Pinnacle Associates Ltd. Has $24.97 Million Stake in Ambarella, Inc. (NASDAQ:AMBA)

Pinnacle Associates Ltd. cut its stake in Ambarella, Inc. (NASDAQ:AMBA - Free Report) by 3.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 496,094 shares of the semiconductor company's stock after selling 18,744 shares during the period. Pinnacle Associates Ltd. owned about 1.17% of Ambarella worth $24,968,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rhumbline Advisers grew its stake in Ambarella by 4.0% during the first quarter. Rhumbline Advisers now owns 58,571 shares of the semiconductor company's stock worth $2,948,000 after buying an additional 2,249 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of 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 acquiring an additional 9,491 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 acquiring an additional 15,922 shares in the last quarter. Sei Investments Co. grew its position in Ambarella by 17.6% during the 4th quarter. Sei Investments Co. now owns 10,959 shares of the semiconductor company's stock worth $797,000 after acquiring an additional 1,639 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Ambarella by 15.9% during the 4th quarter. Wells Fargo & Company MN now owns 53,397 shares of the semiconductor company's stock worth $3,884,000 after acquiring an additional 7,312 shares during the last quarter. Institutional investors own 82.09% of the company's stock.

Ambarella Trading Down 0.6%

Shares of NASDAQ:AMBA traded down $0.43 during trading on Friday, hitting $67.32. 372,512 shares of the company's stock were exchanged, compared to its average volume of 704,953. The firm has a market cap of $2.86 billion, a P/E ratio of -27.04 and a beta of 2.05. The firm has a 50-day moving average price of $61.42 and a two-hundred day moving average price of $61.10. Ambarella, Inc. has a 1-year low of $38.86 and a 1-year high of $85.15.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Summit Insights upgraded Ambarella to a "hold" rating in a research report on Thursday, May 29th. Needham & Company LLC reduced their price target 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. Rosenblatt Securities increased their price objective on shares of Ambarella from $87.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Morgan Stanley dropped their target price on shares of Ambarella from $90.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, May 27th. Finally, Stifel Nicolaus reduced 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 issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $83.64.

Insider Transactions at Ambarella

In other news, Director Christopher B. Paisley sold 1,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $62.58, for a total transaction of $62,580.00. Following the completion of the transaction, the director directly owned 39,281 shares in the company, valued at approximately $2,458,204.98. The trade was a 2.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.30% of the company's stock.

About Ambarella

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.