Summit Redstone Lowers NVIDIA (NVDA) to Hold

NVIDIA (NASDAQ:NVDA) was downgraded by analysts at Summit Redstone to a “hold” rating in a research report issued on Friday, TipRanks reports.

Other equities research analysts have also recently issued research reports about the company. BidaskClub raised NVIDIA from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Nomura assumed coverage on NVIDIA in a research note on Tuesday, April 2nd. They set a “neutral” rating and a $147.00 target price for the company. Stifel Nicolaus cut their target price on NVIDIA from $150.00 to $145.00 and set a “hold” rating for the company in a research note on Tuesday. UBS Group reissued a “buy” rating and set a $195.00 target price (down previously from $210.00) on shares of NVIDIA in a research note on Friday. Finally, Summit Insights cut NVIDIA from a “buy” rating to a “hold” rating and set a $158.57 target price for the company. in a research note on Friday. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-five have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $198.93.

NVDA stock traded down $3.66 during midday trading on Friday, hitting $156.53. 24,573,682 shares of the company’s stock were exchanged, compared to its average volume of 15,008,446. The company has a quick ratio of 6.76, a current ratio of 7.94 and a debt-to-equity ratio of 0.21. The stock has a market cap of $97.10 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 3.88 and a beta of 1.85. NVIDIA has a 1-year low of $124.46 and a 1-year high of $292.76.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Thursday, May 16th. The computer hardware maker reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.07. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.20 billion. NVIDIA had a return on equity of 41.78% and a net margin of 35.35%. The firm’s quarterly revenue was down 30.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. As a group, sell-side analysts anticipate that NVIDIA will post 4.43 EPS for the current year.

In related news, EVP Debora Shoquist sold 5,823 shares of NVIDIA stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $185.00, for a total value of $1,077,255.00. Following the completion of the transaction, the executive vice president now directly owns 171,783 shares in the company, valued at $31,779,855. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Colette Kress sold 14,092 shares of NVIDIA stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $183.33, for a total value of $2,583,486.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,029 shares of company stock valued at $3,678,385. 4.64% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in NVDA. Oregon Public Employees Retirement Fund boosted its holdings in NVIDIA by 8,687.5% in the fourth 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 during the period. Norges Bank purchased a new stake in NVIDIA during the 4th quarter worth about $737,230,000. Loomis Sayles & Co. L P purchased a new stake in NVIDIA during the 1st quarter worth about $914,684,000. Parnassus Investments CA purchased a new stake in NVIDIA during the 4th quarter worth about $394,670,000. Finally, SG Americas Securities LLC lifted its holdings 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 buying an additional 2,866,055 shares during the last quarter. Hedge funds and other institutional investors own 70.03% of the company’s stock.

About NVIDIA

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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Analyst Recommendations for NVIDIA (NASDAQ:NVDA)

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