NVIDIA (NASDAQ:NVDA) Upgraded to “Strong-Buy” at TD Cowen

NVIDIA (NASDAQ:NVDA) was upgraded by TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

A number of other analysts have also recently commented on the stock. The Goldman Sachs Group reissued a “buy” rating and set a $135.00 target price on shares of NVIDIA in a research note on Monday, August 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Bank of America restated a “buy” rating and issued a $165.00 target price on shares of NVIDIA in a research report on Thursday, September 5th. Mizuho boosted their price target on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Wedbush restated an “outperform” rating and issued a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Stock Down 1.9 %

Shares of NVDA opened at $116.78 on Monday. The company has a market capitalization of $2.87 trillion, a price-to-earnings ratio of 68.29, a PEG ratio of 1.06 and a beta of 1.67. NVIDIA has a 52 week low of $39.23 and a 52 week high of $140.76. The stock’s 50-day moving average price is $117.19 and its 200-day moving average price is $106.39. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data 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 net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the previous year, the company earned $0.25 earnings per share. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. On average, sell-side analysts predict that NVIDIA will post 2.64 EPS for the current year.

NVIDIA announced that its Board of Directors has authorized a stock repurchase 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 repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $111.83, for a total transaction of $13,419,600.00. Following the completion of the transaction, the chief executive officer now owns 75,655,836 shares in the company, valued at approximately $8,460,592,139.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $111.83, for a total value of $13,419,600.00. Following the transaction, the chief executive officer now directly owns 75,655,836 shares in the company, valued at $8,460,592,139.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $128.17, for a total value of $576,765.00. Following the sale, the insider now directly owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The disclosure for this sale can be found here. Insiders have sold a total of 3,845,633 shares of company stock valued at $465,330,122 over the last quarter. 4.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On NVIDIA

Several institutional investors have recently modified their holdings of NVDA. Vanguard Group Inc. increased its holdings in NVIDIA by 4.3% in the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 shares during the last quarter. Legal & General Group Plc grew its position in shares of NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the period. Bank of New York Mellon Corp increased its stake in shares of NVIDIA by 854.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after acquiring an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of NVIDIA by 870.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock valued at $12,658,922,000 after acquiring an additional 91,867,031 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in NVIDIA by 1,123.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after acquiring an additional 84,515,429 shares during the last quarter. Institutional investors and hedge funds 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.