Semiconductor company Ambarella (NASDAQ:AMBA) has seen its target price reduced by research analysts at Susquehanna. In a research note issued on Monday, Susquehanna lowered the target price from $80.00 to $70.00. Despite the decrease, the firm maintained a “positive” rating on Ambarella’s stock. The new price target suggests a potential upside of 22.08% from the company’s previous close.
This adjustment follows other research reports on Ambarella. Westpark Capital reaffirmed a “buy” rating and set a price objective of $85.00 on the stock. Bank of America raised their price target from $50.00 to $57.00 and gave Ambarella an “underperform” rating. Needham & Company LLC also reiterated a “buy” rating with a target price of $90.00. Stifel Nicolaus increased their target price from $75.00 to $80.00 and labeled the company as a “buy.” TD Cowen raised their price target from $65.00 to $75.00 and maintained a “hold” rating.
Overall, Ambarella currently holds a consensus rating of “Hold” with a consensus target price of $74.09, according to MarketBeat.
In its most recent quarterly earnings report, Ambarella posted earnings per share (EPS) of ($0.13), surpassing the consensus estimate of ($0.19) by $0.06. The company had a negative return on equity of 26.01% and a negative net margin of 79.46%. Revenue for the quarter was $63.70 million, slightly higher than analysts’ expectations of $62.10 million. Compared to the same period last year, Ambarella’s revenue increased by 2.6%.
Insider activity at Ambarella includes the sale of 2,904 shares by VP Christopher Day on October 3rd, at an average price of $58.00 per share. Following the transaction, Day now holds 18,466 shares of the company’s stock. Director Elizabeth M. Schwarting also sold 913 shares on September 24th, at an average price of $54.74 per share. Schwarting now owns 8,155 shares of Ambarella.
Institutional investors have shown interest in Ambarella, with recent purchases and sales of the stock. Meeder Asset Management Inc. acquired a new position in the company, while Blue Trust Inc. increased its stake by 180.3%. CWM LLC and Signaturefd LLC also raised their holdings, while Van ECK Associates Corp grew its position by 62.1%.
In the last 90 days, insiders have sold a total of 24,423 shares of Ambarella stock, valued at $1,356,402. Corporate insiders currently own 5.70% of the company’s shares.
