NVIDIA (NASDAQ:NVDA) Earns Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of NVIDIA (NASDAQ:NVDA) in a research report report published on Thursday, MarketBeat reports. They currently have a $160.00 price target on the computer hardware maker’s stock, up from their previous price target of $138.00.

Several other equities research analysts have also recently weighed in on NVDA. Susquehanna upped their target price on NVIDIA from $160.00 to $180.00 and gave the stock a “positive” rating in a report on Thursday. Robert W. Baird increased their price target on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Benchmark reissued a “buy” rating and set a $170.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Wells Fargo & Company raised their target price on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $175.00 target price on shares of NVIDIA in a report on Tuesday, October 8th. Five 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. According to data from MarketBeat, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.40.

NVIDIA Stock Down 3.7 %

NVDA stock traded down $5.46 during midday trading on Thursday, hitting $141.30. The stock had a trading volume of 185,078,531 shares, compared to its average volume of 399,295,594. NVIDIA has a 52-week low of $45.01 and a 52-week high of $149.77. The firm has a market cap of $3.47 trillion, a price-to-earnings ratio of 66.95, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. The business has a 50-day moving average of $130.18 and a two-hundred day moving average of $119.70. 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 released its 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. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s revenue was up 122.4% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. As a group, equities research analysts forecast that NVIDIA will post 2.66 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were issued 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 payout ratio is presently 1.88%.

NVIDIA declared that its Board of Directors has approved a stock buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $110.76, for a total value of $13,291,200.00. Following the completion of the sale, the chief executive officer now owns 76,375,705 shares of the company’s stock, valued at $8,459,373,085.80. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock valued at $254,784,327 in the last quarter. 4.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in NVIDIA by 4.3% in the first 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 boosted its stake in NVIDIA by 884.0% in 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 acquiring an additional 191,469,114 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after acquiring an additional 163,482,580 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of NVIDIA by 3.8% during 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 worth $21,908,236,000 after buying an additional 6,526,200 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of NVIDIA by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock worth $17,738,630,000 after buying an additional 2,042,348 shares during the period. 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.