Engineers Gate Manager LP Sells 90,913 Shares of Ambarella, Inc. $AMBA

Key Points

• Engineers Gate Manager LP reduced its Ambarella stake by 96.8% in the second quarter, selling 90,913 shares and retaining 3,030 shares valued at approximately $260,000. Institutional investors and hedge funds still own 82.09% of the company.
• Ambarella insiders have also been selling shares: the CEO and CFO sold a combined 7,982 shares, while insiders sold 48,218 shares worth $3.86 million over the past 90 days.
• Analysts maintain an overall “Hold” rating, with an average price target of $89.56. Ambarella recently reported quarterly revenue of $108.12 million and adjusted EPS of $0.18, slightly exceeding estimates, while shares opened at $72.68.

Engineers Gate Manager LP cut its stake in shares of Ambarella, Inc. (NASDAQ:AMBA - Free Report) by 96.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,030 shares of the semiconductor company's stock after selling 90,913 shares during the quarter. Engineers Gate Manager LP's holdings in Ambarella were worth $260,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of AMBA. Jericho Capital Asset Management L.P. raised its holdings in shares of Ambarella by 30.8% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 1,587,081 shares of the semiconductor company's stock valued at $112,429,000 after purchasing an additional 373,734 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Ambarella by 49.5% in the first quarter. The Manufacturers Life Insurance Company now owns 1,586,082 shares of the semiconductor company's stock worth $81,644,000 after acquiring an additional 524,937 shares in the last quarter. Geode Capital Management LLC grew its stake in Ambarella by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 1,020,527 shares of the semiconductor company's stock valued at $72,305,000 after acquiring an additional 35,510 shares during the period. Dimensional Fund Advisors LP grew its stake in Ambarella by 28.1% in the first quarter. Dimensional Fund Advisors LP now owns 638,587 shares of the semiconductor company's stock valued at $32,866,000 after acquiring an additional 139,928 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Ambarella by 18.4% during the fourth quarter. Legal & General Group Plc now owns 614,017 shares of the semiconductor company's stock valued at $43,497,000 after acquiring an additional 95,218 shares in the last quarter. 82.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ambarella

In other news, CEO Feng-Ming Wang sold 6,086 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $64.83, for a total value of $394,555.38. Following the completion of the sale, the chief executive officer owned 767,759 shares in the company, valued at $49,773,815.97. This represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John Young sold 1,896 shares of the firm's stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $67.28, for a total transaction of $127,562.88. Following the transaction, the chief financial officer directly owned 107,806 shares in the company, valued at $7,253,187.68. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 48,218 shares of company stock worth $3,863,430. 4.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Weiss Ratings raised Ambarella from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 10th. Bank of America reduced their price target on shares of Ambarella from $96.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, September 4th. Roth Capital decreased their price target on shares of Ambarella from $90.00 to $65.00 and set a "neutral" rating for the company in a research note on Friday, September 4th. Rosenblatt Securities restated a "buy" rating and set a $120.00 price objective on shares of Ambarella in a report on Wednesday, September 16th. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of Ambarella in a research note on Friday, September 4th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $89.56.

Ambarella Stock Up 4.0%

Shares of Ambarella stock opened at $72.68 on Friday. Ambarella, Inc. has a 52 week low of $48.30 and a 52 week high of $96.69. The business has a 50 day moving average price of $71.98 and a 200-day moving average price of $68.52. The company has a market cap of $3.21 billion, a PE ratio of -56.34 and a beta of 2.09.

Ambarella (NASDAQ:AMBA - Get Free Report) last announced its earnings results on Thursday, September 3rd. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. Ambarella had a negative return on equity of 10.03% and a negative net margin of 13.48%.The company had revenue of $108.12 million for the quarter, compared to analysts' expectations of $107.76 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Ambarella's quarterly revenue was up 13.2% on a year-over-year basis. As a group, research analysts anticipate that Ambarella, Inc. will post -1.12 EPS for the current year.

About Ambarella

Ambarella, Inc is a fabless semiconductor company that develops low-power system-on-chip (SoC) solutions for video processing and artificial intelligence at the edge. Its technology is designed to help devices capture, process, analyze and transmit high-quality video while reducing the need to send data to cloud-based systems.

The company's product portfolio includes its CVflow family of AI vision processors, video processors and related software. These solutions support computer vision and machine learning applications in security cameras, automotive systems, advanced driver-assistance systems, robotics, industrial equipment and consumer devices.

Founded in 2004 and headquartered in Santa Clara, California, Ambarella serves customers and markets globally through its semiconductor products and technology partnerships.

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