Needham & Company LLC Raises Amplitude (NASDAQ:AMPL) Price Target to $18.00

Key Points

• Needham & Company LLC has raised its price target for Amplitude (NASDAQ: AMPL) from $16.00 to $18.00, indicating a potential upside of 47.30% from the current price.
• Amplitude's average rating stands at "Moderate Buy" with several rating revisions, demonstrating a mix of buy and hold sentiments among analysts.
• The company's recent quarterly earnings showed a revenue of $83.27 million, surpassing analysts' expectations and marking a 13.6% year-over-year increase.

Amplitude (NASDAQ:AMPL - Get Free Report) had its price objective raised by analysts at Needham & Company LLC from $16.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 60.21% from the stock's previous close.

Several other equities research analysts have also recently issued reports on the company. Scotiabank decreased their price objective on Amplitude from $12.00 to $10.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Morgan Stanley raised their price objective on Amplitude from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Robert W. Baird decreased their price objective on Amplitude from $17.00 to $14.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Piper Sandler raised their price objective on Amplitude from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, DA Davidson decreased their price objective on Amplitude from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $13.80.

Amplitude Price Performance

NASDAQ:AMPL traded down $0.30 during trading hours on Thursday, reaching $11.24. 874,182 shares of the company traded hands, compared to its average volume of 1,179,623. The firm's 50-day moving average is $12.41 and its 200-day moving average is $11.56. The stock has a market cap of $1.11 billion, a P/E ratio of -14.78 and a beta of 1.54. Amplitude has a 1-year low of $7.55 and a 1-year high of $14.88.

Amplitude (NASDAQ:AMPL - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.01 EPS for the quarter, meeting analysts' consensus estimates of $0.01. Amplitude had a negative return on equity of 33.08% and a negative net margin of 30.43%. The firm had revenue of $83.27 million for the quarter, compared to analysts' expectations of $81.29 million. The business's revenue for the quarter was up 13.6% on a year-over-year basis. As a group, research analysts predict that Amplitude will post -0.62 earnings per share for the current year.

Insider Transactions at Amplitude

In other Amplitude news, Director Catherine Wong sold 8,502 shares of Amplitude stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $12.49, for a total value of $106,189.98. Following the completion of the transaction, the director directly owned 79,152 shares in the company, valued at $988,608.48. The trade was a 9.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Erica Schultz sold 26,394 shares of Amplitude stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $12.49, for a total value of $329,661.06. Following the completion of the transaction, the director owned 92,500 shares of the company's stock, valued at approximately $1,155,325. The trade was a 22.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,911 shares of company stock valued at $571,352 over the last quarter. Insiders own 23.83% of the company's stock.

Hedge Funds Weigh In On Amplitude

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Occudo Quantitative Strategies LP raised its holdings in shares of Amplitude by 2.1% during the fourth quarter. Occudo Quantitative Strategies LP now owns 41,365 shares of the company's stock valued at $436,000 after buying an additional 832 shares during the last quarter. ProShare Advisors LLC raised its holdings in Amplitude by 5.6% during the second quarter. ProShare Advisors LLC now owns 17,865 shares of the company's stock worth $222,000 after purchasing an additional 955 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Amplitude by 33.3% during the first quarter. Russell Investments Group Ltd. now owns 5,818 shares of the company's stock worth $59,000 after purchasing an additional 1,455 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in Amplitude by 22.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 8,172 shares of the company's stock worth $86,000 after purchasing an additional 1,492 shares in the last quarter. Finally, CWM LLC raised its holdings in Amplitude by 14.1% during the second quarter. CWM LLC now owns 16,291 shares of the company's stock worth $202,000 after purchasing an additional 2,018 shares in the last quarter. 73.20% of the stock is currently owned by institutional investors and hedge funds.

About Amplitude

Amplitude, Inc, together with its subsidiaries, provides a digital analytics platform that analyzes customer behavior in the United States and internationally. It offers Amplitude Analytics, which provides real-time product data and reconstructed user visits; Amplitude Experiment, a solution that allows teams to test new capabilities and safely roll out new features; Amplitude CDP, an insight-driven solution that encompasses the data infrastructure, audience management, and data streaming capabilities; and Amplitude Session Replay used by product, marketing, and data teams to understand user behavior, diagnose product issues, and improve product outcomes.