Royal Bank of Canada lessened its position in shares of Ambarella, Inc. (NASDAQ:AMBA – Free Report) by 63.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,267 shares of the semiconductor company’s stock after selling 17,575 shares during the period. Royal Bank of Canada’s holdings in Ambarella were worth $529,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in AMBA. Vanguard Group Inc. raised its stake in Ambarella by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 5,480,285 shares of the semiconductor company’s stock valued at $388,223,000 after acquiring an additional 311,649 shares during the period. State Street Corp boosted its position in Ambarella by 8.9% during the second quarter. State Street Corp now owns 1,855,170 shares of the semiconductor company’s stock worth $122,562,000 after purchasing an additional 151,694 shares during the period. Jericho Capital Asset Management L.P. increased its stake in shares of Ambarella by 30.8% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 1,587,081 shares of the semiconductor company’s stock worth $112,429,000 after purchasing an additional 373,734 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Ambarella by 49.5% in the first quarter. The Manufacturers Life Insurance Company now owns 1,586,082 shares of the semiconductor company’s stock worth $81,644,000 after purchasing an additional 524,937 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Ambarella by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 1,371,511 shares of the semiconductor company’s stock valued at $90,609,000 after purchasing an additional 52,954 shares during the period. Institutional investors own 82.09% of the company’s stock.
Analyst Ratings Changes
Several research firms recently commented on AMBA. Consumer Edge reaffirmed a “buy” rating on shares of Ambarella in a report on Friday, May 22nd. Stifel Nicolaus set a $106.00 target price on Ambarella in a research report on Friday, May 29th. Susquehanna raised their price target on Ambarella from $80.00 to $110.00 and gave the stock a “positive” rating in a report on Friday, May 29th. Rosenblatt Securities lifted their price target on Ambarella from $115.00 to $120.00 in a research report on Tuesday, June 30th. Finally, Northland Securities set a $101.00 price objective on Ambarella in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.12.
Insiders Place Their Bets
In other Ambarella news, VP Chi-Hong Ju sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $88.84, for a total value of $888,400.00. Following the sale, the vice president owned 155,924 shares of the company’s stock, valued at $13,852,288.16. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Yun-Lung Chen sold 9,856 shares of Ambarella stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $67.06, for a total value of $660,943.36. Following the sale, the vice president owned 66,515 shares of the company’s stock, valued at approximately $4,460,495.90. This trade represents a 12.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 58,519 shares of company stock worth $4,595,475. 4.50% of the stock is owned by corporate insiders.
Ambarella Price Performance
NASDAQ AMBA opened at $70.00 on Tuesday. The company’s 50 day simple moving average is $74.04 and its two-hundred day simple moving average is $67.98. Ambarella, Inc. has a 1 year low of $48.30 and a 1 year high of $96.69. The stock has a market capitalization of $3.07 billion, a PE ratio of -43.48 and a beta of 2.12.
Ambarella (NASDAQ:AMBA – Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. Ambarella had a negative net margin of 17.18% and a negative return on equity of 10.94%. The firm had revenue of $100.36 million during the quarter, compared to analyst estimates of $100.12 million. During the same period in the previous year, the business earned $0.07 EPS. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, research analysts anticipate that Ambarella, Inc. will post -1.13 EPS for the current year.
About Ambarella
Ambarella, Inc is a global semiconductor company headquartered in Santa Clara, California, specializing in video compression, image processing and computer vision technologies. The company designs low-power, high-definition system-on-chip (SoC) solutions that enable the capture, processing and streaming of video in a variety of embedded applications. Ambarella’s platforms combine advanced video encoding, multi-core central processing units and hardware accelerators to deliver high-resolution imaging with low power consumption.
Ambarella’s product portfolio caters to multiple markets, including security and surveillance, automotive vision, wearable cameras, drones and robotics.
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