Citigroup Issues Positive Forecast for NVIDIA (NASDAQ:NVDA) Stock Price

NVIDIA (NASDAQ:NVDA) had its price target upped by stock analysts at Citigroup from $150.00 to $170.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the computer hardware maker’s stock. Citigroup’s price target points to a potential upside of 15.84% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Wells Fargo & Company boosted their target price on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Truist Financial upped their price target on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Piper Sandler raised their price objective on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. increased their target price on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Finally, TD Cowen upgraded shares of NVIDIA to a “strong-buy” rating in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and an average price target of $152.40.

NVIDIA Price Performance

NVDA stock opened at $146.76 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The company’s 50-day moving average is $129.39 and its 200-day moving average is $119.51. The stock has a market capitalization of $3.60 trillion, a PE ratio of 68.84, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. NVIDIA has a 1 year low of $45.01 and a 1 year high of $149.77.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the prior year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 122.4% on a year-over-year basis. Equities research analysts expect that NVIDIA will post 2.66 EPS for the current fiscal year.

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

Insider Activity

In other news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The trade was a 14.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $57,370,572.59. This trade represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Corporate insiders own 4.23% of the company’s stock.

Institutional Trading of NVIDIA

Institutional investors and hedge funds have recently bought and sold shares of the stock. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the first quarter valued at $26,000. Koesten Hirschmann & Crabtree INC. purchased a new stake in NVIDIA in the first quarter worth about $27,000. HBC Financial Services PLLC bought a new position in shares of NVIDIA during the first quarter valued at approximately $30,000. TCTC Holdings LLC purchased a new position in shares of NVIDIA during the first quarter valued at approximately $82,000. Finally, Slocum Gordon & Co LLP bought a new stake in shares of NVIDIA in the 1st quarter worth approximately $98,000. 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.