Pinnacle Associates Ltd. Cuts Stock Position in Ambarella, Inc. (NASDAQ:AMBA)

Pinnacle Associates Ltd. cut its holdings in Ambarella, Inc. (NASDAQ:AMBA) by 22.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 375,187 shares of the semiconductor company’s stock after selling 110,651 shares during the period. Pinnacle Associates Ltd. owned about 0.92% of Ambarella worth $22,995,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AMBA. Azzad Asset Management Inc. ADV boosted its stake in shares of Ambarella by 2.4% during the second quarter. Azzad Asset Management Inc. ADV now owns 9,983 shares of the semiconductor company’s stock valued at $539,000 after purchasing an additional 231 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Ambarella by 6.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,767 shares of the semiconductor company’s stock worth $269,000 after acquiring an additional 285 shares during the period. Linden Thomas Advisory Services LLC raised its stake in shares of Ambarella by 1.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 17,522 shares of the semiconductor company’s stock valued at $945,000 after acquiring an additional 288 shares in the last quarter. CWM LLC boosted its holdings in shares of Ambarella by 127.7% in the second quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 304 shares during the period. Finally, Blue Trust Inc. raised its position in Ambarella by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 499 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 321 shares in the last quarter. 82.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price objective on shares of Ambarella in a research note on Wednesday, August 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Ambarella in a research report on Friday, August 23rd. Roth Mkm restated a “neutral” rating and issued a $60.00 price target on shares of Ambarella in a report on Wednesday, August 28th. Craig Hallum upped their target price on Ambarella from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Bank of America boosted their price target on Ambarella from $50.00 to $57.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Ambarella currently has an average rating of “Hold” and an average target price of $74.09.

Insider Transactions at Ambarella

In other Ambarella news, VP Christopher Day sold 2,904 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $58.00, for a total transaction of $168,432.00. Following the completion of the transaction, the vice president now owns 18,466 shares of the company’s stock, valued at $1,071,028. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ambarella news, Director Elizabeth M. Schwarting sold 913 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $54.74, for a total transaction of $49,977.62. Following the transaction, the director now owns 8,155 shares of the company’s stock, valued at approximately $446,404.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Christopher Day sold 2,904 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $58.00, for a total transaction of $168,432.00. Following the transaction, the vice president now directly owns 18,466 shares in the company, valued at approximately $1,071,028. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,423 shares of company stock valued at $1,356,402 over the last 90 days. Corporate insiders own 5.70% of the company’s stock.

Ambarella Stock Performance

Shares of AMBA traded down $1.33 during trading hours on Wednesday, hitting $60.20. The stock had a trading volume of 76,002 shares, compared to its average volume of 585,712. Ambarella, Inc. has a fifty-two week low of $39.69 and a fifty-two week high of $65.88. The firm has a 50-day moving average price of $55.68 and a 200 day moving average price of $52.71. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -14.44 and a beta of 1.62.

Ambarella (NASDAQ:AMBA) last announced its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.06. The business had revenue of $63.70 million during the quarter, compared to the consensus estimate of $62.10 million. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.76) EPS. As a group, analysts predict that Ambarella, Inc. will post -3 EPS for the current fiscal year.

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.