NVIDIA (NASDAQ:NVDA) Stock Price Up 2.2% on Analyst Upgrade

NVIDIA Co. (NASDAQ:NVDA) shot up 2.2% during trading on Tuesday after Truist Financial raised their price target on the stock from $148.00 to $167.00. Truist Financial currently has a buy rating on the stock. NVIDIA traded as high as $143.55 and last traded at $143.21. 61,870,512 shares changed hands during trading, a decline of 84% from the average session volume of 397,287,563 shares. The stock had previously closed at $140.15.

Other analysts have also recently issued research reports about the stock. DA Davidson reiterated a “neutral” rating and issued a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Robert W. Baird lifted their target price on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. TD Cowen upgraded shares of NVIDIA to a “strong-buy” rating in a report on Monday, September 16th. Citigroup upped their target price on NVIDIA from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and issued a $160.00 target price (up previously from $138.00) on shares of NVIDIA in a research note on Thursday, November 14th. Five research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.63.

Insider Buying and Selling at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $119.03, for a total transaction of $14,283,600.00. Following the completion of the sale, the chief executive officer now directly owns 76,494,995 shares in the company, valued at approximately $9,105,199,254.85. The trade was a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the 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 transaction, the insider now owns 492,409 shares in the company, 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 sold 2,156,270 shares of company stock worth $254,784,327. Insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Several institutional investors and hedge funds have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. boosted its stake in NVIDIA by 897.5% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker’s stock worth $14,715,000 after purchasing an additional 107,169 shares during the period. Truepoint Inc. boosted its holdings in shares of NVIDIA by 914.1% during the 2nd quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock valued at $1,605,000 after purchasing an additional 11,709 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of NVIDIA by 683.9% during the 2nd quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker’s stock valued at $29,505,000 after purchasing an additional 208,362 shares during the last quarter. Legal & General Group Plc grew its position in shares of NVIDIA by 884.0% during the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after purchasing an additional 191,469,114 shares in the last quarter. Finally, Lombard Odier Asset Management Europe Ltd increased its holdings in shares of NVIDIA by 1,106.0% in the second quarter. Lombard Odier Asset Management Europe Ltd now owns 532,285 shares of the computer hardware maker’s stock worth $65,758,000 after purchasing an additional 488,148 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Stock Up 4.9 %

The company has a market capitalization of $3.61 trillion, a PE ratio of 69.02, a P/E/G ratio of 1.49 and a beta of 1.66. The business has a 50-day moving average of $132.42 and a 200 day moving average of $121.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. Equities research analysts predict that NVIDIA Co. will post 2.67 earnings per share for the current year.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

NVIDIA announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.