NVIDIA (NASDAQ:NVDA) Stock Price Down 3.5%

Shares of NVIDIA Co. (NASDAQ:NVDA) dropped 3.5% during trading on Thursday . The stock traded as low as $119.23 and last traded at $121.18. Approximately 171,895,906 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 443,087,250 shares. The stock had previously closed at $125.61.

Analysts Set New Price Targets

A number of research firms have commented on NVDA. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Tuesday, August 6th. Craig Hallum lifted their price objective on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday. Tigress Financial boosted their price objective on shares of NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. KeyCorp increased their target price on shares of NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Stifel Nicolaus boosted their price target on NVIDIA from $91.00 to $108.50 and gave the stock a “buy” rating in a research note on Monday, May 20th. 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Performance

The company’s fifty day moving average price is $120.25 and its two-hundred day moving average price is $102.80. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.14 and a current ratio of 3.53. The firm has a market capitalization of $2.94 trillion, a PE ratio of 69.81, a price-to-earnings-growth ratio of 1.15 and a beta of 1.68.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data 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. The company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. As a group, equities analysts expect that NVIDIA Co. will post 2.53 earnings per share for the current year.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be issued a $0.01 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 2.34%.

NVIDIA announced that its board has initiated a stock repurchase program on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at NVIDIA

In related news, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the sale, the director now directly owns 9,141,240 shares in the company, valued at approximately $1,195,125,717.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Ajay K. Puri sold 100,110 shares of NVIDIA stock in a transaction on Friday, July 12th. The shares were sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the sale, the executive vice president now owns 3,939,350 shares of the company’s stock, valued at approximately $512,509,435. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the completion of the transaction, the director now owns 9,141,240 shares in the company, valued at approximately $1,195,125,717.60. The disclosure for this sale can be found here. Insiders sold 4,021,333 shares of company stock valued at $599,173,182 over the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Institutional Trading of NVIDIA

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 shares in the last quarter. Legal & General Group Plc increased its stake in shares of NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in NVIDIA by 854.1% in the second 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 acquiring an additional 163,482,580 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in NVIDIA by 870.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock valued at $12,658,922,000 after acquiring an additional 91,867,031 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in NVIDIA by 1,123.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after acquiring an additional 84,515,429 shares in the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

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.