Pacific Crest Reiterates Buy Rating for Ambarella Inc. (AMBA)
Ambarella Inc. (NASDAQ:AMBA)‘s stock had its “buy” rating reissued by analysts at Pacific Crest in a note issued to investors on Tuesday. They presently have a $70.00 target price on the stock, down from their previous target price of $75.00. Pacific Crest’s price target suggests a potential upside of 13.78% from the stock’s previous close.
A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $86.00 target price on shares of Ambarella in a research note on Monday. Canaccord Genuity reissued a “buy” rating and set a $87.00 price target on shares of Ambarella in a research report on Monday, November 7th. Zacks Investment Research downgraded shares of Ambarella from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 1st. Vetr raised shares of Ambarella from a “buy” rating to a “strong-buy” rating and set a $74.39 price target for the company in a research report on Wednesday, October 12th. Finally, Roth Capital started coverage on shares of Ambarella in a research report on Wednesday, September 28th. They set a “buy” rating and a $80.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $69.31.
Shares of Ambarella (NASDAQ:AMBA) opened at 61.52 on Tuesday. The firm’s 50 day moving average price is $61.64 and its 200 day moving average price is $58.67. The stock has a market cap of $2.01 billion, a P/E ratio of 46.33 and a beta of 1.63. Ambarella has a 52-week low of $33.39 and a 52-week high of $74.95.
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In related news, CFO George Laplante sold 30,000 shares of Ambarella stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $67.08, for a total transaction of $2,012,400.00. Following the transaction, the chief financial officer now owns 118,720 shares in the company, valued at approximately $7,963,737.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Yun-Lung Chen sold 4,197 shares of Ambarella stock in a transaction on Friday, September 30th. The shares were sold at an average price of $74.19, for a total transaction of $311,375.43. Following the transaction, the vice president now owns 13,530 shares in the company, valued at approximately $1,003,790.70. The disclosure for this sale can be found here. Corporate insiders own 5.43% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Smithfield Trust Co. boosted its position in Ambarella by 100.0% in the second quarter. Smithfield Trust Co. now owns 2,000 shares of the company’s stock worth $102,000 after buying an additional 1,000 shares during the period. Penserra Capital Management LLC boosted 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 worth $106,000 after buying an additional 316 shares during the period. US Bancorp DE boosted its position in Ambarella by 10.3% in the second quarter. US Bancorp DE now owns 2,106 shares of the company’s stock worth $107,000 after buying an additional 197 shares during the period. First Interstate Bank boosted its position in Ambarella by 4.2% in the second quarter. First Interstate Bank now owns 2,167 shares of the company’s stock worth $110,000 after buying an additional 88 shares during the period. Finally, FTB Advisors Inc. purchased a new position in Ambarella during the second quarter worth $112,000. Institutional investors own 58.80% of the company’s stock.
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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