Ambarella (NASDAQ:AMBA) Lifted to “Buy” at Needham & Company LLC

Needham & Company LLC upgraded shares of Ambarella (NASDAQ:AMBA) from an underperform rating to a buy rating in a research report report published on Tuesday morning, 24/7 WallStreet reports. The brokerage currently has $55.00 price objective on the semiconductor company’s stock.

Several other analysts have also weighed in on AMBA. Rosenblatt Securities assumed coverage on Ambarella in a report on Monday, June 22nd. They issued a buy rating and a $60.00 target price on the stock. Morgan Stanley decreased their price objective on shares of Ambarella from $85.00 to $79.00 and set an overweight rating on the stock in a research report on Wednesday, March 18th. Stifel Nicolaus boosted their price objective on shares of Ambarella from $60.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, May 28th. Bank of America boosted their price objective on shares of Ambarella from $44.00 to $50.00 and gave the stock an underperform rating in a research report on Wednesday, June 3rd. Finally, BidaskClub lowered shares of Ambarella from a hold rating to a sell rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $59.43.

Shares of AMBA stock opened at $48.21 on Tuesday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -37.66 and a beta of 1.26. The stock has a 50 day simple moving average of $51.26 and a 200-day simple moving average of $54.51. Ambarella has a 12-month low of $36.02 and a 12-month high of $73.59. The company has a current ratio of 8.91, a quick ratio of 8.48 and a debt-to-equity ratio of 0.02.

Ambarella (NASDAQ:AMBA) last issued its earnings results on Tuesday, June 2nd. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $54.60 million during the quarter, compared to the consensus estimate of $54.32 million. Ambarella had a negative return on equity of 9.00% and a negative net margin of 18.18%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 EPS. On average, equities analysts forecast that Ambarella will post -1.52 earnings per share for the current fiscal year.

In other news, VP Christopher Day sold 1,267 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $45.92, for a total transaction of $58,180.64. Following the completion of the transaction, the vice president now owns 8,632 shares of the company’s stock, valued at approximately $396,381.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Yun-Lung Chen sold 5,555 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $55.82, for a total transaction of $310,080.10. Following the transaction, the vice president now directly owns 42,561 shares of the company’s stock, valued at approximately $2,375,755.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,775 shares of company stock valued at $859,585. Corporate insiders own 5.69% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its position in Ambarella by 37.8% during the 4th quarter. Renaissance Technologies LLC now owns 1,084,633 shares of the semiconductor company’s stock worth $65,685,000 after purchasing an additional 297,407 shares in the last quarter. Van Berkom & Associates Inc. increased its position in Ambarella by 2.8% during the 1st quarter. Van Berkom & Associates Inc. now owns 954,034 shares of the semiconductor company’s stock worth $46,328,000 after purchasing an additional 26,423 shares in the last quarter. State Street Corp increased its position in Ambarella by 2.0% during the 1st quarter. State Street Corp now owns 950,813 shares of the semiconductor company’s stock worth $46,171,000 after purchasing an additional 18,750 shares in the last quarter. Janus Henderson Group PLC increased its position in Ambarella by 28.0% during the 4th quarter. Janus Henderson Group PLC now owns 933,242 shares of the semiconductor company’s stock worth $56,512,000 after purchasing an additional 204,353 shares in the last quarter. Finally, AXA increased its position in Ambarella by 9.2% during the 4th quarter. AXA now owns 876,500 shares of the semiconductor company’s stock worth $53,081,000 after purchasing an additional 73,572 shares in the last quarter. 75.11% of the stock is owned by hedge funds and other institutional investors.

About Ambarella

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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Analyst Recommendations for Ambarella (NASDAQ:AMBA)

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