Bank of America Corp DE Buys 34,843 Shares of Ambarella, Inc. $AMBA

Key Points

• Bank of America increased its Ambarella stake by 7.8%, purchasing 34,843 shares to own 481,758 shares valued at approximately $24.8 million, or 1.1% of the company.
• Institutional ownership stands at 82.09%, with several major investors substantially increasing their positions. Analysts maintain a “Moderate Buy” consensus, with an average price target of $101.12.
• Ambarella’s quarterly revenue rose 16.9% year over year to $100.36 million, while EPS of $0.11 matched estimates; however, the company remains unprofitable, and insiders have sold roughly $7.6 million of stock over the past 90 days.

Bank of America Corp DE grew its stake in shares of Ambarella, Inc. (NASDAQ:AMBA - Free Report) by 7.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 481,758 shares of the semiconductor company's stock after buying an additional 34,843 shares during the period. Bank of America Corp DE owned approximately 1.10% of Ambarella worth $24,798,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMBA. Price T Rowe Associates Inc. MD lifted its position in shares of Ambarella by 2,312.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 864,610 shares of the semiconductor company's stock worth $61,250,000 after acquiring an additional 828,773 shares during the period. UBS Group AG boosted its stake in Ambarella by 379.3% during the third quarter. UBS Group AG now owns 821,747 shares of the semiconductor company's stock worth $67,811,000 after buying an additional 650,306 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Ambarella in the 2nd quarter valued at $36,810,000. The Manufacturers Life Insurance Company increased its holdings in Ambarella by 49.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,586,082 shares of the semiconductor company's stock valued at $81,644,000 after buying an additional 524,937 shares during the period. Finally, Balyasny Asset Management L.P. raised its stake in shares of Ambarella by 894.7% in the 2nd quarter. Balyasny Asset Management L.P. now owns 459,562 shares of the semiconductor company's stock valued at $30,361,000 after buying an additional 413,362 shares in the last quarter. 82.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AMBA. Summit Insights lowered shares of Ambarella from a "buy" rating to a "hold" rating in a research report on Friday, May 29th. Consumer Edge reissued a "buy" rating on shares of Ambarella in a research report on Friday, May 22nd. Bank of America raised their price target on shares of Ambarella from $72.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Susquehanna lifted their price objective on Ambarella from $80.00 to $110.00 and gave the company a "positive" rating in a report on Friday, May 29th. Finally, Northland Securities set a $101.00 price objective on Ambarella in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $101.12.

Ambarella Stock Down 4.3%

AMBA stock opened at $78.54 on Tuesday. Ambarella, Inc. has a twelve month low of $48.30 and a twelve month high of $96.69. The company has a market cap of $3.45 billion, a P/E ratio of -48.78 and a beta of 2.12. The business has a fifty day moving average of $73.37 and a 200-day moving average of $67.66.

Ambarella (NASDAQ:AMBA - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. The business had revenue of $100.36 million for the quarter, compared to analysts' expectations of $100.12 million. Ambarella had a negative return on equity of 10.94% and a negative net margin of 17.18%.The firm's quarterly revenue was up 16.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.07 earnings per share. As a group, equities research analysts anticipate that Ambarella, Inc. will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO John Alexander Young sold 5,033 shares of Ambarella stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $67.54, for a total transaction of $339,928.82. Following the completion of the sale, the chief financial officer owned 112,590 shares in the company, valued at $7,604,328.60. The trade was a 4.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Chi-Hong Ju sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $88.84, for a total transaction of $888,400.00. Following the sale, the vice president directly owned 155,924 shares of the company's stock, valued at approximately $13,852,288.16. This trade represents a 6.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 91,419 shares of company stock worth $7,591,700. 4.50% of the stock is currently owned by company insiders.

Ambarella Profile

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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