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

Ambarella (NASDAQ:AMBA) had its price target trimmed by Bank of America from $62.00 to $50.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an underperform rating on the semiconductor company’s stock.

A number of other research firms have also commented on AMBA. Susquehanna upped their price target on shares of Ambarella from $70.00 to $80.00 and gave the company a positive rating in a report on Wednesday, February 28th. StockNews.com upgraded shares of Ambarella to a sell rating in a report on Saturday, April 13th. Morgan Stanley upped their price target on shares of Ambarella from $67.00 to $73.00 and gave the company an overweight rating in a report on Wednesday, February 28th. Wells Fargo & Company lowered shares of Ambarella from an overweight rating to an equal weight rating and lowered their price target for the company from $85.00 to $65.00 in a report on Wednesday, January 3rd. Finally, Needham & Company LLC reiterated a buy rating and set a $90.00 price target on shares of Ambarella in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $71.08.

Ambarella Stock Performance

Shares of Ambarella stock opened at $42.44 on Tuesday. Ambarella has a 52-week low of $42.28 and a 52-week high of $89.18. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of -10.14 and a beta of 1.66. The company has a fifty day moving average of $52.14 and a 200-day moving average of $54.02.

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

Insiders Place Their Bets

In other news, CEO Feng-Ming Wang sold 2,173 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $49.27, for a total value of $107,063.71. Following the sale, the chief executive officer now directly owns 806,632 shares of the company’s stock, valued at approximately $39,742,758.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Feng-Ming Wang sold 2,173 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $49.27, for a total value of $107,063.71. Following the sale, the chief executive officer now directly owns 806,632 shares of the company’s stock, valued at approximately $39,742,758.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Chan W. Lee sold 1,075 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $49.27, for a total transaction of $52,965.25. Following the completion of the sale, the chief operating officer now directly owns 124,146 shares in the company, 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 corporate insiders.

Institutional Trading of Ambarella

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Prudential Financial Inc. grew its position in Ambarella by 4.9% during the 2nd quarter. Prudential Financial Inc. now owns 3,406 shares of the semiconductor company’s stock valued at $232,000 after purchasing an additional 159 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Ambarella by 5.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,715 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 181 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ambarella by 2.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,207 shares of the semiconductor company’s stock valued at $442,000 after purchasing an additional 195 shares during the last quarter. Register Financial Advisors LLC grew its position in Ambarella by 6.1% during the 3rd quarter. Register Financial Advisors LLC now owns 3,500 shares of the semiconductor company’s stock valued at $186,000 after purchasing an additional 200 shares during the last quarter. Finally, White Pine Capital LLC grew its position in Ambarella by 3.2% during the 4th quarter. White Pine Capital LLC now owns 7,552 shares of the semiconductor company’s stock valued at $463,000 after purchasing an additional 234 shares during the last quarter. 82.09% of the stock is owned by hedge funds and other 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.