NVIDIA (NASDAQ:NVDA) Trading Up 0.9% – What’s Next?

Shares of NVIDIA Co. (NASDAQ:NVDA) were up 0.9% during trading on Thursday . The stock traded as high as $134.29 and last traded at $133.88. Approximately 80,315,078 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 422,893,688 shares. The stock had previously closed at $132.65.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NVDA shares. KeyCorp raised their price target on shares of NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Needham & Company LLC raised their target price on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Westpark Capital upped their price target on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Raymond James raised their price objective on NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Citigroup boosted 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. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Stock Up 1.4 %

The company has a market cap of $3.31 trillion, a P/E ratio of 78.29, a PEG ratio of 1.05 and a beta of 1.67. The business’s 50 day moving average price is $117.48 and its 200-day moving average price is $110.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s revenue was up 122.4% on a year-over-year basis. On average, analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is presently 2.34%.

NVIDIA announced that its board has approved a stock buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark A. Stevens sold 156,023 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $129.81, for a total transaction of $20,253,345.63. Following the sale, the director now owns 8,585,217 shares of the company’s stock, valued at $1,114,447,018.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,577,403 shares of company stock valued at $420,166,534 over the last three months. 4.23% of the stock is owned by insiders.

Hedge Funds Weigh In On NVIDIA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. RMB Capital Management LLC lifted its holdings in NVIDIA by 1.3% during the fourth quarter. RMB Capital Management LLC now owns 9,364 shares of the computer hardware maker’s stock worth $4,637,000 after acquiring an additional 120 shares in the last quarter. Coastwise Capital Group LLC grew its position in shares of NVIDIA by 2.5% in the 4th quarter. Coastwise Capital Group LLC now owns 4,039 shares of the computer hardware maker’s stock valued at $2,000,000 after purchasing an additional 100 shares during the period. Honeycomb Asset Management LP bought a new stake in NVIDIA during the 4th quarter worth approximately $12,380,000. Vivaldi Capital Management LP raised its holdings in NVIDIA by 30.7% during the 4th quarter. Vivaldi Capital Management LP now owns 4,405 shares of the computer hardware maker’s stock worth $2,181,000 after buying an additional 1,034 shares during the period. Finally, Waverly Advisors LLC lifted its stake in NVIDIA by 7.4% in the fourth quarter. Waverly Advisors LLC now owns 12,714 shares of the computer hardware maker’s stock valued at $6,296,000 after buying an additional 874 shares in the last quarter. 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.