NVIDIA’s (NVDA) Buy Rating Reiterated at Bank of America

Bank of America restated their buy rating on shares of NVIDIA (NASDAQ:NVDA) in a report released on Thursday morning,Benzinga reports. They currently have a $190.00 price objective on the computer hardware maker’s stock.

A number of other brokerages have also issued reports on NVDA. Mizuho increased their price target on NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Sanford C. Bernstein boosted their price target on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Wedbush reiterated an “outperform” rating and issued a $160.00 target price (up from $138.00) on shares of NVIDIA in a report on Thursday, November 14th. UBS Group lifted their price target on shares of NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Finally, Oppenheimer restated an “outperform” rating and issued a $175.00 target price on shares of NVIDIA in a report on Thursday. Four 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

NVIDIA Trading Down 3.2 %

Shares of NVDA stock opened at $141.95 on Thursday. NVIDIA has a 1 year low of $45.01 and a 1 year high of $152.89. The firm has a market capitalization of $3.48 trillion, a PE ratio of 55.89, a price-to-earnings-growth ratio of 1.53 and a beta of 1.66. The stock has a fifty day moving average of $134.01 and a two-hundred day moving average of $122.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.79 and a current ratio of 4.10.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The firm had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. NVIDIA’s revenue was up 93.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. As a group, research analysts expect that NVIDIA will post 2.68 EPS for the current year.

NVIDIA Announces Dividend

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 given a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is 1.57%.

NVIDIA announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The stock was 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 $698,025,289.60. This represents a 14.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark A. Stevens sold 165,100 shares of NVIDIA stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $121.27, for a total value of $20,021,677.00. Following the sale, the director now directly owns 8,420,117 shares of the company’s stock, valued at approximately $1,021,107,588.59. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last ninety days. Insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Several hedge funds have recently bought and sold shares of NVDA. Geode Capital Management LLC increased its holdings in shares of NVIDIA by 2.2% in the third quarter. Geode Capital Management LLC now owns 546,079,492 shares of the computer hardware maker’s stock worth $66,101,133,000 after acquiring an additional 11,525,969 shares in the last quarter. Vanguard Group Inc. grew its position in shares of NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 shares during the period. Legal & General Group Plc increased its stake in NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after purchasing 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 2nd 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 buying an additional 163,482,580 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in NVIDIA by 3.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock valued at $21,908,236,000 after buying an additional 6,526,200 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

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.