NVIDIA (NASDAQ:NVDA) Receives Buy Rating from Bank of America

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating restated by Bank of America in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $190.00 price objective on the computer hardware maker’s stock. Bank of America‘s price target points to a potential upside of 31.27% from the company’s current price.

A number of other analysts also recently issued reports on NVDA. Wedbush reaffirmed an “outperform” rating and issued a $160.00 price objective (up previously from $138.00) on shares of NVIDIA in a research note on Thursday, November 14th. DA Davidson reaffirmed a “neutral” rating and issued a $90.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Needham & Company LLC lifted their price objective on NVIDIA from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group lifted their price objective on NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, Robert W. Baird boosted their target price on NVIDIA from $150.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $159.15.

NVIDIA Price Performance

NVDA traded down $1.15 on Thursday, hitting $144.74. 139,865,000 shares of the company’s stock traded hands, compared to its average volume of 396,496,063. The company’s 50 day simple moving average is $133.00 and its 200-day simple moving average is $121.54. The firm has a market cap of $3.55 trillion, a price-to-earnings ratio of 68.44, a P/E/G ratio of 1.54 and a beta of 1.66. NVIDIA has a one year low of $45.01 and a one year high of $152.89. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 113.50% and a net margin of 55.04%. The firm’s quarterly revenue was up 93.6% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS. As a group, research analysts anticipate that NVIDIA will post 2.68 EPS for the current year.

NVIDIA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $110.76, for a total value of $13,291,200.00. Following the completion of the sale, the chief executive officer now owns 76,375,705 shares of the company’s stock, valued at approximately $8,459,373,085.80. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction dated 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,156,270 shares of company stock valued at $254,784,327. 4.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NVIDIA

Several institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. lifted its holdings in shares of NVIDIA by 52.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after purchasing an additional 13,135 shares during the period. Empowered Funds LLC lifted its holdings 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 worth $64,389,000 after purchasing an additional 13,315 shares during the period. Allen Investment Management LLC lifted its holdings in shares of NVIDIA by 20.2% during the first quarter. Allen Investment Management LLC now owns 65,718 shares of the computer hardware maker’s stock worth $59,380,000 after purchasing an additional 11,047 shares during the period. Monolith Management Ltd lifted its holdings in shares of NVIDIA by 266.8% during 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. lifted its holdings in shares of 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 purchasing an additional 5,900 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

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.