Seven Eight Capital LP, a hedge fund, has disclosed a 30.9% decrease in its position in Ambarella, Inc. during the second quarter, according to the company’s recent filing with the Securities and Exchange Commission (SEC). The firm sold 6,270 shares of the semiconductor company’s stock, resulting in a holding of 14,011 shares valued at $756,000 as of the filing.
In addition to Seven Eight Capital LP, other hedge funds have also been active in trading Ambarella shares. Kodai Capital Management LP recently acquired a new stake in the company, valued at $65,543,000, while Norges Bank purchased shares worth $23,495,000 in the fourth quarter. Vanguard Group Inc. increased its holdings by 6.1% in the first quarter, now owning 4,340,831 shares worth $220,384,000. Acadian Asset Management LLC also raised its position, owning 172,444 shares valued at $9,299,000 in the second quarter. Pinnacle Associates Ltd. holds 484,906 shares worth $24,619,000.
Ambarella’s stock, traded on NASDAQ under the ticker symbol AMBA, opened at $54.40 on Friday. The stock’s fifty-day simple moving average stands at $52.07, while the 200-day simple moving average is $51.49. The company’s market capitalization is $2.23 billion, with a price-to-earnings ratio of -12.77 and a beta of 1.63.
Several Wall Street analysts have provided their insights on Ambarella. TD Cowen increased their price target from $65.00 to $75.00 and maintained a “hold” rating. Needham & Company LLC reaffirmed a “buy” rating with a target price of $90.00. Craig Hallum raised their price target to $85.00 and gave the company a “buy” rating. Bank of America, on the other hand, upped their price target to $57.00 and assigned an “underperform” rating. Wells Fargo & Company lowered their price objective from $65.00 to $55.00 and maintained an “equal weight” rating. The average rating for Ambarella is currently “Hold,” with a consensus price target of $75.00.
Insider activity has also been observed in Ambarella. VP Chi-Hong Ju sold 6,000 shares at an average price of $52.90, totaling $317,400. Following the sale, Ju now holds 173,193 shares valued at approximately $9,161,909.70. VP Yun-Lung Chen sold 5,963 shares at an average price of $57.56, amounting to $343,230.28. Chen now owns 62,026 shares valued at $3,570,216.56. Over the past 90 days, insiders have sold a total of 28,014 shares, amounting to $1,542,210. Company insiders currently own 5.70% of the stock.