Ambarella (NASDAQ:AMBA) Given New $90.00 Price Target at Morgan Stanley

Ambarella (NASDAQ:AMBA) had its price objective raised by investment analysts at Morgan Stanley from $73.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective points to a potential upside of 31.56% from the stock’s previous close.

A number of other brokerages have also recently weighed in on AMBA. Susquehanna lifted their price target on shares of Ambarella from $70.00 to $85.00 and gave the company a “positive” rating in a research report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price objective on shares of Ambarella in a research note on Friday, August 23rd. Stifel Nicolaus lifted their price objective on shares of Ambarella from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Westpark Capital reiterated a “buy” rating and set a $85.00 price objective on shares of Ambarella in a research note on Monday, August 26th. Finally, Craig Hallum lifted their price objective on shares of Ambarella from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $80.42.

Ambarella Stock Performance

NASDAQ:AMBA traded up $1.12 during mid-day trading on Wednesday, hitting $68.41. 2,367,712 shares of the company’s stock traded hands, compared to its average volume of 377,993. Ambarella has a 1 year low of $39.69 and a 1 year high of $69.55. The company has a market cap of $2.82 billion, a PE ratio of -15.84 and a beta of 1.63. The firm’s 50 day simple moving average is $58.23 and its 200 day simple moving average is $54.89.

Ambarella (NASDAQ:AMBA) last released its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. The business had revenue of $63.70 million for the quarter, compared to analysts’ expectations of $62.10 million. Ambarella had a negative net margin of 79.46% and a negative return on equity of 26.01%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned ($0.76) earnings per share. On average, research analysts expect that Ambarella will post -3 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Chan W. Lee sold 1,490 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.54, for a total value of $79,774.60. Following the completion of the sale, the chief operating officer now owns 121,406 shares of the company’s stock, valued at $6,500,077.24. This represents a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Yun-Lung Chen sold 5,963 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.56, for a total transaction of $343,230.28. Following the completion of the sale, the vice president now owns 62,026 shares in the company, valued at approximately $3,570,216.56. This trade represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,423 shares of company stock valued at $1,356,402. 5.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ambarella

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in Ambarella by 1.6% in the third quarter. Geode Capital Management LLC now owns 916,757 shares of the semiconductor company’s stock worth $51,719,000 after acquiring an additional 14,568 shares in the last quarter. Sender Co & Partners Inc. acquired a new stake in Ambarella during the 3rd quarter worth about $481,000. Barclays PLC raised its holdings in Ambarella by 281.3% during the 3rd quarter. Barclays PLC now owns 388,090 shares of the semiconductor company’s stock worth $21,891,000 after buying an additional 286,296 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in Ambarella by 8.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,573 shares of the semiconductor company’s stock worth $709,000 after buying an additional 1,002 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Ambarella during the 3rd quarter worth about $843,000. 82.09% of the stock is currently owned by institutional investors.

About Ambarella

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image signal processing, and artificial intelligence processing worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, artificial intelligence computer vision algorithms, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.