Nvidia Corp.’s (NVDA) “Buy” Rating Reiterated at Bank of America Corp.
Nvidia Corp. (NASDAQ:NVDA)‘s stock had its “buy” rating restated by equities research analysts at Bank of America Corp. in a research note issued to investors on Wednesday. They currently have a $80.00 price objective on the computer hardware maker’s stock. Bank of America Corp.’s price target suggests a potential upside of 20.97% from the company’s previous close.
Several other analysts have also weighed in on NVDA. Wedbush reissued an “outperform” rating and issued a $52.00 price objective (up from $42.00) on shares of Nvidia Corp. in a report on Wednesday, June 15th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Nvidia Corp. in a report on Wednesday, June 15th. Canaccord Genuity reissued a “buy” rating and issued a $55.00 price objective (up from $45.00) on shares of Nvidia Corp. in a report on Thursday, June 16th. B. Riley reissued a “buy” rating and issued a $58.00 price objective on shares of Nvidia Corp. in a report on Friday, June 17th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $47.00 target price (up from $40.00) on shares of Nvidia Corp. in a report on Friday, June 17th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $58.59.
Nvidia Corp. (NASDAQ:NVDA) opened at 66.13 on Wednesday. Nvidia Corp. has a 12 month low of $24.75 and a 12 month high of $69.70. The company’s 50-day moving average price is $64.02 and its 200 day moving average price is $50.61. The stock has a market capitalization of $35.38 billion, a PE ratio of 43.45 and a beta of 1.25.
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Nvidia Corp. (NASDAQ:NVDA) last announced its quarterly earnings data on Thursday, August 11th. The computer hardware maker reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.16. The firm earned $1.43 billion during the quarter, compared to analyst estimates of $1.35 billion. Nvidia Corp. had a return on equity of 20.86% and a net margin of 16.58%. Nvidia Corp.’s quarterly revenue was up 23.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 earnings per share. On average, analysts forecast that Nvidia Corp. will post $1.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, August 25th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.70%. The ex-dividend date was Tuesday, August 23rd. Nvidia Corp.’s dividend payout ratio (DPR) is presently 30.26%.
In related news, CFO Colette Kress sold 37,804 shares of the stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $68.60, for a total value of $2,593,354.40. Following the completion of the transaction, the chief financial officer now owns 444,812 shares of the company’s stock, valued at $30,514,103.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jen Hsun Huang sold 40,000 shares of the stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $58.66, for a total transaction of $2,346,400.00. Following the completion of the transaction, the insider now directly owns 1,817,279 shares of the company’s stock, valued at approximately $106,601,586.14. The disclosure for this sale can be found here. 5.82% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Nvidia Corp. by 1.3% in the second quarter. Vanguard Group Inc. now owns 47,688,150 shares of the computer hardware maker’s stock valued at $2,241,821,000 after buying an additional 601,606 shares during the period. Primecap Management Co. CA raised its stake in Nvidia Corp. by 0.5% in the first quarter. Primecap Management Co. CA now owns 29,210,850 shares of the computer hardware maker’s stock valued at $1,040,783,000 after buying an additional 143,175 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Nvidia Corp. by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,986,585 shares of the computer hardware maker’s stock valued at $798,539,000 after buying an additional 152,220 shares during the last quarter. Jennison Associates LLC raised its stake in Nvidia Corp. by 568.9% in the second quarter. Jennison Associates LLC now owns 9,402,566 shares of the computer hardware maker’s stock valued at $442,015,000 after buying an additional 7,996,913 shares during the last quarter. Finally, Baillie Gifford & Co. raised its stake in Nvidia Corp. by 3.1% in the second quarter. Baillie Gifford & Co. now owns 5,301,449 shares of the computer hardware maker’s stock valued at $249,221,000 after buying an additional 160,043 shares during the last quarter. 86.37% of the stock is owned by hedge funds and other institutional investors.
About Nvidia Corp.
NVIDIA Corporation (NVIDIA) is engaged in visual computing. The Company operates through segments, including GPU and Tegra Processor. Its GPU businesses include GeForce for personal computer (PC) gaming; Quadro for design professionals working in computer-aided design, video editing, special effects and other creative applications; Tesla for deep learning and accelerated computing, leveraging the parallel computing capabilities of graphics processing units (GPUs) for general purpose computing, and GRID to provide the power of NVIDIA graphics through the cloud and datacenters.
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