Ambarella, Inc. (AMBA) Hits New 12-Month Low After Analyst Downgrade
Shares of Ambarella, Inc. (NASDAQ:AMBA) reached a new 52-week low during trading on Friday after Dougherty & Co lowered their price target on the stock from $75.00 to $60.00. Dougherty & Co currently has a buy rating on the stock. Ambarella traded as low as $42.92 and last traded at $42.87, with a volume of 11,749,979 shares changing hands. The stock had previously closed at $54.40.
Other analysts have also issued reports about the stock. Stifel Nicolaus reduced their price target on shares of Ambarella from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Friday. Deutsche Bank AG reissued a “hold” rating and issued a $49.00 price target (down from $54.00) on shares of Ambarella in a research report on Friday. Roth Capital lowered shares of Ambarella from a “buy” rating to a “neutral” rating in a research report on Friday. Craig Hallum lowered shares of Ambarella from a “buy” rating to a “hold” rating and set a $54.50 price target for the company. in a research report on Friday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Ambarella in a research report on Friday, June 9th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Ambarella has an average rating of “Buy” and a consensus target price of $63.23.
In related news, CEO Feng-Ming Wang sold 11,628 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $48.77, for a total value of $567,097.56. Following the completion of the transaction, the chief executive officer now directly owns 290,691 shares of the company’s stock, valued at $14,177,000.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Christopher Day sold 1,526 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $48.77, for a total value of $74,423.02. Following the completion of the transaction, the vice president now directly owns 22,892 shares of the company’s stock, valued at $1,116,442.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,963 shares of company stock worth $1,168,676. 5.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of AMBA. Victory Capital Management Inc. boosted its position in shares of Ambarella by 112.2% in the first quarter. Victory Capital Management Inc. now owns 1,903 shares of the semiconductor company’s stock valued at $104,000 after buying an additional 1,006 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Ambarella during the first quarter valued at approximately $151,000. FNY Partners Fund LP purchased a new position in shares of Ambarella during the first quarter valued at approximately $164,000. Dubuque Bank & Trust Co. boosted its position in shares of Ambarella by 4.0% in the second quarter. Dubuque Bank & Trust Co. now owns 3,793 shares of the semiconductor company’s stock valued at $184,000 after buying an additional 147 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Ambarella by 2.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,605 shares of the semiconductor company’s stock valued at $197,000 after buying an additional 88 shares during the period. 56.74% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $1.42 billion, a PE ratio of 24.96 and a beta of 1.61. The company has a 50-day moving average of $51.19 and a 200 day moving average of $54.10.
Ambarella (NASDAQ:AMBA) last released its earnings results on Thursday, August 31st. The semiconductor company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. The company had revenue of $71.63 million for the quarter, compared to analyst estimates of $70.79 million. Ambarella had a return on equity of 13.70% and a net margin of 18.47%. Ambarella’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. Equities analysts predict that Ambarella, Inc. will post $2.07 EPS for the current year.
Ambarella announced that its board has initiated a stock repurchase program on Tuesday, June 6th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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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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