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

Pinnacle Associates Ltd. trimmed its stake in shares of Ambarella, Inc. (NASDAQ:AMBA - Free Report) by 22.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 375,187 shares of the semiconductor company's stock after selling 110,651 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.92% of Ambarella worth $22,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC grew its holdings in Ambarella by 389.6% in the 3rd quarter. Signaturefd LLC now owns 661 shares of the semiconductor company's stock worth $37,000 after acquiring an additional 526 shares during the last quarter. Blue Trust Inc. grew its position in shares of Ambarella by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 499 shares of the semiconductor company's stock worth $27,000 after buying an additional 321 shares during the last quarter. Trust Point Inc. increased its stake in shares of Ambarella by 9.5% during the third quarter. Trust Point Inc. now owns 10,063 shares of the semiconductor company's stock valued at $568,000 after buying an additional 869 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake 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 valued at $269,000 after buying an additional 285 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Ambarella in the third quarter worth $152,000. 82.09% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Yun-Lung Chen sold 5,963 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.56, for a total value of $343,230.28. Following the sale, the vice president now owns 62,026 shares in the company, valued at approximately $3,570,216.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Ambarella news, VP Yun-Lung Chen sold 5,963 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.56, for a total value of $343,230.28. Following the transaction, the vice president now owns 62,026 shares of the company's stock, valued at approximately $3,570,216.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christopher Day sold 483 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $53.54, for a total value of $25,859.82. Following the sale, the vice president now owns 21,370 shares of the company's stock, valued at approximately $1,144,149.80. This represents a 0.00 % decrease in their ownership of the stock. 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 three months. Insiders own 5.70% of the company's stock.

Ambarella Stock Performance

Shares of AMBA traded down $2.31 on Wednesday, hitting $59.22. 285,272 shares of the stock traded hands, compared to its average volume of 586,754. Ambarella, Inc. has a one year low of $39.69 and a one year high of $65.88. The company has a market capitalization of $2.43 billion, a PE ratio of -14.44 and a beta of 1.62. The business has a 50 day simple moving average of $55.68 and a 200 day simple moving average of $52.71.

Ambarella (NASDAQ:AMBA - Get Free Report) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. The business had revenue of $63.70 million during the quarter, compared to analyst estimates of $62.10 million. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.76) EPS. On average, equities analysts expect that Ambarella, Inc. will post -3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Craig Hallum boosted their price objective on shares of Ambarella from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, August 28th. Stifel Nicolaus raised their price objective on shares of Ambarella from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, August 28th. Morgan Stanley upped their target price on Ambarella from $67.00 to $73.00 and gave the stock an "overweight" rating in a report on Wednesday, August 28th. TD Cowen lifted their price target on Ambarella from $65.00 to $75.00 and gave the company a "hold" rating in a research report on Wednesday, August 28th. Finally, Westpark Capital reiterated a "buy" rating and issued a $85.00 price objective on shares of Ambarella in a report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Ambarella currently has an average rating of "Hold" and an average price target of $74.09.

About Ambarella

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.