Craig Hallum Forecasts Strong Price Appreciation for Ambarella (NASDAQ:AMBA) Stock

Ambarella (NASDAQ:AMBA) had its price target upped by equities researchers at Craig Hallum from $85.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Craig Hallum’s target price indicates a potential upside of 24.24% from the company’s current price.

A number of other brokerages also recently issued reports on AMBA. Northland Securities restated an “outperform” rating and set a $95.00 price objective (up from $75.00) on shares of Ambarella in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and set a $85.00 price target on shares of Ambarella in a report on Friday, August 23rd. Needham & Company LLC lifted their price objective on shares of Ambarella from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their price objective on shares of Ambarella from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. Finally, Westpark Capital restated a “buy” rating and issued a $85.00 target price on shares of Ambarella in a report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Ambarella presently has a consensus rating of “Hold” and a consensus price target of $81.67.

Ambarella Trading Up 5.9 %

NASDAQ:AMBA opened at $72.44 on Wednesday. The company has a market capitalization of $2.99 billion, a P/E ratio of -16.77 and a beta of 1.63. The business’s 50-day moving average is $58.93 and its 200 day moving average is $55.13. Ambarella has a 12 month low of $39.69 and a 12 month high of $81.32.

Ambarella (NASDAQ:AMBA) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.06. The firm had revenue of $63.70 million during the quarter, compared to the consensus estimate of $62.10 million. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.76) EPS. On average, research analysts forecast that Ambarella will post -3 earnings per share for the current year.

Insider Activity at Ambarella

In other news, VP Yun-Lung Chen sold 5,963 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.56, for a total transaction of $343,230.28. Following the transaction, the vice president now directly owns 62,026 shares in the company, valued at approximately $3,570,216.56. This trade represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Chan W. Lee sold 1,490 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $53.54, for a total transaction of $79,774.60. Following the completion of the transaction, the chief operating officer now directly owns 121,406 shares of the company’s stock, valued at $6,500,077.24. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,423 shares of company stock worth $1,356,402. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Ambarella by 6.1% in the first quarter. Vanguard Group Inc. now owns 4,340,831 shares of the semiconductor company’s stock valued at $220,384,000 after purchasing an additional 248,297 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ambarella by 7.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,575 shares of the semiconductor company’s stock worth $1,045,000 after buying an additional 1,502 shares during the last quarter. Virtu Financial LLC raised its stake in shares of Ambarella by 134.2% during the 1st quarter. Virtu Financial LLC now owns 13,837 shares of the semiconductor company’s stock worth $702,000 after acquiring an additional 7,928 shares in the last quarter. CWM LLC lifted its position in Ambarella by 127.7% during the second quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 304 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its position in Ambarella by 1.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 17,522 shares of the semiconductor company’s stock valued at $945,000 after acquiring an additional 288 shares during the last quarter. 82.09% of the stock is currently owned by hedge funds and other institutional investors.

Ambarella Company Profile

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image signal processing, and artificial intelligence 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.