NVIDIA (NASDAQ:NVDA) Price Target Raised to $165.00

NVIDIA (NASDAQ:NVDA) had its price target boosted by equities research analysts at Craig Hallum from $125.00 to $165.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the computer hardware maker’s stock. Craig Hallum’s price objective would indicate a potential upside of 33.38% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $135.00 price objective on shares of NVIDIA in a research note on Monday, August 19th. 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. Citigroup increased their target price on NVIDIA from $126.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. New Street Research raised shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Tuesday, August 6th. Finally, Raymond James upped their price target on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.83.

NVIDIA Stock Down 1.5 %

Shares of NVDA traded down $1.90 during midday trading on Thursday, reaching $123.71. 86,880,680 shares of the company were exchanged, compared to its average volume of 442,578,188. NVIDIA has a 1-year low of $39.23 and a 1-year high of $140.76. The stock has a 50-day moving average price of $120.71 and a 200-day moving average price of $102.54. The company has a current ratio of 3.53, a quick ratio of 3.14 and a debt-to-equity ratio of 0.17. The company has a market cap of $3.04 trillion, a price-to-earnings ratio of 73.46, a P/E/G ratio of 1.15 and a beta of 1.68.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 53.40% and a return on equity of 110.60%. The business’s quarterly revenue was up 122.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 earnings per share. Research analysts expect that NVIDIA will post 2.53 earnings per share for the current year.

NVIDIA declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Tench Coxe sold 100,000 shares of NVIDIA stock in a transaction on Friday, June 7th. The stock was sold at an average price of $1,194.57, for a total value of $119,457,000.00. Following the completion of the sale, the director now directly owns 2,967,136 shares of the company’s stock, valued at approximately $3,544,451,651.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $135.87, for a total transaction of $16,304,400.00. Following the completion of the sale, the chief executive officer now directly owns 80,814,995 shares of the company’s stock, valued at $10,980,333,370.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Tench Coxe sold 100,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $1,194.57, for a total value of $119,457,000.00. Following the completion of the transaction, the director now directly owns 2,967,136 shares in the company, valued at approximately $3,544,451,651.52. The disclosure for this sale can be found here. Insiders have sold a total of 4,021,333 shares of company stock worth $599,173,182 in the last three months. Insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Several large investors have recently made changes to their positions in NVDA. Vanguard Group Inc. raised its holdings in NVIDIA by 4.3% during the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after acquiring an additional 8,828,050 shares in the last quarter. Legal & General Group Plc raised its holdings in NVIDIA by 884.0% in the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after acquiring an additional 191,469,114 shares during the period. Bank of New York Mellon Corp grew its holdings in NVIDIA by 854.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. Ameriprise Financial Inc. increased its position in NVIDIA by 870.3% during the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after acquiring an additional 91,867,031 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of NVIDIA by 1,123.2% in the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after buying an additional 84,515,429 shares during the period. 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.