Needham & Company LLC Reaffirms “Buy” Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $160.00 price objective on the computer hardware maker’s stock. Needham & Company LLC’s price target points to a potential upside of 21.88% from the stock’s previous close.

A number of other brokerages have also recently issued reports on NVDA. JPMorgan Chase & Co. lifted their price objective on shares of NVIDIA from $155.00 to $170.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Barclays lifted their price objective on shares of NVIDIA from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Summit Insights cut shares of NVIDIA from a “buy” rating to a “hold” rating in a research note on Thursday. Tigress Financial reissued a “buy” rating on shares of NVIDIA in a research note on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $220.00 price objective on shares of NVIDIA in a research note on Monday. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $168.70.

NVIDIA Stock Up 3.7 %

Shares of NVDA opened at $131.28 on Thursday. NVIDIA has a 12 month low of $75.61 and a 12 month high of $153.13. The firm’s 50 day moving average is $134.60 and its 200-day moving average is $131.89. The stock has a market capitalization of $3.22 trillion, a PE ratio of 51.66, a P/E/G ratio of 1.76 and a beta of 1.62. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

Insider Buying and Selling at NVIDIA

In other news, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the completion of the sale, the chief financial officer now directly owns 3,351,572 shares of the company’s stock, valued at $453,802,848.80. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the sale, the director now directly owns 28,671,360 shares of the company’s stock, valued at approximately $3,763,402,713.60. The trade was a 3.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,107,632 shares of company stock valued at $146,405,286. Corporate insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Several hedge funds and other institutional investors have recently made changes to their positions in NVDA. Ironwood Wealth Management LLC. grew its position in NVIDIA by 896.9% in the 2nd quarter. Ironwood Wealth Management LLC. now owns 6,330 shares of the computer hardware maker’s stock worth $782,000 after purchasing an additional 5,695 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in NVIDIA in the second quarter valued at about $31,000. Beck Bode LLC boosted its stake in NVIDIA by 698.5% in the second quarter. Beck Bode LLC now owns 182,866 shares of the computer hardware maker’s stock valued at $22,591,000 after acquiring an additional 159,966 shares during the last quarter. Oliver Lagore Vanvalin Investment Group boosted its stake in NVIDIA by 1,335.6% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 25,237 shares of the computer hardware maker’s stock valued at $3,118,000 after acquiring an additional 23,479 shares during the last quarter. Finally, Dorsey Wright & Associates boosted its stake in NVIDIA by 574.3% in the second quarter. Dorsey Wright & Associates now owns 103,292 shares of the computer hardware maker’s stock valued at $12,761,000 after acquiring an additional 87,973 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

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.