Bank of America Boosts NVIDIA (NASDAQ:NVDA) Price Target to $190.00

NVIDIA (NASDAQ:NVDA) had its price objective increased by Bank of America from $165.00 to $190.00 in a research note published on Friday morning, MarketBeat reports. Bank of America currently has a buy rating on the computer hardware maker’s stock.

A number of other research analysts also recently issued reports on the company. Citigroup upped their price objective on NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. UBS Group restated a “buy” rating and set a $150.00 price target on shares of NVIDIA in a research report on Tuesday, October 8th. Wells Fargo & Company lifted their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Loop Capital reiterated a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a research note on Monday, August 26th. Finally, Raymond James raised their price target on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.07.

NVIDIA Stock Performance

Shares of NVDA stock opened at $138.00 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The firm has a 50-day moving average of $121.88 and a 200-day moving average of $112.51. NVIDIA has a one year low of $39.23 and a one year high of $140.89. The company has a market cap of $3.39 trillion, a P/E ratio of 64.73, a P/E/G ratio of 1.25 and a beta of 1.67.

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

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 1.88%.

NVIDIA declared that its Board of Directors has approved a share buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $117.24, for a total value of $14,068,800.00. Following the completion of the transaction, the chief executive officer now directly owns 78,054,995 shares in the company, valued at approximately $9,151,167,613.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total transaction of $14,068,800.00. Following the completion of the transaction, the chief executive officer now owns 78,054,995 shares in the company, valued at approximately $9,151,167,613.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,876,270 shares of company stock valued at $333,061,527 in the last quarter. Insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NVDA. Penn Davis Mcfarland Inc. lifted its stake in shares of NVIDIA by 2,536.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 598,210 shares of the computer hardware maker’s stock valued at $72,647,000 after acquiring an additional 575,520 shares during the last quarter. Brown Lisle Cummings Inc. grew its position in NVIDIA by 1.8% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,975 shares of the computer hardware maker’s stock worth $2,183,000 after acquiring an additional 325 shares during the last quarter. Godsey & Gibb Inc. increased its stake in NVIDIA by 8.9% in the 3rd quarter. Godsey & Gibb Inc. now owns 11,243 shares of the computer hardware maker’s stock worth $1,365,000 after purchasing an additional 918 shares during the period. Narus Financial Partners LLC lifted its position in NVIDIA by 0.5% in the third quarter. Narus Financial Partners LLC now owns 30,216 shares of the computer hardware maker’s stock valued at $3,669,000 after purchasing an additional 154 shares during the last quarter. Finally, Baker Boyer National Bank boosted its stake in shares of NVIDIA by 14.6% during the third quarter. Baker Boyer National Bank now owns 2,327 shares of the computer hardware maker’s stock valued at $283,000 after purchasing an additional 297 shares during the period. 65.27% of the stock is owned by institutional investors.

NVIDIA Company Profile

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.