NVIDIA (NASDAQ:NVDA) Receives “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of NVIDIA (NASDAQ:NVDA) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $138.00 price objective on the computer hardware maker’s stock.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft reiterated a hold rating and set a $100.00 price objective on shares of NVIDIA in a research note on Monday, August 5th. Loop Capital reissued a buy rating and issued a $175.00 target price on shares of NVIDIA in a report on Monday, August 26th. Needham & Company LLC increased their price target on NVIDIA from $120.00 to $145.00 and gave the stock a buy rating in a research report on Thursday. DZ Bank downgraded NVIDIA from a buy rating to a hold rating and set a $102.50 price objective for the company. in a research report on Friday, May 24th. Finally, Oppenheimer restated an outperform rating and set a $110.00 target price on shares of NVIDIA in a report on Thursday, May 23rd. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $142.10.

NVIDIA Stock Up 1.5 %

NVDA opened at $119.37 on Thursday. NVIDIA has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The company has a market capitalization of $2.93 trillion, a P/E ratio of 69.81, a P/E/G ratio of 1.24 and a beta of 1.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.14. The firm’s fifty day moving average price is $120.10 and its two-hundred day moving average price is $103.35.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same period in the previous year, the business earned $0.25 EPS. The firm’s revenue was up 122.4% on a year-over-year basis. On average, analysts anticipate that NVIDIA will post 2.6 EPS for the current year.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA announced that its Board of Directors has approved a stock buyback program 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 buy up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Tench Coxe sold 100,000 shares of NVIDIA stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $1,194.57, for a total transaction of $119,457,000.00. Following the transaction, the director now owns 2,967,136 shares in the company, valued at approximately $3,544,451,651.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Tench Coxe sold 100,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $1,194.57, for a total transaction of $119,457,000.00. Following the sale, the director now directly owns 2,967,136 shares in the company, valued at $3,544,451,651.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $128.74, for a total transaction of $15,448,800.00. Following the completion of the sale, the chief executive officer now directly owns 81,358,830 shares in the company, valued at $10,474,135,774.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,932,333 shares of company stock worth $589,034,302. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of NVIDIA by 4.3% in the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after purchasing an additional 8,828,050 shares in the last quarter. Legal & General Group Plc boosted its stake 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 last quarter. Bank of New York Mellon Corp increased its position in shares of NVIDIA by 854.1% in the second 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. increased its position in shares of NVIDIA by 870.3% in the second 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 last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in NVIDIA by 1,123.2% during the second 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 in the last quarter. 65.27% of the stock is currently 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.