NVIDIA (NASDAQ:NVDA) Stock Price Up 2.2% Following Analyst Upgrade

NVIDIA Co. (NASDAQ:NVDA)’s share price traded up 2.2% during trading on Tuesday after Truist Financial raised their price target on the stock from $148.00 to $167.00. Truist Financial currently has a buy rating on the stock. NVIDIA traded as high as $143.55 and last traded at $143.21. 61,870,512 shares were traded during mid-day trading, a decline of 84% from the average session volume of 397,287,563 shares. The stock had previously closed at $140.15.

Several other equities analysts also recently commented on NVDA. Raymond James boosted their target price on shares of NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 14th. Westpark Capital upped their target price on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. DA Davidson reiterated a “neutral” rating and issued a $90.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Mizuho increased their price objective on shares of NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Finally, Benchmark reissued a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $154.63.

Insider Activity

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $119.03, for a total value of $14,283,600.00. Following the completion of the transaction, the chief executive officer now directly owns 76,494,995 shares of the company’s stock, valued at $9,105,199,254.85. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. This trade represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,156,270 shares of company stock valued at $254,784,327 in the last quarter. Insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVDA. Legal & General Group Plc boosted its holdings in shares of 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 buying an additional 191,469,114 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. grew its holdings 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 buying an additional 91,867,031 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of NVIDIA by 1,123.2% during 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. Finally, Massachusetts Financial Services Co. MA boosted its stake in NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock worth $10,215,474,000 after buying an additional 73,589,208 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Price Performance

The company’s 50 day moving average price is $133.00 and its 200-day moving average price is $121.54. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.58 trillion, a PE ratio of 68.49, a PEG ratio of 1.49 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up 93.6% compared to the same quarter last year. On average, sell-side analysts forecast that NVIDIA Co. will post 2.67 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.

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

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.