Bank of America Trims Ambarella (NASDAQ:AMBA) Target Price to $50.00

Ambarella (NASDAQ:AMBA) had its price objective dropped by investment analysts at Bank of America from $62.00 to $50.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price target points to a potential upside of 12.31% from the company’s current price.

A number of other analysts also recently issued reports on AMBA. StockNews.com raised Ambarella to a “sell” rating in a research note on Saturday. Wells Fargo & Company downgraded Ambarella from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $85.00 to $65.00 in a research report on Wednesday, January 3rd. Susquehanna boosted their target price on Ambarella from $70.00 to $80.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Morgan Stanley boosted their target price on Ambarella from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, February 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Ambarella in a research report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $71.08.

Ambarella Stock Performance

NASDAQ:AMBA traded down $1.07 during trading hours on Tuesday, reaching $44.52. The stock had a trading volume of 451,420 shares, compared to its average volume of 544,996. Ambarella has a 52 week low of $43.59 and a 52 week high of $89.18. The company has a 50 day moving average price of $52.51 and a two-hundred day moving average price of $54.15. The stock has a market capitalization of $1.82 billion, a PE ratio of -10.49 and a beta of 1.66.

Ambarella (NASDAQ:AMBA) last released its quarterly earnings data on Tuesday, February 27th. The semiconductor company reported ($0.95) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.03. Ambarella had a negative return on equity of 23.78% and a negative net margin of 74.81%. The business had revenue of $51.62 million for the quarter, compared to the consensus estimate of $51.68 million. Equities research analysts predict that Ambarella will post -3.53 EPS for the current year.

Insiders Place Their Bets

In other Ambarella news, CFO John Alexander Young sold 1,546 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total value of $76,171.42. Following the completion of the sale, the chief financial officer now directly owns 107,571 shares in the company, valued at approximately $5,300,023.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ambarella news, CFO John Alexander Young sold 1,546 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total value of $76,171.42. Following the completion of the sale, the chief financial officer now directly owns 107,571 shares in the company, valued at approximately $5,300,023.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Chan W. Lee sold 1,075 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.27, for a total value of $52,965.25. Following the completion of the sale, the chief operating officer now owns 124,146 shares of the company’s stock, valued at $6,116,673.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,648 shares of company stock worth $327,595. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Ambarella by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 4,092,534 shares of the semiconductor company’s stock valued at $250,831,000 after buying an additional 69,864 shares in the last quarter. BlackRock Inc. increased its position in Ambarella by 14.9% during the 1st quarter. BlackRock Inc. now owns 4,028,021 shares of the semiconductor company’s stock valued at $422,620,000 after buying an additional 522,698 shares in the last quarter. Macquarie Group Ltd. increased its position in Ambarella by 61.9% during the 2nd quarter. Macquarie Group Ltd. now owns 1,640,233 shares of the semiconductor company’s stock valued at $107,370,000 after buying an additional 626,893 shares in the last quarter. State Street Corp increased its holdings in shares of Ambarella by 1.7% in the second quarter. State Street Corp now owns 1,459,029 shares of the semiconductor company’s stock valued at $122,077,000 after purchasing an additional 24,745 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Ambarella by 3.2% in the first quarter. Invesco Ltd. now owns 1,296,706 shares of the semiconductor company’s stock valued at $136,050,000 after purchasing an additional 39,945 shares during the period. 82.09% of the stock is owned by institutional investors.

About Ambarella

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network 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.