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

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $160.00 price objective on the computer hardware maker’s stock. Needham & Company LLC’s price objective suggests a potential upside of 28.20% from the stock’s previous close.

Several other research firms have also weighed in on NVDA. Wells Fargo & Company increased their target price on NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Wedbush reiterated an “outperform” rating and set a $175.00 price objective on shares of NVIDIA in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of NVIDIA in a report on Monday, January 27th. Truist Financial raised their price target on NVIDIA from $148.00 to $167.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays raised their price objective on NVIDIA from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Five research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $169.62.

NVIDIA Stock Performance

NVDA opened at $124.81 on Thursday. The stock’s 50 day simple moving average is $134.19 and its 200-day simple moving average is $131.92. NVIDIA has a 1 year low of $75.61 and a 1 year high of $153.13. The stock has a market cap of $3.06 trillion, a PE ratio of 49.12, 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.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 EPS for the quarter, topping the consensus estimate of $0.84 by $0.05. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The company had revenue of $39.33 billion for the quarter, compared to analysts’ expectations of $38.16 billion. Sell-side analysts forecast that NVIDIA will post 2.77 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Ajay K. Puri sold 36,462 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $151.10, for a total transaction of $5,509,408.20. Following the sale, the executive vice president now owns 3,902,888 shares in the company, valued at $589,726,376.80. This represents a 0.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $131.26, for a total value of $131,260,000.00. Following the sale, the director now owns 28,671,360 shares in the company, valued at approximately $3,763,402,713.60. The trade was a 3.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,107,632 shares of company stock valued at $146,405,286 in the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of NVIDIA in the fourth quarter worth approximately $43,515,504,000. International Assets Investment Management LLC boosted its holdings in shares of NVIDIA by 12,898.6% in the third quarter. International Assets Investment Management LLC now owns 56,292,986 shares of the computer hardware maker’s stock worth $6,836,220,000 after acquiring an additional 55,859,917 shares during the period. Clear Street Derivatives LLC bought a new stake in shares of NVIDIA during the 3rd quarter valued at $4,589,905,000. Northern Trust Corp raised its stake in shares of NVIDIA by 15.8% during the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock valued at $35,782,134,000 after purchasing an additional 36,266,817 shares during the period. Finally, Proficio Capital Partners LLC raised its stake in shares of NVIDIA by 14,641.2% during the 4th quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker’s stock valued at $4,656,682,000 after purchasing an additional 34,441,082 shares during the period. 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.