Ambarella (NASDAQ:AMBA) Price Target Cut to $96.00 by Analysts at Jefferies Financial Group

Ambarella (NASDAQ:AMBAGet Rating) had its price target trimmed by Jefferies Financial Group from $104.00 to $96.00 in a report released on Monday morning, The Fly reports. Jefferies Financial Group also issued estimates for Ambarella’s Q3 2023 earnings at ($0.44) EPS, Q4 2023 earnings at ($0.44) EPS, FY2023 earnings at ($1.57) EPS, Q1 2024 earnings at ($0.45) EPS, Q2 2024 earnings at ($0.43) EPS, Q3 2024 earnings at ($0.36) EPS, Q4 2024 earnings at ($0.33) EPS and FY2024 earnings at ($1.58) EPS.

A number of other research analysts have also commented on AMBA. Robert W. Baird lowered their price target on Ambarella from $125.00 to $90.00 and set an outperform rating on the stock in a report on Wednesday, August 31st. StockNews.com began coverage on Ambarella in a report on Wednesday, October 12th. They set a sell rating for the company. Summit Insights downgraded Ambarella from a buy rating to a hold rating in a research note on Wednesday, August 31st. Needham & Company LLC dropped their price target on Ambarella from $110.00 to $90.00 and set a buy rating on the stock in a research report on Tuesday, October 11th. Finally, Roth Capital restated a buy rating and set a $110.00 price objective on shares of Ambarella in a research report on Friday, November 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $109.33.

Ambarella Stock Performance

AMBA opened at $72.17 on Monday. The firm has a 50 day moving average price of $59.20 and a 200 day moving average price of $70.14. The company has a market cap of $2.77 billion, a PE ratio of -63.31 and a beta of 1.48. Ambarella has a 1 year low of $49.02 and a 1 year high of $227.59.

Ambarella (NASDAQ:AMBAGet Rating) last released its earnings results on Tuesday, August 30th. The semiconductor company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.07). The business had revenue of $80.90 million for the quarter, compared to analysts’ expectations of $80.21 million. Ambarella had a negative net margin of 12.14% and a negative return on equity of 6.88%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.18) earnings per share. On average, sell-side analysts predict that Ambarella will post -1.55 earnings per share for the current year.

Insider Transactions at Ambarella

In other Ambarella news, CTO Leslie Kohn sold 6,179 shares of the business’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $58.95, for a total transaction of $364,252.05. Following the sale, the chief technology officer now owns 899,478 shares of the company’s stock, valued at approximately $53,024,228.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ambarella news, CTO Leslie Kohn sold 6,179 shares of the company’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $58.95, for a total transaction of $364,252.05. Following the completion of the sale, the chief technology officer now directly owns 899,478 shares in the company, valued at $53,024,228.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Feng-Ming Wang sold 3,736 shares of the stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $63.25, for a total transaction of $236,302.00. Following the sale, the chief executive officer now owns 693,625 shares of the company’s stock, valued at $43,871,781.25. The disclosure for this sale can be found here. Insiders have sold 15,246 shares of company stock worth $937,852 in the last 90 days. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Ambarella

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMBA. Newbridge Financial Services Group Inc. purchased a new position in shares of Ambarella during the 2nd quarter valued at $26,000. CWM LLC grew its holdings in Ambarella by 101.9% during the 3rd quarter. CWM LLC now owns 648 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 327 shares during the last quarter. Standard Family Office LLC purchased a new stake in Ambarella in the 1st quarter valued at about $42,000. Prospera Financial Services Inc purchased a new stake in Ambarella in the 1st quarter valued at about $52,000. Finally, Private Trust Co. NA purchased a new stake in shares of Ambarella in the 2nd quarter worth approximately $56,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Ambarella Company Profile

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Ambarella, Inc develops semiconductor solutions for video that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network 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.

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