Bank of America Reaffirms Buy Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reissued by equities research analysts at Bank of America in a note issued to investors on Wednesday,Benzinga reports. They currently have a $200.00 price target on the computer hardware maker’s stock. Bank of America‘s target price indicates a potential upside of 68.73% from the company’s current price.

A number of other research firms also recently issued reports on NVDA. Morgan Stanley reaffirmed an “overweight” rating and set a $162.00 price objective (up from $152.00) on shares of NVIDIA in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $160.00 price objective on shares of NVIDIA in a report on Wednesday. Mizuho cut their price objective on shares of NVIDIA from $175.00 to $168.00 and set an “outperform” rating on the stock in a report on Friday, March 14th. Barclays lifted their price objective on shares of NVIDIA from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, TD Cowen lifted their price objective on shares of NVIDIA from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Four equities research 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $171.51.

NVIDIA Stock Performance

Shares of NVDA stock opened at $118.53 on Wednesday. The firm has a market capitalization of $2.89 trillion, a PE ratio of 46.65, a price-to-earnings-growth ratio of 1.76 and a beta of 1.77. The firm has a fifty day simple moving average of $127.28 and a two-hundred day simple moving average of $131.03. 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 has a 12 month low of $75.61 and a 12 month high of $153.13.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.05. The business had revenue of $39.33 billion during the quarter, compared to analyst estimates of $38.16 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. Analysts forecast that NVIDIA will post 2.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert K. Burgess sold 53,324 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $115.49, for a total transaction of $6,158,388.76. Following the sale, the director now directly owns 251,044 shares of the company’s stock, valued at $28,993,071.56. This trade represents a 17.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ajay K. Puri sold 36,462 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $151.10, for a total value of $5,509,408.20. Following the completion of the transaction, the executive vice president now directly owns 3,902,888 shares in the company, valued at $589,726,376.80. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,449 shares of company stock valued at $11,960,727 over the last quarter. 4.23% of the stock is owned by company insiders.

Institutional Trading of NVIDIA

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVDA. Norges Bank bought a new position in shares of NVIDIA during the 4th quarter valued at approximately $43,515,504,000. International Assets Investment Management LLC lifted its stake in shares of NVIDIA by 12,898.6% during the 3rd 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 purchasing an additional 55,859,917 shares during the last quarter. Clear Street Derivatives LLC acquired a new position in NVIDIA during the 3rd quarter valued at about $4,589,905,000. Northern Trust Corp increased its position in 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 buying an additional 36,266,817 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its position in 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 buying an additional 34,441,082 shares in the last quarter. 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.