Ambarella Inc (AMBA) was Reiterated by Canaccord Genuity to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 86 from a previous price target of $85 . Canaccord Genuity advised their investors in a research report released on Sep 2, 2016.
On the company’s financial health, Ambarella Inc reported $0.54 EPS for the quarter, beating the analyst consensus estimate by $ 0.16 according to the earnings call on Sep 1, 2016. Analyst had a consensus of $0.38. The company had revenue of $65.10 million for the quarter, compared to analysts expectations of $64.42 million. The company’s revenue was down -22.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.88 EPS.
Ambarella Inc closed down -0.26 points or -0.36% at $71.78 with 22,93,516 shares getting traded on Thursday. Post opening the session at $71.77, the shares hit an intraday low of $70.47 and an intraday high of $72.33 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Jun 30, 2016, Christopher Day (VP, Marketing) sold 1,173 shares at $50.85 per share price. According to the SEC, on Jun 17, 2016, Christopher B Paisley (director) sold 1,000 shares at $51.96 per share price. On Dec 30, 2015, Lip Bu Tan (director) sold 2,472 shares at $58.21 per share price, according to the Form-4 filing with the securities and exchange commission.
Ambarella Inc. is a developer of semiconductor processing solutions for video that enable high-definition (HD) video capture sharing and display. The Company’s system-on-a-chip (SoC) designs HD video processing image processing audio processing and system functions onto a single chip delivering video and image. In the camera market its platform enables the creation of high-quality video content in wearable sports cameras automotive aftermarket cameras professional and consumer Internet Protocol (IP) security cameras telepresence cameras and unmanned aerial vehicles (UAVs). In the infrastructure market the Company’s solutions manage IP video traffic broadcast encoding and transcoding and IP video delivery applications. The Company sells its solutions to original design manufacturers (ODMs) and original equipment manufacturers (OEMs).