KeyCorp Trims Ambarella (NASDAQ:AMBA) Target Price to $120.00

Ambarella (NASDAQ:AMBA – Get Rating) had its price target lowered by investment analysts at KeyCorp from $160.00 to $120.00 in a research report issued on Wednesday, Stock Target Advisor reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price would suggest a potential upside of 40.81% from the company’s previous close.

AMBA has been the subject of several other research reports. StockNews.com downgraded Ambarella from a “hold” rating to a “sell” rating in a research report on Friday, May 20th. Needham & Company LLC dropped their price target on shares of Ambarella from $225.00 to $175.00 and set a “buy” rating for the company in a research report on Tuesday, March 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Ambarella from $140.00 to $115.00 and set a “hold” rating on the stock in a research report on Wednesday, April 20th. Bank of America dropped their target price on shares of Ambarella from $140.00 to $130.00 and set an “underperform” rating for the company in a report on Tuesday, March 1st. Finally, Stifel Nicolaus restated a “buy” rating and set a $160.00 price target on shares of Ambarella in a report on Monday, April 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Ambarella presently has an average rating of “Buy” and an average price target of $159.13.

Shares of NASDAQ AMBA opened at $85.22 on Wednesday. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -116.74 and a beta of 1.28. Ambarella has a 1-year low of $65.60 and a 1-year high of $227.59. The stock’s 50-day moving average is $86.41 and its 200 day moving average is $130.93.

Ambarella (NASDAQ:AMBA – Get Rating) last issued its earnings results on Tuesday, May 31st. The semiconductor company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. Ambarella had a negative net margin of 7.96% and a negative return on equity of 4.95%. The company had revenue of $90.31 million for the quarter, compared to analysts’ expectations of $90.09 million. During the same quarter last year, the company earned ($0.29) EPS. The firm’s revenue was up 28.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ambarella will post -0.54 earnings per share for the current fiscal year.

In other Ambarella news, CFO Kevin C. Eichler sold 702 shares of the business’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $84.42, for a total value of $59,262.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Yun-Lung Chen sold 19,241 shares of the firm’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $96.92, for a total transaction of $1,864,837.72. The disclosure for this sale can be found here. Insiders sold 176,723 shares of company stock valued at $16,280,767 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Ambarella by 14.9% during the first quarter. BlackRock Inc. now owns 4,028,021 shares of the semiconductor company’s stock valued at $422,620,000 after buying an additional 522,698 shares during the period. Vanguard Group Inc. grew its position in shares of Ambarella by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 3,515,362 shares of the semiconductor company’s stock valued at $368,832,000 after acquiring an additional 56,927 shares during the period. Invesco Ltd. increased its stake in shares of Ambarella by 3.2% in the 1st quarter. Invesco Ltd. now owns 1,296,706 shares of the semiconductor company’s stock worth $136,050,000 after purchasing an additional 39,945 shares in the last quarter. State Street Corp raised its holdings in Ambarella by 19.7% in the 1st quarter. State Street Corp now owns 1,182,568 shares of the semiconductor company’s stock worth $124,075,000 after purchasing an additional 194,915 shares during the period. Finally, Morgan Stanley lifted its position in Ambarella by 61.7% during the second quarter. Morgan Stanley now owns 690,304 shares of the semiconductor company’s stock valued at $73,606,000 after purchasing an additional 263,299 shares in the last quarter. Hedge funds and other institutional investors own 75.28% of the company’s stock.

About Ambarella (Get Rating)

Ambarella, Inc develops semiconductor solutions for video that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network 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.

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