Bank of America Upgrades Ambarella (NASDAQ:AMBA) to “Neutral”

Ambarella (NASDAQ:AMBA) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage currently has a $80.00 price objective on the semiconductor company’s stock. Bank of America‘s price target indicates a potential upside of 8.36% from the company’s previous close.

Several other equities research analysts have also recently issued reports on AMBA. Westpark Capital restated a “buy” rating and set a $85.00 price objective on shares of Ambarella in a research report on Monday, August 26th. Susquehanna lifted their price objective on Ambarella from $70.00 to $85.00 and gave the company a “positive” rating in a research note on Wednesday, November 27th. TD Cowen boosted their price target on shares of Ambarella from $65.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Craig Hallum increased their price target on Ambarella from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Morgan Stanley lifted their price objective on shares of Ambarella from $73.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.17.

Ambarella Price Performance

AMBA stock opened at $73.83 on Monday. Ambarella has a 1 year low of $39.69 and a 1 year high of $81.32. The firm has a market capitalization of $3.08 billion, a PE ratio of -18.89 and a beta of 1.68. The business has a 50 day simple moving average of $62.94 and a 200-day simple moving average of $57.20.

Insider Activity

In other news, Director Hsiao-Wuen Hon sold 377 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $74.15, for a total value of $27,954.55. Following the completion of the sale, the director now directly owns 28,278 shares of the company’s stock, valued at $2,096,813.70. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chi-Hong Ju sold 5,118 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $75.71, for a total value of $387,483.78. Following the transaction, the vice president now directly owns 158,686 shares in the company, valued at $12,014,117.06. This represents a 3.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,590 shares of company stock valued at $725,366. 5.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ambarella

A number of large investors have recently made changes to their positions in AMBA. Lord Abbett & CO. LLC purchased a new position in Ambarella in the third quarter valued at about $3,905,000. Geode Capital Management LLC lifted its position in shares of Ambarella by 1.6% in the third quarter. Geode Capital Management LLC now owns 916,757 shares of the semiconductor company’s stock valued at $51,719,000 after acquiring an additional 14,568 shares in the last quarter. Sender Co & Partners Inc. acquired a new position in Ambarella in the 3rd quarter valued at about $481,000. Barclays PLC boosted its stake in shares of Ambarella by 281.3% during the 3rd quarter. Barclays PLC now owns 388,090 shares of the semiconductor company’s stock worth $21,891,000 after purchasing an additional 286,296 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its holdings in shares of Ambarella by 8.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 12,573 shares of the semiconductor company’s stock worth $709,000 after buying an additional 1,002 shares in the last quarter. Hedge funds and other institutional investors own 82.09% of the company’s stock.

Ambarella Company 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.