NVIDIA (NASDAQ:NVDA) Price Target Increased to $165.00 by Analysts at Bank of America

NVIDIA (NASDAQ:NVDA) had its price target raised by equities research analysts at Bank of America from $150.00 to $165.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s price target indicates a potential upside of 31.36% from the stock’s current price.

NVDA has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $100.00 price objective on shares of NVIDIA in a report on Monday, August 5th. Benchmark upped their price target on NVIDIA from $135.00 to $170.00 and gave the company a “buy” rating in a report on Friday, July 12th. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Tuesday, August 6th. Citigroup raised their price target on shares of NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Oppenheimer restated an “outperform” rating and set a $110.00 price objective on shares of NVIDIA in a research report on Thursday, May 23rd. Five investment analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and an average target price of $138.05.

NVIDIA Stock Performance

NVIDIA stock opened at $125.61 on Thursday. The stock’s 50 day moving average is $120.71 and its 200 day moving average is $102.54. The company has a market capitalization of $3.09 trillion, a P/E ratio of 73.46, a PEG ratio of 1.15 and a beta of 1.68. NVIDIA has a twelve month low of $39.23 and a twelve month high of $140.76. The company has a quick ratio of 3.14, a current ratio of 3.53 and a debt-to-equity ratio of 0.17.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. NVIDIA had a return on equity of 110.60% and a net margin of 53.40%. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the previous year, the firm earned $0.25 EPS. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. On average, equities research analysts predict that NVIDIA will post 2.53 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has approved a share 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 typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at NVIDIA

In related news, EVP Debora Shoquist sold 150,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $115.16, for a total transaction of $17,273,850.00. Following the completion of the sale, the executive vice president now directly owns 1,553,630 shares in the company, valued at approximately $178,914,477.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Mark A. Stevens sold 89,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $113.92, for a total transaction of $10,138,880.00. Following the completion of the sale, the director now owns 10,162,940 shares in the company, valued at approximately $1,157,762,124.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Debora Shoquist sold 150,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $115.16, for a total value of $17,273,850.00. Following the completion of the sale, the executive vice president now directly owns 1,553,630 shares of the company’s stock, valued at approximately $178,914,477.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,021,333 shares of company stock valued at $599,173,182. 4.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NVIDIA

A number of large investors have recently modified their holdings of the business. International Assets Investment Management LLC increased its stake in NVIDIA by 9.3% during the 4th quarter. International Assets Investment Management LLC now owns 34,059 shares of the computer hardware maker’s stock valued at $16,867,000 after purchasing an additional 2,893 shares in the last quarter. Tennessee Valley Asset Management Partners lifted its position in NVIDIA by 1.1% during the 4th quarter. Tennessee Valley Asset Management Partners now owns 2,476 shares of the computer hardware maker’s stock worth $1,226,000 after acquiring an additional 27 shares during the period. Cora Capital Advisors LLC raised its stake in shares of NVIDIA by 6.5% in the fourth quarter. Cora Capital Advisors LLC now owns 835 shares of the computer hardware maker’s stock worth $414,000 after purchasing an additional 51 shares during the last quarter. GUNN & Co INVESTMENT MANAGEMENT INC. raised its position in NVIDIA by 155.6% during the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 1,403 shares of the computer hardware maker’s stock worth $695,000 after buying an additional 854 shares during the last quarter. Finally, RWA Wealth Partners LLC boosted its holdings in NVIDIA by 866.3% in the fourth quarter. RWA Wealth Partners LLC now owns 26,767 shares of the computer hardware maker’s stock valued at $13,255,000 after purchasing an additional 23,997 shares during the last quarter. Hedge funds and other institutional investors 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.