NVIDIA (NASDAQ:NVDA) Given New $170.00 Price Target at Citigroup

NVIDIA (NASDAQ:NVDA) had its price target upped by Citigroup from $150.00 to $170.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the computer hardware maker’s stock.

Other research analysts also recently issued research reports about the company. Truist Financial boosted their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. Benchmark restated a “buy” rating and set a $170.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Melius Research boosted their price target on NVIDIA from $165.00 to $185.00 and gave the company a “buy” rating in a report on Monday. UBS Group upped their target price on NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday. Finally, Westpark Capital upped their price target on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and an average price target of $151.88.

NVIDIA Trading Down 1.4 %

NASDAQ NVDA opened at $146.27 on Wednesday. NVIDIA has a 1-year low of $45.01 and a 1-year high of $149.77. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $129.39 and a 200-day moving average of $119.51. The firm has a market cap of $3.59 trillion, a PE ratio of 68.61, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the previous year, the company posted $0.25 EPS. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. As a group, sell-side analysts forecast that NVIDIA will post 2.66 EPS for the current year.

NVIDIA announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

Insider Buying and Selling

In other news, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the sale, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the sale, the chief financial officer now directly owns 4,954,214 shares in the company, valued at $577,611,810.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Peterson Wealth Management grew its stake in NVIDIA by 13.0% in the third quarter. Peterson Wealth Management now owns 62,917 shares of the computer hardware maker’s stock valued at $7,641,000 after purchasing an additional 7,254 shares during the last quarter. Vinva Investment Management Ltd grew its stake in NVIDIA by 11.2% in the third quarter. Vinva Investment Management Ltd now owns 1,159,455 shares of the computer hardware maker’s stock valued at $140,758,000 after purchasing an additional 117,027 shares during the last quarter. Elite Wealth Management Inc. grew its stake in NVIDIA by 1.2% in the third quarter. Elite Wealth Management Inc. now owns 461,031 shares of the computer hardware maker’s stock valued at $55,988,000 after purchasing an additional 5,472 shares during the last quarter. Financial Counselors Inc. grew its stake in NVIDIA by 2.1% in the third quarter. Financial Counselors Inc. now owns 1,815,009 shares of the computer hardware maker’s stock valued at $220,415,000 after purchasing an additional 37,394 shares during the last quarter. Finally, Castle Hook Partners LP purchased a new position in NVIDIA in the third quarter valued at about $49,162,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.