Bank of New York Mellon Corp Decreases Stake in Amplitude, Inc. (NASDAQ:AMPL)

Key Points

• Bank of New York Mellon Corp significantly reduced its stake in Amplitude, Inc. by 75.7% in the first quarter, leaving it with 232,562 shares valued at approximately $2.37 million.
• Amplitude's recent earnings report revealed a quarterly revenue of $79.95 million, which was higher than analyst estimates, but the company reported a loss of ($0.17) EPS, missing expectations by a substantial margin.
• Analysts' target prices on Amplitude stock vary, with Bank of America raising its target to $15.00 and DA Davidson reducing it to $12.00, indicating a range of market evaluations on the company's future performance.

Bank of New York Mellon Corp cut its stake in Amplitude, Inc. (NASDAQ:AMPL - Free Report) by 75.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 232,562 shares of the company's stock after selling 722,731 shares during the period. Bank of New York Mellon Corp owned about 0.18% of Amplitude worth $2,370,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Huntleigh Advisors Inc. acquired a new stake in Amplitude during the 1st quarter valued at $239,000. Principal Financial Group Inc. acquired a new stake in Amplitude during the 1st quarter valued at $1,586,000. Teacher Retirement System of Texas acquired a new stake in Amplitude during the 1st quarter valued at $119,000. Summit Trail Advisors LLC acquired a new stake in Amplitude during the 1st quarter valued at $124,000. Finally, Blue Trust Inc. increased its holdings in Amplitude by 15.0% during the 1st quarter. Blue Trust Inc. now owns 35,391 shares of the company's stock valued at $361,000 after purchasing an additional 4,608 shares in the last quarter. 73.20% of the stock is owned by institutional investors and hedge funds.

Amplitude Trading Down 0.5%

Shares of NASDAQ:AMPL traded down $0.06 during trading on Wednesday, reaching $12.72. 907,150 shares of the stock were exchanged, compared to its average volume of 1,130,965. Amplitude, Inc. has a 12 month low of $7.37 and a 12 month high of $14.88. The firm has a market cap of $1.26 billion, a PE ratio of -16.74 and a beta of 1.54. The stock has a 50-day moving average price of $12.44 and a 200-day moving average price of $11.49.

Amplitude (NASDAQ:AMPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.16). Amplitude had a negative net margin of 31.01% and a negative return on equity of 32.50%. The business had revenue of $79.95 million during the quarter, compared to analyst estimates of $79.81 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. The firm's quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts expect that Amplitude, Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Erica Schultz sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $12.56, for a total transaction of $94,200.00. Following the transaction, the director owned 107,406 shares in the company, valued at approximately $1,349,019.36. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Catherine Wong sold 8,502 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $12.49, for a total transaction of $106,189.98. Following the transaction, the director owned 79,152 shares in the company, valued at $988,608.48. This represents a 9.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,911 shares of company stock valued at $825,102 over the last 90 days. 4.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on AMPL shares. Piper Sandler increased their price objective on Amplitude from $14.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. DA Davidson decreased their price objective on Amplitude from $16.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wall Street Zen lowered Amplitude from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. 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 research report on Thursday, May 8th. Finally, Needham & Company LLC restated a "buy" rating and issued a $16.00 price target on shares of Amplitude in a research report on Thursday, July 10th. Five investment 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $13.50.

Amplitude Profile

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.