Lord Abbett & CO. LLC Purchases 45,239 Shares of Ambarella, Inc. (NASDAQ:AMBA)

Lord Abbett & CO. LLC increased its position in shares of Ambarella, Inc. (NASDAQ:AMBA) by 34.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 178,299 shares of the semiconductor company’s stock after buying an additional 45,239 shares during the period. Lord Abbett & CO. LLC’s holdings in Ambarella were worth $8,974,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AMBA. Wells Fargo & Company MN boosted its holdings in shares of Ambarella by 15.9% during the 4th quarter. Wells Fargo & Company MN now owns 53,397 shares of the semiconductor company’s stock worth $3,884,000 after buying an additional 7,312 shares during the period. Envestnet Asset Management Inc. raised its stake in Ambarella by 1.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 52,319 shares of the semiconductor company’s stock valued at $3,806,000 after purchasing an additional 923 shares during the last quarter. Cerity Partners LLC raised its stake in Ambarella by 8.8% during the 4th quarter. Cerity Partners LLC now owns 5,098 shares of the semiconductor company’s stock valued at $367,000 after purchasing an additional 413 shares during the last quarter. Invesco Ltd. raised its stake in Ambarella by 736.7% during the 4th quarter. Invesco Ltd. now owns 335,730 shares of the semiconductor company’s stock valued at $24,421,000 after purchasing an additional 295,606 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Ambarella during the 4th quarter valued at $3,128,000. 82.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AMBA. Susquehanna upped their target price on shares of Ambarella from $80.00 to $90.00 and gave the company a “positive” rating in a research note on Tuesday, July 22nd. Summit Insights upgraded shares of Ambarella to a “hold” rating in a research note on Thursday, May 29th. Rosenblatt Securities upped their target price on shares of Ambarella from $87.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Needham & Company LLC dropped their price objective on shares of Ambarella from $110.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Morgan Stanley dropped their price objective on shares of Ambarella from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.64.

Ambarella Stock Down 2.3%

Shares of Ambarella stock opened at $66.99 on Friday. The stock has a market capitalization of $2.84 billion, a P/E ratio of -26.90 and a beta of 2.08. The company has a 50-day simple moving average of $63.67 and a 200 day simple moving average of $59.85. Ambarella, Inc. has a 12-month low of $38.86 and a 12-month high of $85.15.

Insider Activity

In related news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $62.58, for a total transaction of $62,580.00. Following the completion of the sale, the director owned 39,281 shares in the company, valued at $2,458,204.98. This trade represents a 2.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.30% of the stock is owned by company insiders.

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.