Ambarella (NASDAQ:AMBA) Shares Gap Up on Analyst Upgrade

Ambarella, Inc. (NASDAQ:AMBA) gapped up prior to trading on Thursday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $75.81, but opened at $81.11. Ambarella shares last traded at $70.11, with a volume of 730,333 shares traded.

A number of other analysts also recently weighed in on the company. Bank of America upgraded Ambarella from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a report on Monday, December 16th. Needham & Company LLC lifted their target price on shares of Ambarella from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday. Stifel Nicolaus upped their price target on shares of Ambarella from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Ambarella in a report on Thursday. Finally, Morgan Stanley boosted their price objective on Ambarella from $73.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.67.

Insider Buying and Selling at Ambarella

In other news, VP Christopher Day sold 1,278 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $71.61, for a total value of $91,517.58. Following the completion of the transaction, the vice president now directly owns 17,188 shares in the company, valued at approximately $1,230,832.68. This represents a 6.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Chan W. Lee sold 1,000 shares of Ambarella stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $73.48, for a total value of $73,480.00. Following the sale, the chief operating officer now directly owns 114,918 shares in the company, valued at approximately $8,444,174.64. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,861 shares of company stock valued at $1,945,436 in the last three months. Company insiders own 5.70% of the company’s stock.

Hedge Funds Weigh In On Ambarella

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Ambarella by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 4,696,124 shares of the semiconductor company’s stock worth $341,596,000 after acquiring an additional 81,557 shares in the last quarter. State Street Corp increased its stake in shares of Ambarella by 2.6% during the third quarter. State Street Corp now owns 1,924,235 shares of the semiconductor company’s stock valued at $108,536,000 after purchasing an additional 47,856 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Ambarella by 7.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,452,128 shares of the semiconductor company’s stock valued at $105,628,000 after purchasing an additional 98,841 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Ambarella by 11.5% during the fourth quarter. Millennium Management LLC now owns 1,394,192 shares of the semiconductor company’s stock valued at $101,414,000 after purchasing an additional 144,268 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Ambarella by 4.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,353,287 shares of the semiconductor company’s stock worth $76,332,000 after purchasing an additional 61,387 shares in the last quarter. Hedge funds and other institutional investors own 82.09% of the company’s stock.

Ambarella Trading Down 2.2 %

The company has a market cap of $2.56 billion, a PE ratio of -15.91 and a beta of 1.66. The firm has a 50 day moving average of $76.26 and a two-hundred day moving average of $64.93.

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.