Principal Financial Group Inc. Sells 428 Shares of Ambarella, Inc. (NASDAQ:AMBA)

Principal Financial Group Inc. trimmed its position in Ambarella, Inc. (NASDAQ:AMBA) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,454 shares of the semiconductor company’s stock after selling 428 shares during the quarter. Principal Financial Group Inc.’s holdings in Ambarella were worth $240,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AMBA. Legato Capital Management LLC bought a new stake in shares of Ambarella during the second quarter worth $790,000. Bank of New York Mellon Corp grew its stake in shares of Ambarella by 12.2% during the second quarter. Bank of New York Mellon Corp now owns 205,233 shares of the semiconductor company’s stock worth $11,072,000 after buying an additional 22,276 shares during the last quarter. Tributary Capital Management LLC grew its stake in shares of Ambarella by 2.2% during the second quarter. Tributary Capital Management LLC now owns 285,667 shares of the semiconductor company’s stock worth $15,412,000 after buying an additional 6,020 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Ambarella by 13.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 11,619 shares of the semiconductor company’s stock worth $627,000 after buying an additional 1,347 shares during the last quarter. Finally, OFI Invest Asset Management grew its stake in shares of Ambarella by 163.4% during the second quarter. OFI Invest Asset Management now owns 5,705 shares of the semiconductor company’s stock worth $287,000 after buying an additional 3,539 shares during the last quarter. 82.09% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Feng-Ming Wang sold 4,382 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $56.02, for a total transaction of $245,479.64. Following the transaction, the chief executive officer now owns 803,574 shares in the company, valued at $45,016,215.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Christopher Day sold 1,408 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $61.66, for a total transaction of $86,817.28. Following the transaction, the vice president now owns 21,599 shares in the company, valued at $1,331,794.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Feng-Ming Wang sold 4,382 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $56.02, for a total transaction of $245,479.64. Following the transaction, the chief executive officer now owns 803,574 shares in the company, valued at approximately $45,016,215.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,653 shares of company stock worth $1,487,144. Company insiders own 5.70% of the company’s stock.

Wall Street Analyst Weigh In

AMBA has been the topic of a number of research reports. Roth Mkm reaffirmed a “neutral” rating and set a $60.00 target price on shares of Ambarella in a research note on Wednesday, August 28th. Bank of America boosted their target price on shares of Ambarella from $50.00 to $57.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 28th. Morgan Stanley lifted their price target on shares of Ambarella from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Craig Hallum lifted their price target on shares of Ambarella from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Wells Fargo & Company cut their price target on shares of Ambarella from $65.00 to $55.00 and set an “equal weight” rating on the stock in a report on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Ambarella currently has an average rating of “Hold” and an average price target of $74.58.

Ambarella Stock Up 1.1 %

AMBA stock opened at $53.42 on Monday. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -12.54 and a beta of 1.63. Ambarella, Inc. has a 12-month low of $39.69 and a 12-month high of $65.88. The company’s fifty day simple moving average is $52.73 and its 200 day simple moving average is $51.53.

Ambarella (NASDAQ:AMBA) last released its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.06. The business had revenue of $63.70 million for the quarter, compared to analyst estimates of $62.10 million. Ambarella had a negative net margin of 79.46% and a negative return on equity of 26.01%. Ambarella’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.76) earnings per share. Research analysts expect that Ambarella, Inc. will post -2.99 earnings per share for the current year.

Ambarella Profile

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.