Millennium Management LLC lifted its stake in Ambarella Inc (NASDAQ:AMBA) by 50.6% in the third quarter, HoldingsChannel reports. The fund owned 327,253 shares of the semiconductor company’s stock after purchasing an additional 109,916 shares during the quarter. Millennium Management LLC’s holdings in Ambarella were worth $20,562,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of AMBA. Point72 Hong Kong Ltd acquired a new position in shares of Ambarella during the second quarter valued at approximately $47,000. Tower Research Capital LLC TRC increased its position in shares of Ambarella by 115.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 751 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 403 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Ambarella during the 3rd quarter valued at $69,000. Captrust Financial Advisors bought a new stake in shares of Ambarella in the 2nd quarter worth $79,000. Finally, Aperio Group LLC bought a new stake in shares of Ambarella in the 2nd quarter worth $89,000. 77.03% of the stock is owned by institutional investors.
In other news, CEO Feng-Ming Wang sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $59.18, for a total transaction of $3,550,800.00. Following the sale, the chief executive officer now owns 514,944 shares in the company, valued at $30,474,385.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher B. Paisley sold 500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $60.00, for a total transaction of $30,000.00. Following the sale, the director now owns 23,433 shares in the company, valued at approximately $1,405,980. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,190 shares of company stock valued at $6,628,959. 6.31% of the stock is currently owned by company insiders.
Ambarella (NASDAQ:AMBA) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.54. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $65.00 million. Ambarella had a negative return on equity of 9.63% and a negative net margin of 16.33%. The company’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 EPS. As a group, research analysts forecast that Ambarella Inc will post -1.08 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Cowen set a $68.00 target price on Ambarella and gave the company a “buy” rating in a research note on Thursday, October 10th. Stifel Nicolaus lifted their target price on Ambarella from $54.00 to $55.00 and gave the stock a “hold” rating in a report on Tuesday, November 26th. Dougherty & Co set a $59.00 price target on shares of Ambarella and gave the stock a “buy” rating in a research report on Friday, August 30th. Northland Securities set a $59.00 price target on shares of Ambarella and gave the company a “buy” rating in a report on Friday, August 30th. Finally, KeyCorp restated a “hold” rating on shares of Ambarella in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $60.22.
Ambarella, Inc develops semiconductor processing solutions for video that enable high-definition (HD), video capture, analysis, sharing, and display worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, computer vision functionality, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.
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