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

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Wednesday, Marketbeat reports. They currently have a $160.00 target price on the computer hardware maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 34.99% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on NVIDIA from $115.00 to $140.00 and gave the company a “hold” rating in a research note on Thursday, November 21st. Mizuho dropped their price target on NVIDIA from $175.00 to $168.00 and set an “outperform” rating on the stock in a research note on Friday, March 14th. Oppenheimer restated an “outperform” rating and set a $175.00 price target on shares of NVIDIA in a research note on Thursday, November 21st. Morgan Stanley reissued an “overweight” rating and issued a $162.00 price target (up from $152.00) on shares of NVIDIA in a report on Wednesday, February 26th. Finally, Barclays raised their price objective on NVIDIA from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Four equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.51.

NVIDIA Stock Up 0.9 %

Shares of NVDA opened at $118.53 on Wednesday. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average is $127.28 and its two-hundred day moving average is $131.03. The firm has a market cap of $2.89 trillion, a P/E ratio of 46.65, a PEG ratio of 1.76 and a beta of 1.77. 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 data on Wednesday, February 26th. The computer hardware maker reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.05. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm had revenue of $39.33 billion for the quarter, compared to the consensus estimate of $38.16 billion. Analysts predict that NVIDIA will post 2.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert K. Burgess sold 53,324 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $115.49, for a total value of $6,158,388.76. Following the transaction, the director now owns 251,044 shares in the company, valued at approximately $28,993,071.56. The trade was a 17.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ajay K. Puri sold 36,462 shares of the business’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 owns 3,902,888 shares in the company, valued at approximately $589,726,376.80. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,449 shares of company stock worth $11,960,727. 4.23% of the stock is currently owned by corporate insiders.

Institutional Trading of NVIDIA

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC increased its holdings in NVIDIA by 0.7% in the fourth quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker’s stock valued at $134,877,735,000 after buying an additional 6,665,252 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of NVIDIA by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker’s stock valued at $74,439,273,000 after purchasing an additional 9,468,786 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of NVIDIA by 0.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker’s stock valued at $55,237,367,000 after purchasing an additional 3,721,331 shares during the last quarter. Norges Bank bought a new position in shares of NVIDIA during the fourth quarter valued at approximately $43,515,504,000. Finally, Northern Trust Corp grew its holdings in shares of NVIDIA by 15.8% during the fourth 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 last quarter. 65.27% of the stock is owned by institutional investors.

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.