NVIDIA (NASDAQ:NVDA) Price Target Raised to $175.00 at Citigroup

NVIDIA (NASDAQ:NVDA) had its target price boosted by stock analysts at Citigroup from $170.00 to $175.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the computer hardware maker’s stock. Citigroup’s target price would indicate a potential upside of 22.31% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Robert W. Baird upped their price target on shares of NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday. Oppenheimer restated an “outperform” rating and issued a $175.00 target price on shares of NVIDIA in a research report on Thursday. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Tuesday, August 6th. Redburn Atlantic began coverage on NVIDIA in a research report on Tuesday, November 12th. They issued a “buy” rating and a $178.00 target price on the stock. Finally, Needham & Company LLC boosted their price target on NVIDIA from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $160.23.

NVIDIA Stock Performance

Shares of NASDAQ NVDA traded down $2.81 during trading on Thursday, reaching $143.08. The stock had a trading volume of 179,814,828 shares, compared to its average volume of 396,672,844. The firm’s 50 day moving average price is $133.00 and its two-hundred day moving average price is $121.54. NVIDIA has a one year low of $45.01 and a one year high of $152.89. The stock has a market cap of $3.51 trillion, a PE ratio of 67.11, a P/E/G ratio of 1.54 and a beta of 1.66. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $35.08 billion for the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company’s revenue for the quarter was up 93.6% on a year-over-year basis. During the same period last year, the firm posted $0.38 EPS. On average, research analysts forecast that NVIDIA will post 2.68 earnings per share for the current fiscal year.

NVIDIA declared that its board has approved a share buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Colette Kress sold 66,670 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. This trade represents a 14.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Company insiders own 4.23% of the company’s stock.

Institutional Trading of NVIDIA

Hedge funds and other institutional investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. raised its holdings in NVIDIA by 52.2% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock valued at $34,597,000 after acquiring an additional 13,135 shares in the last quarter. Empowered Funds LLC increased its position in shares of NVIDIA by 23.0% during the first quarter. Empowered Funds LLC now owns 71,262 shares of the computer hardware maker’s stock valued at $64,389,000 after purchasing an additional 13,315 shares during the period. Allen Investment Management LLC raised its stake in shares of NVIDIA by 20.2% in the first quarter. Allen Investment Management LLC now owns 65,718 shares of the computer hardware maker’s stock valued at $59,380,000 after purchasing an additional 11,047 shares in the last quarter. Monolith Management Ltd lifted its position in NVIDIA by 266.8% in the first quarter. Monolith Management Ltd now owns 70,250 shares of the computer hardware maker’s stock worth $63,475,000 after purchasing an additional 51,100 shares during the period. Finally, Mitsubishi UFJ Asset Management UK Ltd. boosted its stake in NVIDIA by 155.3% during the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 9,700 shares of the computer hardware maker’s stock worth $8,765,000 after buying an additional 5,900 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

About NVIDIA

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.