Pinnacle Associates Ltd. Sells 11,636 Shares of Ambarella, Inc. $AMBA

Pinnacle Associates Ltd. lessened its holdings in shares of Ambarella, Inc. (NASDAQ:AMBA) by 3.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 376,801 shares of the semiconductor company’s stock after selling 11,636 shares during the quarter. Pinnacle Associates Ltd. owned about 0.88% of Ambarella worth $31,094,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of Ambarella by 362.2% in the second quarter. EverSource Wealth Advisors LLC now owns 416 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 326 shares during the last quarter. Total Investment Management Inc. bought a new stake in Ambarella during the second quarter valued at approximately $30,000. CoreCap Advisors LLC purchased a new position in Ambarella in the 3rd quarter worth approximately $43,000. Advisors Asset Management Inc. grew its stake in Ambarella by 44.1% in the 1st quarter. Advisors Asset Management Inc. now owns 935 shares of the semiconductor company’s stock worth $47,000 after buying an additional 286 shares in the last quarter. Finally, Virtus Advisers LLC bought a new position in shares of Ambarella in the 2nd quarter worth $49,000. Hedge funds and other institutional investors own 82.09% of the company’s stock.

Ambarella Price Performance

AMBA opened at $52.38 on Monday. The stock’s 50 day simple moving average is $66.38 and its 200 day simple moving average is $75.70. Ambarella, Inc. has a 1 year low of $38.86 and a 1 year high of $96.69. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -29.43 and a beta of 1.95.

Ambarella (NASDAQ:AMBA) last announced its quarterly earnings data on Thursday, February 26th. The semiconductor company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.03. The firm had revenue of $100.87 million during the quarter, compared to the consensus estimate of $100.17 million. Ambarella had a negative return on equity of 12.24% and a negative net margin of 19.42%.The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 earnings per share. As a group, sell-side analysts anticipate that Ambarella, Inc. will post -2.81 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Bank of America upped their target price on shares of Ambarella from $90.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Summit Insights raised Ambarella from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 25th. Roth Mkm reiterated a “neutral” rating on shares of Ambarella in a report on Wednesday, November 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ambarella in a research report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Ambarella from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $96.00.

Insider Buying and Selling

In related news, VP Chi-Hong Ju sold 7,728 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $75.58, for a total transaction of $584,082.24. Following the completion of the sale, the vice president directly owned 146,039 shares in the company, valued at $11,037,627.62. This represents a 5.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Chan W. Lee sold 2,406 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $71.82, for a total transaction of $172,798.92. Following the transaction, the insider directly owned 124,566 shares of the company’s stock, valued at approximately $8,946,330.12. This trade represents a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,685 shares of company stock valued at $5,056,598 over the last quarter. Company insiders own 5.70% of the company’s stock.

Ambarella Profile

Ambarella, Inc is a global semiconductor company headquartered in Santa Clara, California, specializing in video compression, image processing and computer vision technologies. The company designs low-power, high-definition system-on-chip (SoC) solutions that enable the capture, processing and streaming of video in a variety of embedded applications. Ambarella’s platforms combine advanced video encoding, multi-core central processing units and hardware accelerators to deliver high-resolution imaging with low power consumption.

Ambarella’s product portfolio caters to multiple markets, including security and surveillance, automotive vision, wearable cameras, drones and robotics.