Ambarella (NASDAQ:AMBA) Shares Up 3.8% – Here’s What Happened

Ambarella, Inc. (NASDAQ:AMBA) shares were up 3.8% during mid-day trading on Thursday. The stock traded as high as $69.26 and last traded at $70.2180. 148,777 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 1,340,440 shares. The stock had previously closed at $67.62.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AMBA. Weiss Ratings raised shares of Ambarella from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. Northland Securities set a $101.00 target price on shares of Ambarella in a report on Wednesday, June 17th. Bank of America decreased their target price on shares of Ambarella from $96.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, September 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 target price on shares of Ambarella in a research note on Wednesday, September 16th. Finally, Craig Hallum cut shares of Ambarella from a “buy” rating to a “hold” rating and set a $70.00 price target on the stock. in a report on Friday, September 4th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Ambarella presently has an average rating of “Hold” and a consensus price target of $89.56.

Ambarella Stock Up 4.0%

The stock has a market capitalization of $3.21 billion, a P/E ratio of -56.34 and a beta of 2.09. The business has a fifty day moving average price of $71.98 and a 200-day moving average price of $68.52.

Ambarella (NASDAQ:AMBA) last released its quarterly earnings data on Thursday, September 3rd. The semiconductor company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.17 by $0.01. The company had revenue of $108.12 million during the quarter, compared to the consensus estimate of $107.76 million. Ambarella had a negative return on equity of 10.03% and a negative net margin of 13.48%.Ambarella’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the company earned $0.15 EPS. On average, equities analysts expect that Ambarella, Inc. will post -1.12 earnings per share for the current fiscal year.

Insider Transactions at Ambarella

In other news, VP Chi-Hong Ju sold 2,009 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $64.83, for a total transaction of $130,243.47. Following the completion of the transaction, the vice president directly owned 154,153 shares of the company’s stock, valued at $9,993,738.99. The trade was a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John Young sold 1,896 shares of the stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $67.28, for a total transaction of $127,562.88. Following the transaction, the chief financial officer owned 107,806 shares in the company, valued at approximately $7,253,187.68. This trade represents a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 48,218 shares of company stock valued at $3,863,430. Company insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Ambarella

Hedge funds and other institutional investors have recently modified their holdings of the company. Main Management ETF Advisors LLC grew its holdings in shares of Ambarella by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 17,226 shares of the semiconductor company’s stock worth $1,220,000 after acquiring an additional 176 shares during the period. Essential Partners LLC lifted its holdings in Ambarella by 90.1% in the first quarter. Essential Partners LLC now owns 481 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 228 shares during the period. Lazard Asset Management LLC lifted its holdings in Ambarella by 1.7% in the first quarter. Lazard Asset Management LLC now owns 14,069 shares of the semiconductor company’s stock valued at $724,000 after acquiring an additional 234 shares during the period. Arizona State Retirement System boosted its position in Ambarella by 2.2% in the second quarter. Arizona State Retirement System now owns 11,479 shares of the semiconductor company’s stock worth $985,000 after purchasing an additional 246 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Ambarella by 60.6% in the first quarter. EverSource Wealth Advisors LLC now owns 668 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 252 shares during the last quarter. 82.09% of the stock is owned by institutional investors.

About Ambarella

Ambarella, Inc is a fabless semiconductor company that develops low-power system-on-chip (SoC) solutions for video processing and artificial intelligence at the edge. Its technology is designed to help devices capture, process, analyze and transmit high-quality video while reducing the need to send data to cloud-based systems.

The company’s product portfolio includes its CVflow family of AI vision processors, video processors and related software. These solutions support computer vision and machine learning applications in security cameras, automotive systems, advanced driver-assistance systems, robotics, industrial equipment and consumer devices.

Founded in 2004 and headquartered in Santa Clara, California, Ambarella serves customers and markets globally through its semiconductor products and technology partnerships.