shares of Ambarella in a report on Friday, June 3rd. Vetr cut Ambarella from a “sell” rating to a “strong sell” rating and set a $61.77 target price on the stock. in a report on Tuesday, August 30th. Zacks Investment Research cut Ambarella from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Canaccord Genuity increased their target price on Ambarella from $85.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, August 31st. Finally, Pacific Crest restated a “buy” rating on shares of Ambarella in a report on Friday, September 2nd.
Ambarella (NASDAQ:AMBA) opened at 68.77 on Monday. Ambarella has a 12-month low of $33.39 and a 12-month high of $72.99. The firm has a market cap of $2.25 billion, a P/E ratio of 51.78 and a beta of 1.49. The firm has a 50-day moving average of $67.15 and a 200-day moving average of $51.95.
Ambarella (NASDAQ:AMBA) last announced its earnings results on Thursday, September 1st. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.38 by $0.16. The company had revenue of $65.10 million for the quarter, compared to analysts’ expectations of $64.02 million. Ambarella had a return on equity of 14.23% and a net margin of 15.86%. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. On average, analysts expect that Ambarella will post $2.64 EPS for the current year.
In related news, VP Christopher Day sold 1,405 shares of the stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $67.98, for a total transaction of $95,511.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $69.13, for a total value of $69,130.00. Following the transaction, the director now owns 10,014 shares of the company’s stock, valued at $692,267.82. The disclosure for this sale can be found here. 5.43% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of AMBA. Macquarie Group Ltd. increased its position in 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 position in 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 in the last quarter. Amalgamated Bank bought a new position in Ambarella during the second quarter worth $213,000. Elk Creek Partners LLC increased its position in 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 in the last quarter. Finally, First Foundation Advisors bought a new position in Ambarella during the second quarter worth $203,000. Institutional investors and hedge funds own 51.33% of the company’s stock.
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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