Bank of America Raises NVIDIA (NASDAQ:NVDA) Price Target to $190.00

NVIDIA (NASDAQ:NVDA) had its price target hoisted by Bank of America from $165.00 to $190.00 in a report issued on Friday, MarketBeat.com reports. They currently have a buy rating on the computer hardware maker’s stock.

Other equities research analysts have also issued reports about the company. Truist Financial upped their price target on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Tuesday, August 6th. The Goldman Sachs Group boosted their price objective on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Needham & Company LLC raised 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. Finally, TD Cowen upgraded shares of NVIDIA to a “strong-buy” rating in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus target price of $143.07.

NVIDIA Trading Up 0.8 %

Shares of NVDA stock opened at $138.00 on Friday. The firm’s 50-day simple moving average is $121.88 and its 200-day simple moving average is $112.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. NVIDIA has a 1-year low of $39.23 and a 1-year high of $140.89. The firm has a market cap of $3.39 trillion, a P/E ratio of 64.73, a PEG ratio of 1.25 and a beta of 1.67.

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

NVIDIA announced that its board has approved a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. The ex-dividend date 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 presently 1.88%.

Insider Activity at NVIDIA

In other news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now directly owns 77,094,995 shares in the company, valued at $7,694,851,450.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,996,270 shares of company stock worth $347,729,127 in the last three months. 4.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Penn Davis Mcfarland Inc. boosted its position in shares of NVIDIA by 2,536.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 598,210 shares of the computer hardware maker’s stock valued at $72,647,000 after purchasing an additional 575,520 shares in the last quarter. Brown Lisle Cummings Inc. boosted its holdings in NVIDIA by 1.8% during the third quarter. Brown Lisle Cummings Inc. now owns 17,975 shares of the computer hardware maker’s stock worth $2,183,000 after buying an additional 325 shares in the last quarter. Godsey & Gibb Inc. grew its position in NVIDIA by 8.9% in the third quarter. Godsey & Gibb Inc. now owns 11,243 shares of the computer hardware maker’s stock worth $1,365,000 after buying an additional 918 shares during the last quarter. Narus Financial Partners LLC increased its holdings in shares of NVIDIA by 0.5% in the third quarter. Narus Financial Partners LLC now owns 30,216 shares of the computer hardware maker’s stock valued at $3,669,000 after buying an additional 154 shares in the last quarter. Finally, Baker Boyer National Bank increased its holdings in shares of NVIDIA by 14.6% in the third quarter. Baker Boyer National Bank now owns 2,327 shares of the computer hardware maker’s stock valued at $283,000 after buying an additional 297 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

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.