NVIDIA (NASDAQ:NVDA) Stock Gets Price Target Cut from Cantor Fitzgerald

NVIDIA (NASDAQ:NVDA) had its price objective cut by Cantor Fitzgerald from $350.00 to $250.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the computer hardware maker’s stock.

NVDA has been the subject of several other reports. Robert W. Baird cut shares of NVIDIA from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $500.00 to $200.00 in a research report on Wednesday. New Street Research reiterated a “buy” rating on shares of NVIDIA in a report on Thursday. Melius Research cut shares of NVIDIA from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $315.00 to $185.00 in a research note on Thursday. HSBC increased their price objective on NVIDIA from $360.00 to $365.00 in a report on Thursday, August 27th. Finally, Wedbush raised their target price on NVIDIA from $330.00 to $345.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. Five investment analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $277.89.

NVIDIA Trading Down 2.0%

NVIDIA stock traded down $3.34 during trading hours on Thursday, hitting $162.85. The stock had a trading volume of 363,372,273 shares, compared to its average volume of 196,617,360. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. The stock has a market cap of $3.92 trillion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 1.28 and a beta of 2.21. NVIDIA has a one year low of $148.80 and a one year high of $243.37. The business’s 50 day simple moving average is $214.64 and its 200-day simple moving average is $204.12.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. The company had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The firm’s revenue was up 105.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.05 earnings per share. On average, equities analysts predict that NVIDIA will post 9.29 EPS for the current fiscal year.

NVIDIA announced that its board has approved a share buyback plan on Monday, September 28th that permits the company to buy back $150 billion in shares. This repurchase authorization permits the computer hardware maker to reacquire up to 2.8% of its stock through open market purchases. Share repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, September 10th. NVIDIA’s dividend payout ratio is currently 12.64%.

Insider Transactions at NVIDIA

In other NVIDIA news, CFO Colette Kress sold 34,918 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the sale, the chief financial officer owned 765,103 shares of the company’s stock, valued at approximately $167,595,812.15. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the sale, the executive vice president owned 2,687,660 shares of the company’s stock, valued at approximately $598,810,648. The trade was a 1.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,766,118 shares of company stock worth $399,450,353 over the last three months. 3.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp grew its position in shares of NVIDIA by 1.5% during the 3rd quarter. State Street Corp now owns 1,025,075,347 shares of the computer hardware maker’s stock worth $234,355,574,000 after buying an additional 15,291,910 shares during the period. Bank of America Corp DE lifted its position in shares of NVIDIA by 2.2% during the 2nd quarter. Bank of America Corp DE now owns 195,366,864 shares of the computer hardware maker’s stock valued at $39,090,956,000 after acquiring an additional 4,165,875 shares during the period. Amundi boosted its stake in NVIDIA by 10.4% during the first quarter. Amundi now owns 133,768,018 shares of the computer hardware maker’s stock worth $23,329,141,000 after acquiring an additional 12,575,177 shares in the last quarter. Deutsche Bank AG boosted its stake in NVIDIA by 2.3% during the second quarter. Deutsche Bank AG now owns 91,954,159 shares of the computer hardware maker’s stock worth $18,399,108,000 after acquiring an additional 2,045,101 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in NVIDIA by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 94,521,253 shares of the computer hardware maker’s stock worth $16,479,126,000 after acquiring an additional 555,221 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about NVIDIA

Investors following NVDA have been watching these headlines:

• Positive Sentiment: Investors will look to the November 17 earnings report for evidence that AI demand remains robust. Articles cite strong infrastructure spending and a $108 billion revenue outlook as potential supports for the business. NVIDIA earnings preview
• Negative Sentiment: Huang’s departure creates uncertainty around succession and strategy. CFO Colette Kress is interim CEO, and the board has not yet selected a search firm for a permanent replacement. CEO search update
• Negative Sentiment: HSBC downgraded NVIDIA to Hold with a $170 target, and several firms have reduced price targets. Analysts also warn that leadership uncertainty could give chip rivals more opportunity to win business. HSBC downgrade coverage

NVIDIA Company Profile

NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications. NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.