Bank of New York Mellon Corp trimmed its holdings in Ambarella Inc (NASDAQ:AMBA) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 121,523 shares of the semiconductor company’s stock after selling 3,486 shares during the period. Bank of New York Mellon Corp owned 0.38% of Ambarella worth $4,701,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. OLD National Bancorp IN acquired a new stake in Ambarella in the 3rd quarter valued at about $288,000. Oppenheimer & Co. Inc. acquired a new stake in Ambarella in the 3rd quarter valued at about $328,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Ambarella by 13.0% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 13,434 shares of the semiconductor company’s stock valued at $520,000 after acquiring an additional 1,544 shares during the last quarter. First Trust Advisors LP grew its stake in Ambarella by 129.9% in the 3rd quarter. First Trust Advisors LP now owns 16,795 shares of the semiconductor company’s stock valued at $650,000 after acquiring an additional 9,490 shares during the last quarter. Finally, Granite Investment Partners LLC acquired a new stake in Ambarella in the 3rd quarter valued at about $763,000. 79.65% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on AMBA shares. Northland Securities started coverage on shares of Ambarella in a research note on Monday, October 29th. They issued an “outperform” rating and a $38.00 price objective on the stock. ValuEngine raised shares of Ambarella from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Roth Capital raised their price target on shares of Ambarella to $40.00 and gave the stock a “neutral” rating in a research note on Friday, November 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Ambarella in a research note on Friday, November 30th. Finally, TheStreet cut shares of Ambarella from a “c-” rating to a “d” rating in a research note on Friday, November 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Ambarella presently has a consensus rating of “Hold” and a consensus price target of $44.75.
In other news, CEO Feng-Ming Wang sold 7,627 shares of the stock in a transaction dated Tuesday, December 18th. The shares were sold at an average price of $38.00, for a total transaction of $289,826.00. Following the transaction, the chief executive officer now directly owns 406,631 shares in the company, valued at approximately $15,451,978. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Tuesday, December 11th. The stock was sold at an average price of $40.00, for a total transaction of $40,000.00. Following the transaction, the director now owns 18,997 shares in the company, valued at $759,880. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,541 shares of company stock worth $636,581. Insiders own 5.84% of the company’s stock.
Ambarella stock opened at $39.24 on Thursday. Ambarella Inc has a 12-month low of $30.00 and a 12-month high of $55.50. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 71.35 and a beta of 1.03.
Ambarella (NASDAQ:AMBA) last released its quarterly earnings results on Thursday, November 29th. The semiconductor company reported ($0.28) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.01). Ambarella had a negative return on equity of 5.35% and a negative net margin of 9.97%. The firm had revenue of $57.30 million for the quarter, compared to analyst estimates of $57.12 million. During the same period in the prior year, the business earned $0.75 earnings per share. Ambarella’s revenue for the quarter was down 35.7% on a year-over-year basis. Sell-side analysts predict that Ambarella Inc will post -1.02 earnings per share for the current fiscal year.
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Ambarella, Inc develops semiconductor processing solutions for video that enable high-definition (HD), video capture, analysis, sharing, and display worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, computer vision functionality, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.
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