Ambarella, Inc. (AMBA) Shares Sold by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. decreased its stake in shares of Ambarella, Inc. (NASDAQ:AMBA) by 3.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 655,072 shares of the semiconductor company’s stock after selling 24,120 shares during the period. Pinnacle Associates Ltd. owned 1.95% of Ambarella worth $31,804,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC raised its position in Ambarella by 8.5% in the first quarter. Janney Montgomery Scott LLC now owns 8,173 shares of the semiconductor company’s stock valued at $447,000 after buying an additional 639 shares during the period. DUPONT CAPITAL MANAGEMENT Corp raised its position in Ambarella by 72.4% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 17,488 shares of the semiconductor company’s stock valued at $957,000 after buying an additional 7,347 shares during the period. Wells Fargo & Company MN raised its position in Ambarella by 1.2% in the first quarter. Wells Fargo & Company MN now owns 77,776 shares of the semiconductor company’s stock valued at $4,255,000 after buying an additional 928 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in Ambarella during the first quarter valued at approximately $635,000. Finally, Daiwa Securities Group Inc. raised its position in Ambarella by 147.8% in the first quarter. Daiwa Securities Group Inc. now owns 44,700 shares of the semiconductor company’s stock valued at $2,445,000 after buying an additional 26,660 shares during the period. 56.74% of the stock is owned by institutional investors.
Shares of Ambarella, Inc. (AMBA) traded down 20.37% during midday trading on Friday, reaching $43.32. 8,991,461 shares of the company were exchanged. Ambarella, Inc. has a 52 week low of $42.01 and a 52 week high of $74.95. The firm has a market capitalization of $1.45 billion, a P/E ratio of 25.60 and a beta of 1.61. The firm has a 50-day moving average of $51.46 and a 200 day moving average of $54.18.
Ambarella (NASDAQ:AMBA) last posted its earnings results on Thursday, August 31st. The semiconductor company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.04. Ambarella had a net margin of 18.47% and a return on equity of 13.70%. The company had revenue of $71.63 million for the quarter, compared to analysts’ expectations of $70.79 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. Ambarella’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities research analysts expect that Ambarella, Inc. will post $2.07 EPS for the current year.
Ambarella announced that its Board of Directors has initiated a stock buyback program on Tuesday, June 6th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 2.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several research firms have commented on AMBA. Stifel Nicolaus reiterated a “buy” rating and set a $64.00 price objective (down previously from $65.00) on shares of Ambarella in a research report on Wednesday, June 7th. Canaccord Genuity reiterated a “buy” rating and set a $72.00 price objective on shares of Ambarella in a research report on Wednesday, June 7th. Vetr lowered shares of Ambarella from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 31st. Deutsche Bank AG lowered their price objective on shares of Ambarella from $54.00 to $49.00 and set a “hold” rating for the company in a research report on Friday. Finally, Roth Capital lowered shares of Ambarella from a “buy” rating to a “neutral” rating in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Ambarella has a consensus rating of “Buy” and a consensus price target of $65.54.
In other news, CEO Feng-Ming Wang sold 11,628 shares of the stock in a transaction dated Friday, June 16th. The shares were 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 of the company’s stock, valued at $14,177,000.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO George Laplante sold 4,836 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $48.77, for a total transaction of $235,851.72. Following the sale, the chief financial officer now directly owns 100,848 shares in the company, valued at approximately $4,918,356.96. The disclosure for this sale can be found here. Insiders sold 23,963 shares of company stock worth $1,168,676 in the last ninety days. 5.80% of the stock is currently owned by corporate insiders.
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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