Granite Investment Partners LLC Purchases 25,198 Shares of Ambarella, Inc. (NASDAQ:AMBA)

Granite Investment Partners LLC increased its position in Ambarella, Inc. (NASDAQ:AMBA) by 34.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,455 shares of the semiconductor company’s stock after purchasing an additional 25,198 shares during the period. Granite Investment Partners LLC owned approximately 0.24% of Ambarella worth $5,258,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AMBA. Meeder Asset Management Inc. acquired a new position in Ambarella during the second quarter worth $26,000. CWM LLC lifted its position in Ambarella by 127.7% in the 2nd quarter. CWM LLC now owns 542 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 304 shares in the last quarter. Van ECK Associates Corp boosted its stake in Ambarella by 62.1% during the 2nd quarter. Van ECK Associates Corp now owns 1,441 shares of the semiconductor company’s stock valued at $78,000 after purchasing an additional 552 shares during the last quarter. Larson Financial Group LLC increased its holdings in Ambarella by 13,576.9% during the 1st quarter. Larson Financial Group LLC now owns 1,778 shares of the semiconductor company’s stock worth $90,000 after purchasing an additional 1,765 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Ambarella in the first quarter worth approximately $205,000. Institutional investors and hedge funds own 82.09% of the company’s stock.

Ambarella Trading Down 2.5 %

Shares of NASDAQ AMBA opened at $54.40 on Friday. The stock has a fifty day simple moving average of $52.07 and a two-hundred day simple moving average of $51.52. Ambarella, Inc. has a 1-year low of $39.69 and a 1-year high of $65.88. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -12.77 and a beta of 1.63.

Ambarella (NASDAQ:AMBA) last posted its quarterly 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. Ambarella had a negative return on equity of 26.01% and a negative net margin of 79.46%. The company had revenue of $63.70 million during the quarter, compared to the consensus estimate of $62.10 million. During the same quarter in the prior year, the company earned ($0.76) EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts forecast that Ambarella, Inc. will post -2.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Ambarella in a research report on Wednesday, August 28th. Morgan Stanley lifted their price objective on shares of Ambarella from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Wells Fargo & Company lowered their target price on shares of Ambarella from $65.00 to $55.00 and set an “equal weight” rating for the company in a report on Friday, May 31st. Stifel Nicolaus boosted their price target on shares of Ambarella from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Craig Hallum increased their price objective on shares of Ambarella from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $75.00.

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 completion of the transaction, the vice president now directly owns 62,026 shares of the company’s stock, valued at approximately $3,570,216.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, COO Chan W. Lee sold 1,490 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $53.54, for a total transaction of $79,774.60. Following the sale, the chief operating officer now directly owns 121,406 shares in the company, valued at $6,500,077.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $343,230.28. Following the completion of the sale, the vice president now directly owns 62,026 shares in the company, valued at $3,570,216.56. The disclosure for this sale can be found here. Insiders have sold a total of 28,014 shares of company stock valued at $1,542,210 over the last quarter. Company insiders own 5.70% of the company’s stock.

Ambarella 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.