Ambarella Shares Drop 3% Following Insider Selling Activity

Ambarella, Inc. (NASDAQ:AMBA) experienced a 3% drop in its shares on Friday, triggered by insider selling activity. The stock traded as low as $52.15 and closed at $52.45, with approximately 109,129 shares traded during mid-day trading, a significant decline of 83% from the average daily volume. The CEO of Ambarella, Feng-Ming Wang, sold 4,382 shares of the company’s stock on September 4th at an average price of $56.02, resulting in a total transaction value of $245,479.64. Following this transaction, Wang now holds 803,574 shares in the company, valued at approximately $45,016,215.48.

In addition, Vice President Yun-Lung Chen sold 5,963 shares of Ambarella stock on September 3rd at an average price of $57.56, amounting to a total value of $343,230.28. Chen now holds 62,026 shares in the company, valued at $3,570,216.56.

Several research firms have recently issued reports on AMBA. Roth Mkm reaffirmed a “neutral” rating with a target price of $60.00, while Craig Hallum raised their price target from $80.00 to $85.00 and gave the stock a “buy” rating. Rosenblatt Securities also reiterated a “buy” rating with a target price of $85.00. Needham & Company LLC maintained a “buy” rating with a target price of $90.00, and Stifel Nicolaus raised their price target from $75.00 to $80.00, also giving the stock a “buy” rating. According to MarketBeat, the average rating for Ambarella is “Hold,” with a consensus target price of $74.58.

Ambarella’s 50-day moving average price is $53.14, and its 200-day moving average price is $51.71. The company has a market capitalization of $2.13 billion, a P/E ratio of -12.22, and a beta of 1.63. In its most recent quarterly earnings report on August 27th, Ambarella reported earnings per share of ($0.13), surpassing analysts’ consensus estimates of ($0.19) by $0.06. The company generated revenue of $63.70 million during the quarter, slightly exceeding analysts’ expectations of $62.10 million. Ambarella’s quarterly revenue increased by 2.6% year-over-year. For the current year, equities research analysts forecast that Ambarella, Inc. will post earnings per share of -2.99.

Several institutional investors have recently adjusted their stakes in AMBA. Azzad Asset Management Inc. ADV raised its position by 2.4% in the second quarter, now owning 9,983 shares of the company’s stock valued at $539,000. Linden Thomas Advisory Services LLC increased its holdings by 1.7% during the same period, now owning 17,522 shares worth $945,000. CWM LLC saw a significant increase of 127.7% in its position, now owning 542 shares valued at $29,000. Principal Financial Group Inc. raised its stake by 8.0% in the first quarter, now owning 4,882 shares valued at $248,000. Arizona State Retirement System also increased its stake by 3.7% in the second quarter, now owning 10,893 shares valued at $588,000. Institutional investors currently hold 82.09% of the company’s stock.

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