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

NVIDIA Co. (NASDAQ:NVDA)’s share price 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 were traded during mid-day trading, a decline of 84% from the average session volume of 397,287,563 shares. The stock had previously closed at $140.15.

A number of other research analysts have also weighed in on the company. Sanford C. Bernstein lifted their target price on NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Loop Capital reaffirmed a “buy” rating and set a $175.00 price objective on shares of NVIDIA in a research note on Monday, August 26th. UBS Group upped their target price on shares of NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. raised their price target 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, Robert W. Baird upped their price target on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $154.63.

Insiders Place Their Bets

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $110.76, for a total transaction of $13,291,200.00. Following the sale, the chief executive officer now directly owns 76,375,705 shares of the company’s stock, valued at approximately $8,459,373,085.80. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Tench Coxe sold 1,000,000 shares of the company’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 value of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. This trade represents a 14.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NVIDIA

Several hedge funds have recently made changes to their positions in NVDA. Lowe Wealth Advisors LLC purchased a new stake in shares of NVIDIA in the 2nd quarter worth about $25,000. DHJJ Financial Advisors Ltd. boosted its position in shares of NVIDIA by 1,900.0% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after purchasing an additional 190 shares in the last quarter. FPC Investment Advisory Inc. bought a new position in NVIDIA during the 1st quarter valued at approximately $26,000. CGC Financial Services LLC purchased a new position in NVIDIA during the second quarter valued at $26,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new stake in NVIDIA in the first quarter worth $27,000. 65.27% of the stock is currently owned by institutional investors.

NVIDIA Price Performance

The firm has a fifty day moving average price of $131.64 and a two-hundred day moving average price of $120.96. 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 stock has a market capitalization of $3.52 trillion, a P/E ratio of 67.17, a P/E/G ratio of 1.49 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. On average, analysts expect that NVIDIA Co. will post 2.67 EPS for the current year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio is 1.88%.

NVIDIA declared that its board has authorized a stock 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 buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors 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.