NVIDIA (NASDAQ:NVDA) Trading Up 1.7% Following Analyst Upgrade

NVIDIA Co. (NASDAQ:NVDA) shares were up 1.7% during trading on Thursday after Raymond James raised their price target on the stock from $140.00 to $170.00. Raymond James currently has a strong-buy rating on the stock. NVIDIA traded as high as $148.76 and last traded at $148.74. Approximately 63,283,031 shares were traded during trading, a decline of 84% from the average daily volume of 399,671,313 shares. The stock had previously closed at $146.27.

A number of other research analysts have also issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $138.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Truist Financial lifted their target price on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Redburn Atlantic initiated coverage on NVIDIA in a research note on Tuesday. They issued a “buy” rating and a $178.00 price target on the stock. Robert W. Baird lifted their price target on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, DA Davidson reissued a “neutral” rating and issued a $90.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $152.40.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the sale, the chief executive officer now owns 75,895,836 shares of the company’s stock, valued at $7,994,108,405.88. The trade was a 0.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,156,270 shares of company stock valued at $254,784,327 in the last 90 days. 4.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NVIDIA

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Royal Capital Wealth Management LLC boosted its stake in NVIDIA by 10.0% in the third quarter. Royal Capital Wealth Management LLC now owns 54,094 shares of the computer hardware maker’s stock worth $6,569,000 after purchasing an additional 4,913 shares in the last quarter. FSA Wealth Management LLC acquired a new position in NVIDIA in the third quarter worth $663,000. Mark Sheptoff Financial Planning LLC lifted its stake in shares of NVIDIA by 11.7% during the third quarter. Mark Sheptoff Financial Planning LLC now owns 17,899 shares of the computer hardware maker’s stock valued at $2,174,000 after acquiring an additional 1,869 shares during the period. Erste Asset Management GmbH acquired a new position in shares of NVIDIA during the third quarter valued at $381,389,000. Finally, Josh Arnold Investment Consultant LLC lifted its stake in shares of NVIDIA by 52.9% during the third quarter. Josh Arnold Investment Consultant LLC now owns 24,374 shares of the computer hardware maker’s stock valued at $2,960,000 after acquiring an additional 8,429 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The firm has a market cap of $3.60 trillion, a price-to-earnings ratio of 69.77, a price-to-earnings-growth ratio of 1.56 and a beta of 1.66. The firm has a 50 day moving average price of $129.39 and a 200-day moving average price of $119.51.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. As a group, equities analysts predict that NVIDIA Co. will post 2.66 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio is presently 1.88%.

NVIDIA announced that its board has approved a share repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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.