Bank of America Reiterates “Buy” Rating for NVIDIA (NASDAQ:NVDA)

Bank of America reaffirmed their buy rating on shares of NVIDIA (NASDAQ:NVDA) in a report released on Thursday,Benzinga reports. They currently have a $190.00 price objective on the computer hardware maker’s stock.

Several other equities analysts have also recently issued reports on NVDA. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a research report on Tuesday, August 6th. Melius Research upped their price objective on NVIDIA from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Evercore ISI lifted their price target on shares of NVIDIA from $189.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday. Truist Financial raised their price objective on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. upped their target price on NVIDIA from $155.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $164.15.

NVIDIA Stock Performance

Shares of NVDA stock opened at $141.95 on Thursday. The stock has a market capitalization of $3.48 trillion, a PE ratio of 55.89, a PEG ratio of 1.53 and a beta of 1.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.79. The business’s 50 day simple moving average is $134.01 and its 200 day simple moving average is $122.51. NVIDIA has a one year low of $45.01 and a one year high of $152.89.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The business had revenue of $35.08 billion during the quarter, compared to the consensus estimate of $33.15 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s quarterly revenue was up 93.6% on a year-over-year basis. As a group, research analysts forecast that NVIDIA will post 2.68 earnings per share for the current year.

NVIDIA declared that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

NVIDIA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s dividend payout ratio is currently 1.57%.

Insider Buying and Selling

In related news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred 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 directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. The trade was a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the sale, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,156,270 shares of company stock worth $254,784,327. Insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

A number of hedge funds and other institutional investors have recently bought and sold shares of NVDA. Stock Yards Bank & Trust Co. increased its stake in shares of NVIDIA by 1.1% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 330,924 shares of the computer hardware maker’s stock valued at $40,187,000 after acquiring an additional 3,586 shares in the last quarter. Capstone Capital LLC boosted its position in shares of NVIDIA by 27.3% during the third quarter. Capstone Capital LLC now owns 3,795 shares of the computer hardware maker’s stock valued at $461,000 after buying an additional 815 shares during the last quarter. Eaton Financial Holdings Company LLC bought a new stake in shares of NVIDIA in the 3rd quarter worth $3,894,000. Fulcrum Equity Management raised its holdings in shares of NVIDIA by 20.4% in the third quarter. Fulcrum Equity Management now owns 11,968 shares of the computer hardware maker’s stock valued at $1,453,000 after purchasing an additional 2,031 shares during the last quarter. Finally, Tudor Financial Inc. bought a new position in shares of NVIDIA during the third quarter valued at about $1,440,000. Institutional investors own 65.27% of the company’s stock.

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.