Needham Believes Ambarella (NASDAQ: AMBA) Still Has Room to Grow

In a report released today, Quinn Bolton from Needham assigned a Buy rating to Ambarella (AMBAResearch Report), with a price target of $140.00. The company’s shares closed last Tuesday at $113.71, close to its 52-week high of $128.93.

According to TipRanks.com, Bolton is a top 25 analyst with an average return of 47.5% and a 80.4% success rate. Bolton covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Ultra Clean Holdings, and Axcelis Technologies.

Ambarella has an analyst consensus of Strong Buy, with a price target consensus of $126.43, which is a 6.2% upside from current levels. In a report issued on February 25, Rosenblatt Securities also maintained a Buy rating on the stock with a $115.00 price target.

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The company has a one-year high of $128.93 and a one-year low of $36.02. Currently, Ambarella has an average volume of 748.8K.

Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMBA in relation to earlier this year. Most recently, in December 2020, Christopher Day, the VP Marketing of AMBA sold 3,787 shares for a total of $342,127.

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Ambarella, Inc. engages in the development and sale of video compression and image processing solutions. Its products include wearable cameras, flying cameras, and automotive video processing solutions. The company was founded by Feng Ming Wang and Leslie D. Kohn on January 15, 2004 and is headquartered in Santa Clara, CA.