NVIDIA (NASDAQ:NVDA) Earns Buy Rating from Bank of America

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reissued by equities research analysts at Bank of America in a note issued to investors on Thursday,Benzinga reports. They currently have a $190.00 price target on the computer hardware maker’s stock. Bank of America‘s price objective would suggest a potential upside of 33.85% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Benchmark lifted their price target on shares of NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a report on Tuesday, August 6th. Robert W. Baird upped their price target on NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on NVIDIA from $155.00 to $170.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Oppenheimer reissued an “outperform” rating and issued a $175.00 target price on shares of NVIDIA in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

NVIDIA Stock Performance

NVIDIA stock opened at $141.95 on Thursday. NVIDIA has a fifty-two week low of $45.01 and a fifty-two week high of $152.89. The stock has a market cap of $3.48 trillion, a price-to-earnings ratio of 66.58, a PEG ratio of 1.54 and a beta of 1.66. The stock’s 50 day simple moving average is $134.01 and its two-hundred day simple moving average is $122.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. The company had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s revenue for the quarter was up 93.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 earnings per share. As a group, analysts expect that NVIDIA will post 2.68 earnings per share for the current fiscal year.

NVIDIA announced that its board has approved a share buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $110.76, for a total transaction of $13,291,200.00. Following the sale, the chief executive officer now owns 76,375,705 shares of the company’s stock, valued at approximately $8,459,373,085.80. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock worth $254,784,327 over the last ninety days. Corporate insiders own 4.23% of the company’s stock.

Institutional Trading of NVIDIA

Hedge funds have recently bought and sold shares of the stock. Stock Yards Bank & Trust Co. grew its position in shares of NVIDIA by 1.1% during the third quarter. Stock Yards Bank & Trust Co. now owns 330,924 shares of the computer hardware maker’s stock valued at $40,187,000 after purchasing an additional 3,586 shares in the last quarter. Capstone Capital LLC increased its stake in NVIDIA by 27.3% in the 3rd quarter. Capstone Capital LLC now owns 3,795 shares of the computer hardware maker’s stock worth $461,000 after acquiring an additional 815 shares during the last quarter. Eaton Financial Holdings Company LLC bought a new position in shares of NVIDIA during the 3rd quarter valued at approximately $3,894,000. Fulcrum Equity Management raised its stake in NVIDIA by 20.4% during the third quarter. Fulcrum Equity Management now owns 11,968 shares of the computer hardware maker’s stock valued at $1,453,000 after purchasing an additional 2,031 shares in the last quarter. Finally, Tudor Financial Inc. bought a new position in NVIDIA during the third quarter valued at $1,440,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Company Profile

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.