In a research report published on Wednesday morning, Needham & Company LLC reaffirmed their buy rating on Ambarella shares. The semiconductor company’s stock has also received buy ratings from other equities research analysts, including Rosenblatt Securities and Westpark Capital. Needham & Company LLC has set a target price of $90.00 for Ambarella’s stock.

Ambarella recently reported its earnings results for the quarter ending August 27th. The company exceeded the consensus estimate by reporting earnings per share (EPS) of ($0.13), compared to the expected ($0.19) EPS. Ambarella’s revenue for the quarter was $63.70 million, slightly higher than analysts’ expectations of $62.10 million. The company’s quarterly revenue showed a 2.6% increase compared to the same period last year.

Insider activity has also been observed in Ambarella. VP Christopher Day sold 1,408 shares of the company’s stock on July 8th, while VP Chi-Hong Ju sold 6,000 shares on June 26th. Insiders have sold a total of 20,499 shares worth $1,137,787 in the last three months. Corporate insiders currently own 5.70% of Ambarella’s stock.

Several hedge funds have made changes to their positions in Ambarella. Meeder Asset Management Inc. acquired a new stake in the company during the second quarter, while CWM LLC and Van ECK Associates Corp increased their holdings. Larson Financial Group LLC and Northwestern Mutual Wealth Management Co. also lifted their holdings in Ambarella.

With an average rating of Hold and a consensus target price of $73.85, Ambarella continues to attract attention from analysts and investors alike. The company’s stock has shown a 10.6% increase recently.