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Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Ambarella, Inc. (NASDAQ:AMBA)

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Key Points

  • Connor Clark & Lunn Investment Management Ltd. increased its stake in Ambarella, Inc. by 17.2% during the first quarter, holding approximately 0.84% of the company with a value of $18 million.
  • Several other hedge funds also raised their positions in Ambarella, with notable increases including Janney Montgomery Scott LLC's stake rising by 238.3% and GAMMA Investing LLC by 6,804.3%.
  • Ambarella's stock has a consensus rating of "Moderate Buy" from analysts, with a current target price averaging $83.64, despite recent price target adjustments downwards from various brokerages.
  • Want stock alerts on Ambarella? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Ambarella, Inc. (NASDAQ:AMBA - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 357,771 shares of the semiconductor company's stock after purchasing an additional 52,376 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.84% of Ambarella worth $18,007,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Rhumbline Advisers lifted its stake in Ambarella by 4.0% in the 1st quarter. Rhumbline Advisers now owns 58,571 shares of the semiconductor company's stock worth $2,948,000 after purchasing an additional 2,249 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Ambarella by 238.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,474 shares of the semiconductor company's stock worth $678,000 after purchasing an additional 9,491 shares in the last quarter. GAMMA Investing LLC lifted its stake in Ambarella by 6,804.3% in the 1st quarter. GAMMA Investing LLC now owns 16,156 shares of the semiconductor company's stock worth $813,000 after purchasing an additional 15,922 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Ambarella by 61.8% during the 1st quarter. Principal Financial Group Inc. now owns 25,794 shares of the semiconductor company's stock valued at $1,298,000 after buying an additional 9,857 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position 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 valued at $3,884,000 after buying an additional 7,312 shares in the last quarter. Hedge funds and other institutional investors own 82.09% of the company's stock.

Ambarella Price Performance

Ambarella stock opened at $64.55 on Friday. Ambarella, Inc. has a 1-year low of $38.86 and a 1-year high of $85.15. The firm has a market capitalization of $2.74 billion, a P/E ratio of -25.92 and a beta of 2.08. The company's 50-day moving average is $62.22 and its 200 day moving average is $60.06.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMBA. Needham & Company LLC decreased their target price on shares of Ambarella from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Summit Insights upgraded shares of Ambarella to a "hold" rating in a research report 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 report on Friday, May 30th. 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 report on Tuesday, July 22nd. Finally, Stifel Nicolaus decreased their target price on shares of Ambarella from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $83.64.

Read Our Latest Research Report on Ambarella

Insider Buying and Selling

In other Ambarella news, Director Christopher B. Paisley sold 1,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $62.58, for a total value of $62,580.00. Following the transaction, the director directly owned 39,281 shares in the company, valued at $2,458,204.98. This represents a 2.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is owned by corporate insiders.

Ambarella Company Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Ambarella (NASDAQ:AMBA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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