NEW YORK (TheStreet) -- Investors looking for bargains should look at semiconductor processing solutions specialist Ambarella (AMBA) - Get Report, which has dominated the broader averages in 2015. The company reports fourth-quarter results Tuesday.

Ambarella, founded in 2004 and public since 2012, makes chips that enable high-definition video capture; they are a key component of GoPro's (GPRO) - Get Report successful cameras. Amberalla has enjoyed strong demand in its security camera applications and anticipates strong growth in its home monitoring and sports cameras.

While Ambarella's trailing price-to-earnings ratio of 47 stands out against the iShares Philadelphia Semiconductor Index (SOXX) - Get Report , which has an average P/E of 23, there's been no comparison in terms of overall shareholder returns.

Shares of Santa Clara, Calif., company are up 6% Monday to $61, up 20% for the year to date. By comparison the Dow Jones Industrial Average (DJI)  is up 4.3% and the S&P 500 (SPX)  4.5% for the period. 

AMBA 1 Year Total Returns (Daily)

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Ambarella stock has dominated the iShares Philadelphia Semiconductor Index -- home to prominent semiconductor giants Qualcomm (QCOM) - Get Report and Intel (INTC) - Get Report . Compared with other high-growth chip stocks such as Avago (AVGO) - Get Report , which carries a trailing P/E of 72, Ambarella valuation is not as scary, considering both companies are projected to grow earnings at an annual rate of 20% in the next five years.

With full-year 2016 earnings projections of $1.98 per share, Ambarella's P/E drops more than half to 28. The stock has a consensus buy rating and average analyst 12-month price target of $63.50, implying 11% gains. So there's plenty of room for the stock to run. 

This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.