Piper Sandler Reaffirms “Overweight” Rating for NVIDIA (NASDAQ:NVDA)

Piper Sandler reissued their overweight rating on shares of NVIDIA (NASDAQ:NVDA) in a research report sent to investors on Thursday, Benzinga reports. They currently have a $140.00 price target on the computer hardware maker’s stock.

Several other research analysts have also recently weighed in on the company. Loop Capital reissued a buy rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Monday, August 26th. DA Davidson reissued a neutral rating and issued a $90.00 price objective on shares of NVIDIA in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a hold rating and issued a $100.00 price objective on shares of NVIDIA in a research report on Monday, August 5th. UBS Group boosted their price objective on NVIDIA from $120.00 to $150.00 and gave the stock a buy rating in a research report on Monday, July 8th. Finally, Wolfe Research boosted their price objective on NVIDIA from $120.00 to $125.00 and gave the stock an outperform rating in a research report on Thursday, May 23rd. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, NVIDIA has a consensus rating of Moderate Buy and an average price target of $142.10.

NVIDIA Stock Up 1.5 %

Shares of NASDAQ:NVDA opened at $119.37 on Thursday. The stock has a market cap of $2.94 trillion, a price-to-earnings ratio of 69.81, a PEG ratio of 1.15 and a beta of 1.68. The company has a quick ratio of 3.14, a current ratio of 3.53 and a debt-to-equity ratio of 0.17. NVIDIA has a 12-month low of $39.23 and a 12-month high of $140.76. The business’s 50 day moving average is $120.10 and its 200 day moving average is $103.13.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. The company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 110.60% and a net margin of 53.40%. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, sell-side analysts forecast that NVIDIA will post 2.53 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a dividend of $0.01 per share. The ex-dividend date is 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 2.34%.

NVIDIA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $128.74, for a total transaction of $15,448,800.00. Following the transaction, the chief executive officer now directly owns 81,358,830 shares in the company, valued at approximately $10,474,135,774.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $128.74, for a total transaction of $15,448,800.00. Following the transaction, the chief executive officer now directly owns 81,358,830 shares in the company, valued at approximately $10,474,135,774.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Debora Shoquist sold 150,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $115.16, for a total value of $17,273,850.00. Following the transaction, the executive vice president now owns 1,553,630 shares in the company, valued at $178,914,477.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,021,333 shares of company stock worth $599,173,182. 4.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NVIDIA

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft grew its position in NVIDIA by 34.9% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 44,214 shares of the computer hardware maker’s stock worth $21,896,000 after acquiring an additional 11,445 shares during the last quarter. Wealthspire Advisors LLC grew its position in shares of NVIDIA by 16.3% in the 4th quarter. Wealthspire Advisors LLC now owns 12,278 shares of the computer hardware maker’s stock worth $6,080,000 after buying an additional 1,724 shares during the last quarter. Shared Vision Wealth Group LLC bought a new stake in shares of NVIDIA in the 4th quarter worth approximately $269,000. Grand Alliance Asset Management Ltd bought a new stake in shares of NVIDIA in the 4th quarter worth approximately $29,961,000. Finally, OMNI 360 Wealth Inc. bought a new stake in shares of NVIDIA in the 4th quarter worth approximately $240,000. 65.27% of the stock is currently owned by institutional investors.

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.