Bank of America Reiterates “Buy” Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating restated by Bank of America in a note issued to investors on Wednesday,Benzinga reports. They currently have a $200.00 price objective on the computer hardware maker’s stock. Bank of America‘s price objective would indicate a potential upside of 73.27% from the company’s previous close.

Several other research analysts have also commented on NVDA. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of NVIDIA in a report on Thursday, February 27th. Summit Insights lowered NVIDIA from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Evercore ISI lifted their price target on NVIDIA from $189.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. DZ Bank upgraded NVIDIA from a “hold” rating to a “strong-buy” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company lifted their price target on NVIDIA from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $171.51.

NVIDIA Trading Down 3.4 %

Shares of NVDA opened at $115.43 on Wednesday. NVIDIA has a 52-week low of $75.61 and a 52-week high of $153.13. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average is $128.17 and its two-hundred day moving average is $131.21. The stock has a market cap of $2.82 trillion, a PE ratio of 45.43, a price-to-earnings-growth ratio of 1.76 and a beta of 1.77.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.05. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company had revenue of $39.33 billion for the quarter, compared to analysts’ expectations of $38.16 billion. Research analysts forecast that NVIDIA will post 2.77 earnings per share for the current fiscal year.

Insider Activity at NVIDIA

In related news, Director Robert K. Burgess sold 53,324 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $115.49, for a total value of $6,158,388.76. Following the completion of the transaction, the director now directly owns 251,044 shares of the company’s stock, valued at $28,993,071.56. This represents a 17.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ajay K. Puri sold 36,462 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $151.10, for a total value of $5,509,408.20. Following the completion of the sale, the executive vice president now directly owns 3,902,888 shares of the company’s stock, valued at $589,726,376.80. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,449 shares of company stock valued at $11,960,727 over the last three months. 4.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NVIDIA

Large investors have recently modified their holdings of the company. Palisade Asset Management LLC boosted its holdings in shares of NVIDIA by 0.5% in the third quarter. Palisade Asset Management LLC now owns 15,363 shares of the computer hardware maker’s stock valued at $1,866,000 after acquiring an additional 75 shares during the period. SMART Wealth LLC boosted its holdings in shares of NVIDIA by 289.5% in the fourth quarter. SMART Wealth LLC now owns 72,311 shares of the computer hardware maker’s stock valued at $9,711,000 after acquiring an additional 53,747 shares during the period. Blue Square Asset Management LLC boosted its holdings in shares of NVIDIA by 26.7% in the third quarter. Blue Square Asset Management LLC now owns 48,093 shares of the computer hardware maker’s stock valued at $5,840,000 after acquiring an additional 10,136 shares during the period. Narwhal Capital Management boosted its holdings in shares of NVIDIA by 5.1% in the third quarter. Narwhal Capital Management now owns 545,676 shares of the computer hardware maker’s stock valued at $66,267,000 after acquiring an additional 26,373 shares during the period. Finally, Tybourne Capital Management HK Ltd. raised its stake in shares of NVIDIA by 46.7% during the third quarter. Tybourne Capital Management HK Ltd. now owns 16,826 shares of the computer hardware maker’s stock worth $2,043,000 after purchasing an additional 5,360 shares during the last quarter. 65.27% of the stock is 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.