Zacks Investment Research upgraded shares of NVIDIA (NASDAQ:NVDA) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $181.00 price target on the computer hardware maker’s stock.
According to Zacks, “NVIDIA has been putting in a lot of effort to strengthen its position in several emerging industries. Growth across Datacenter, Professional Visualization and Automotive segments is expected to be a key catalyst. Further, the company’s latest acquisition of Mellanox Technologies is likely to be a key driver as it will strengthen its datacenter footprint and competitive edge. Estimates have been stable lately ahead of the company’s first-quarter earnings release. Shares have outperformed the industry year to date. However, NVIDIA is hurt by weakness in the gaming business. Suspension of mid-range Pascal GPU shipments following tepid demand from crypto miners in order to normalize channel inventory levels is an overhang.”
NVDA has been the subject of several other reports. ValuEngine raised shares of NVIDIA from a sell rating to a hold rating in a research note on Friday, March 1st. TheStreet raised shares of NVIDIA from a c+ rating to a b- rating in a research note on Thursday, April 4th. Needham & Company LLC reissued a sell rating on shares of NVIDIA in a research note on Tuesday, March 12th. UBS Group lifted their price objective on shares of NVIDIA to $210.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Finally, Benchmark reissued a buy rating and issued a $190.00 price objective (down from $240.00) on shares of NVIDIA in a research note on Monday, January 28th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $200.51.
NVDA traded down $1.28 during trading on Wednesday, hitting $160.76. 8,945,128 shares of the company traded hands, compared to its average volume of 14,846,581. The stock has a market capitalization of $96.42 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 3.82 and a beta of 1.85. NVIDIA has a 1 year low of $124.46 and a 1 year high of $292.76. The company has a debt-to-equity ratio of 0.21, a quick ratio of 6.76 and a current ratio of 7.94.
NVIDIA (NASDAQ:NVDA) last posted its earnings results on Thursday, February 14th. The computer hardware maker reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.27. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.22 billion. NVIDIA had a net margin of 35.35% and a return on equity of 41.78%. NVIDIA’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the company posted $1.72 earnings per share. On average, equities research analysts forecast that NVIDIA will post 4.46 earnings per share for the current year.
In related news, EVP Debora Shoquist sold 5,823 shares of NVIDIA stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $185.00, for a total transaction of $1,077,255.00. Following the completion of the sale, the executive vice president now owns 171,783 shares in the company, valued at approximately $31,779,855. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Colette Kress sold 14,092 shares of NVIDIA stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $183.33, for a total transaction of $2,583,486.36. The disclosure for this sale can be found here. Insiders have sold a total of 20,029 shares of company stock valued at $3,678,385 in the last quarter. 4.64% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of NVDA. Oregon Public Employees Retirement Fund raised its holdings in shares of NVIDIA by 8,687.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,509,787 shares of the computer hardware maker’s stock valued at $161,000 after purchasing an additional 21,265,009 shares in the last quarter. Norges Bank purchased a new stake in NVIDIA during the 4th quarter worth approximately $737,230,000. Loomis Sayles & Co. L P purchased a new stake in NVIDIA during the 1st quarter worth approximately $914,684,000. Parnassus Investments CA purchased a new stake in NVIDIA during the 4th quarter worth approximately $394,670,000. Finally, SG Americas Securities LLC grew its position in NVIDIA by 104.7% during the 1st quarter. SG Americas Securities LLC now owns 128,201 shares of the computer hardware maker’s stock worth $23,020,000 after purchasing an additional 2,866,055 shares during the last quarter. Institutional investors and hedge funds own 70.03% of the company’s stock.
NVIDIA Company Profile
NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for artificial intelligence (AI) utilizing deep learning, accelerated computing, and general purpose computing; GRID, which provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.
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