Semiconductor company Ambarella (NASDAQ:AMBA) has had its price target increased by Craig Hallum from $80.00 to $85.00, according to a research report published on Wednesday. Craig Hallum currently maintains a buy rating on the stock. Other research firms, including Needham & Company LLC and Rosenblatt Securities, have also reiterated their buy ratings on Ambarella, with target prices of $90.00 and $85.00 respectively.
TD Cowen, on the other hand, raised its target price from $65.00 to $75.00 and gave the company a hold rating. Meanwhile, Wells Fargo & Company lowered its price target from $65.00 to $55.00 and assigned an equal weight rating on the stock.
Ambarella recently reported its earnings results for the quarter ending August 27th. The company exceeded analysts’ consensus estimates by reporting earnings per share (EPS) of ($0.13), beating the expected ($0.19) by $0.06. The company’s revenue for the quarter was $63.70 million, slightly higher than analysts’ expectations of $62.10 million. Ambarella’s quarterly revenue increased by 2.6% compared to the same quarter last year.
Insider trading activity has also been observed at Ambarella. VP Christopher Day sold 1,408 shares of the stock on July 8th, while VP Chi-Hong Ju sold 6,000 shares on June 26th. In the last 90 days, insiders have sold a total of 20,499 shares, valued at $1,137,787. Company insiders now own 5.70% of the company’s stock.
Several hedge funds and institutional investors have recently modified their holdings in Ambarella. Meeder Asset Management Inc., CWM LLC, Van ECK Associates Corp, Larson Financial Group LLC, and Northwestern Mutual Wealth Management Co. have all made adjustments to their positions.
Ambarella, Inc. develops semiconductor solutions for high-definition (HD) and ultra HD compression, image signal processing, and artificial intelligence processing. The company’s system-on-a-chip designs integrate HD video processing, image processing, AI computer vision algorithms, audio processing, and system functions onto a single chip, providing video and image quality, differentiated functionality, and low power consumption.
