NVIDIA (NASDAQ:NVDA) Trading Up 0.9% on Analyst Upgrade

NVIDIA Co. (NASDAQ:NVDA)’s share price was up 0.9% during trading on Friday after Bank of America raised their price target on the stock from $165.00 to $190.00. Bank of America currently has a buy rating on the stock. NVIDIA traded as high as $138.90 and last traded at $138.23. Approximately 59,457,785 shares were traded during trading, a decline of 86% from the average daily volume of 418,120,406 shares. The stock had previously closed at $136.93.

Several other research analysts have also weighed in on the company. HSBC upped their target price on NVIDIA from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Mizuho increased their price objective on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Needham & Company LLC lifted their target price on shares of NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Loop Capital restated a “buy” rating and set a $175.00 price target on shares of NVIDIA in a research note on Monday, August 26th. Finally, Jefferies Financial Group increased their target price on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.07.

Insider Activity at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $117.24, for a total value of $14,068,800.00. Following the completion of the transaction, the chief executive officer now owns 78,054,995 shares in the company, valued at $9,151,167,613.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total value of $14,068,800.00. Following the sale, the chief executive officer now directly owns 78,054,995 shares in the company, valued at $9,151,167,613.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,996,270 shares of company stock worth $347,729,127. 4.23% of the stock is owned by company insiders.

Institutional Trading of NVIDIA

A number of hedge funds have recently modified their holdings of NVDA. Legal & General Group Plc increased its stake in shares of NVIDIA by 884.0% during the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after purchasing an additional 191,469,114 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the period. Ameriprise Financial Inc. raised 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 buying an additional 91,867,031 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of NVIDIA by 1,123.2% in the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after buying an additional 84,515,429 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in NVIDIA by 808.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock worth $10,215,474,000 after buying an additional 73,589,208 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Price Performance

The stock has a market capitalization of $3.40 trillion, a price-to-earnings ratio of 80.84, a PEG ratio of 1.20 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The company has a fifty day simple moving average of $121.22 and a two-hundred day simple moving average of $111.86.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. As a group, equities research analysts expect that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

NVIDIA declared that its board has initiated a stock buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.