NVIDIA Stock Rating Upgraded by Needham & Company LLC (NVDA)
NVIDIA (NASDAQ:NVDA) was upgraded by research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a report released on Friday, TheFlyOnTheWall.com reports. The firm currently has a $23.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 21.05% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of NVIDIA from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 17th. They now have a $23.00 price target on the stock. Separately, analysts at Pacific Crest downgraded shares of NVIDIA from a “sector perform” rating to an “underperform” rating in a research note on Monday, June 23rd. Finally, analysts at Bank of America downgraded shares of NVIDIA from a “neutral” rating to an “underperform” rating in a research note on Thursday, June 19th. They now have a $19.00 price target on the stock, down previously from $19.12. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.04.
NVIDIA (NASDAQ:NVDA) traded up 8.82% during mid-day trading on Friday, hitting $19.00. 22,366,080 shares of the company’s stock traded hands. NVIDIA has a one year low of $13.11 and a one year high of $19.73. The stock has a 50-day moving average of $18.46 and a 200-day moving average of $18.18. The company has a market cap of $10.606 billion and a price-to-earnings ratio of 19.12.
NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.10. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the company posted $0.16 earnings per share. NVIDIA’s revenue was up 12.9% compared to the same quarter last year. On average, analysts predict that NVIDIA will post $1.00 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Investors of record on Thursday, August 21st will be given a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, August 19th.
In other NVIDIA news, CAO David M. Shannon unloaded 2,445 shares of NVIDIA stock on the open market in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $17.66, for a total transaction of $43,178.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
NVIDIA Corporation (NASDAQ:NVDA) is engaged in creating the graphics chips used in personal computers (PCs).
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