Bank of America Raises NVIDIA (NASDAQ:NVDA) Price Target to $1,320.00

NVIDIA (NASDAQ:NVDA) had its price objective lifted by Bank of America from $1,100.00 to $1,320.00 in a research report released on Thursday, Marketbeat.com reports. The brokerage currently has a buy rating on the computer hardware maker’s stock.

Several other analysts have also recently weighed in on the stock. Argus upped their price objective on shares of NVIDIA from $850.00 to $950.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Wedbush reaffirmed an outperform rating and set a $1,000.00 price objective on shares of NVIDIA in a research note on Thursday, May 16th. Sanford C. Bernstein upped their price objective on shares of NVIDIA from $700.00 to $1,000.00 and gave the stock an outperform rating in a research note on Thursday, February 22nd. Morgan Stanley upped their price objective on shares of NVIDIA from $795.00 to $1,000.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of NVIDIA from $720.00 to $850.00 and gave the stock a hold rating in a research note on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $1,123.49.

NVIDIA Stock Up 2.6 %

Shares of NVDA opened at $1,064.69 on Thursday. The firm has a market capitalization of $2.62 trillion, a P/E ratio of 62.26, a P/E/G ratio of 1.48 and a beta of 1.75. The company has a 50-day simple moving average of $893.19 and a 200-day simple moving average of $706.34. NVIDIA has a 52 week low of $366.35 and a 52 week high of $1,064.75. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.67 and a current ratio of 3.53.

Shares of NVIDIA are scheduled to split on the morning of Monday, June 10th. The 10-1 split was announced on Monday, June 10th. The newly created shares will be distributed to shareholders after the market closes on Monday, June 10th.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, May 22nd. The computer hardware maker reported $6.12 earnings per share for the quarter, beating analysts’ consensus estimates of $5.14 by $0.98. The business had revenue of $26.04 billion for the quarter, compared to analysts’ expectations of $24.59 billion. NVIDIA had a net margin of 53.40% and a return on equity of 110.60%. The firm’s revenue for the quarter was up 262.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. On average, equities research analysts expect that NVIDIA will post 23.6 earnings per share for the current year.

NVIDIA Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be given a dividend of $0.10 per share. This is an increase from NVIDIA’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $0.40 annualized dividend and a dividend yield of 0.04%. NVIDIA’s dividend payout ratio is currently 0.94%.

Insider Transactions at NVIDIA

In other news, Director John Dabiri sold 128 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $940.00, for a total transaction of $120,320.00. Following the completion of the sale, the director now owns 2,055 shares of the company’s stock, valued at $1,931,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Donald F. Robertson, Jr. sold 450 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $911.62, for a total value of $410,229.00. Following the completion of the transaction, the insider now owns 49,815 shares of the company’s stock, valued at $45,412,350.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Dabiri sold 128 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $940.00, for a total transaction of $120,320.00. Following the completion of the transaction, the director now directly owns 2,055 shares of the company’s stock, valued at approximately $1,931,700. The disclosure for this sale can be found here. Insiders sold 46,278 shares of company stock valued at $40,710,498 over the last quarter. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FPC Investment Advisory Inc. acquired a new stake in shares of NVIDIA during the 1st quarter worth about $26,000. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of NVIDIA during the 1st quarter worth about $27,000. HBC Financial Services PLLC acquired a new stake in shares of NVIDIA during the 1st quarter worth about $30,000. Norwood Financial Corp acquired a new stake in shares of NVIDIA during the 1st quarter worth about $45,000. Finally, Coston McIsaac & Partners lifted its stake in shares of NVIDIA by 231.3% during the 1st quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock worth $47,000 after buying an additional 37 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

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.