JPMorgan Chase & Co. Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

NVIDIA (NASDAQ:NVDA) had its target price raised by equities researchers at JPMorgan Chase & Co. from $155.00 to $170.00 in a report released on Thursday, Marketbeat.com reports. The brokerage presently has an “overweight” rating on the computer hardware maker’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 19.76% from the company’s previous close.

Several other analysts also recently weighed in on NVDA. Piper Sandler boosted their target price on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Benchmark boosted their price objective on NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company raised their target price on shares of NVIDIA from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday. Robert W. Baird upped their price target on shares of NVIDIA from $150.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and an average price target of $164.15.

NVIDIA Price Performance

NVDA stock opened at $141.95 on Thursday. The stock has a market cap of $3.48 trillion, a price-to-earnings ratio of 66.58, a PEG ratio of 1.54 and a beta of 1.66. NVIDIA has a fifty-two week low of $45.01 and a fifty-two week high of $152.89. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $134.01 and a 200 day moving average price of $122.06.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $33.15 billion. During the same quarter in the prior year, the business posted $0.38 EPS. The company’s revenue for the quarter was up 93.6% on a year-over-year basis. Equities research analysts anticipate that NVIDIA will post 2.68 earnings per share for the current fiscal year.

NVIDIA declared that its board has initiated a share buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at NVIDIA

In related news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA 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 completion of the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,156,270 shares of company stock worth $254,784,327. Corporate insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Large investors have recently added to or reduced their stakes in the business. Hamilton Wealth LLC boosted its position in shares of NVIDIA by 0.3% in the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after acquiring an additional 9 shares during the last quarter. Poehling Capital Management INC. boosted its holdings in shares of NVIDIA by 0.9% in the 1st quarter. Poehling Capital Management INC. now owns 1,596 shares of the computer hardware maker’s stock valued at $1,442,000 after purchasing an additional 14 shares during the last quarter. FSA Wealth Management LLC grew its stake in shares of NVIDIA by 3.0% during the 1st quarter. FSA Wealth Management LLC now owns 486 shares of the computer hardware maker’s stock valued at $439,000 after buying an additional 14 shares during the period. Clean Yield Group increased its holdings in shares of NVIDIA by 0.8% during the 1st quarter. Clean Yield Group now owns 1,795 shares of the computer hardware maker’s stock worth $1,622,000 after buying an additional 15 shares during the last quarter. Finally, Bell Investment Advisors Inc raised its position in shares of NVIDIA by 1.3% in the 1st quarter. Bell Investment Advisors Inc now owns 1,208 shares of the computer hardware maker’s stock worth $1,092,000 after buying an additional 16 shares during the period. 65.27% of the stock is currently owned by hedge funds and other 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.