Ambarella (NASDAQ:AMBA) Earns “Buy” Rating from Northland Securities
Northland Securities reaffirmed their buy rating on shares of Ambarella (NASDAQ:AMBA) in a research note published on Monday morning, AnalystRatings.com reports. Northland Securities currently has a $45.00 price objective on the semiconductor company’s stock.
“We understand 3-5 are moving into mass production. The potential US sales ban to Hikvision and Dauha (roughly 20-25% of revenue) is also causing these customers to pull in orders forward into FY20:Q2 (Jul). If trade issues break in AMBA’s favor the Company could gain substantial market share. We estimate that their professional camera revenue was $90M in CY18. With its strong product offering, a 2x increase in selling price over the prior generation of chips, and diminished Huawei we estimate FY21 (Jan) AMBA’s professional camera revenue could be $200M-$250M. Assume the rest of the business declines by 10% our FY21/CY20 revenue estimate would be $315M-$365M substantially above our current estimate of $255M.”,” Northland Securities’ analyst commented.
Several other research firms have also weighed in on AMBA. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Needham & Company LLC reissued a hold rating on shares of GrubHub in a research report on Wednesday, June 5th. BidaskClub downgraded shares of Xencor from a sell rating to a strong sell rating in a research report on Tuesday, June 11th. Bank of America set a $4.00 price objective on shares of GameStop and gave the company a sell rating in a research report on Wednesday, June 5th. Finally, TheStreet lowered shares of Resolute Forest Products from a b- rating to a c+ rating in a research note on Wednesday, June 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Ambarella currently has an average rating of Hold and a consensus target price of $45.88.
In other news, CEO Feng-Ming Wang sold 5,535 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $43.06, for a total value of $238,337.10. Following the transaction, the chief executive officer now owns 409,369 shares of the company’s stock, valued at approximately $17,627,429.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 1,000 shares of Ambarella stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $41.93, for a total transaction of $41,930.00. Following the transaction, the director now directly owns 21,621 shares in the company, valued at approximately $906,568.53. The disclosure for this sale can be found here. Insiders sold a total of 15,201 shares of company stock valued at $655,716 in the last 90 days. Corporate insiders own 6.31% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in AMBA. Pinnacle Associates Ltd. increased its holdings in Ambarella by 3.7% during the first quarter. Pinnacle Associates Ltd. now owns 750,484 shares of the semiconductor company’s stock worth $32,421,000 after buying an additional 26,735 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in Ambarella by 19.9% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 627,373 shares of the semiconductor company’s stock worth $27,102,000 after purchasing an additional 104,153 shares during the period. Neuberger Berman Group LLC bought a new stake in Ambarella during the first quarter worth about $27,057,000. FIL Ltd lifted its position in Ambarella by 112.5% during the first quarter. FIL Ltd now owns 554,076 shares of the semiconductor company’s stock worth $23,936,000 after purchasing an additional 293,373 shares during the period. Finally, Artisan Partners Limited Partnership lifted its position in Ambarella by 1.0% during the first quarter. Artisan Partners Limited Partnership now owns 465,970 shares of the semiconductor company’s stock worth $20,130,000 after purchasing an additional 4,434 shares during the period. 74.81% of the stock is currently owned by hedge funds and other institutional investors.
Ambarella Company Profile
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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