Needham & Company LLC Reaffirms Buy Rating for NVIDIA Corporation (NVDA)
NVIDIA Corporation (NASDAQ:NVDA)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Monday. They currently have a $200.00 target price on the computer hardware maker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 36.28% from the company’s previous close.
The analysts wrote, “We are increasing our price target to $200 (from $130) owing to our higher conviction that the Toyota-NVDA announcement will generate meaningful revenue over the next 24 months. Our meetings with Toyota confirm that it has aggressive plans to deploy Level 2 Advanced systems in mass market in the U.S. and Japan over the next 2.5 years. All of these systems will be on NVDA’s Drive PX Xavier platform. From this deal alone, assuming ASPs of $200, we calculate $1-1.7B of incremental sales, or $0.35-0.65 EPS.””
NVDA has been the topic of several other reports. Vetr upgraded NVIDIA Corporation from a “buy” rating to a “strong-buy” rating and set a $117.19 target price on the stock in a research report on Thursday, May 4th. Stifel Nicolaus increased their target price on NVIDIA Corporation from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Wednesday, May 10th. Rosenblatt Securities reiterated a “buy” rating and set a $140.00 target price on shares of NVIDIA Corporation in a research report on Friday, May 19th. Zacks Investment Research upgraded NVIDIA Corporation from a “sell” rating to a “hold” rating in a research report on Monday, May 8th. Finally, B. Riley reiterated a “buy” rating and set a $135.00 target price on shares of NVIDIA Corporation in a research report on Wednesday, March 22nd. Seven investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $127.05.
NVIDIA Corporation (NASDAQ:NVDA) opened at 146.76 on Monday. NVIDIA Corporation has a 12-month low of $49.22 and a 12-month high of $168.50. The company’s 50 day moving average is $145.38 and its 200 day moving average is $115.28. The company has a market cap of $87.32 billion, a price-to-earnings ratio of 49.26 and a beta of 1.23.
NVIDIA Corporation (NASDAQ:NVDA) last posted its quarterly earnings data on Tuesday, May 9th. The computer hardware maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.16. NVIDIA Corporation had a return on equity of 36.40% and a net margin of 25.95%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was up 48.7% compared to the same quarter last year. Analysts forecast that NVIDIA Corporation will post $3.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 14th. Investors of record on Tuesday, May 23rd were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, May 19th. NVIDIA Corporation’s payout ratio is 18.60%.
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In related news, Director Persis Drell sold 2,500 shares of NVIDIA Corporation stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $130.02, for a total value of $325,050.00. Following the transaction, the director now directly owns 24,652 shares in the company, valued at approximately $3,205,253.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tench Coxe sold 50,000 shares of NVIDIA Corporation stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $129.48, for a total value of $6,474,000.00. The disclosure for this sale can be found here. Insiders sold a total of 522,282 shares of company stock worth $78,275,082 over the last 90 days. Insiders own 5.82% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC increased its position in shares of NVIDIA Corporation by 17.5% in the first quarter. Quadrant Capital Group LLC now owns 1,055 shares of the computer hardware maker’s stock worth $105,000 after buying an additional 157 shares in the last quarter. West Oak Capital LLC increased its position in shares of NVIDIA Corporation by 183.6% in the third quarter. West Oak Capital LLC now owns 1,560 shares of the computer hardware maker’s stock worth $107,000 after buying an additional 1,010 shares in the last quarter. Proficio Capital Partners LLC increased its position in shares of NVIDIA Corporation by 186.1% in the first quarter. Proficio Capital Partners LLC now owns 841 shares of the computer hardware maker’s stock worth $117,000 after buying an additional 547 shares in the last quarter. Brick & Kyle Associates increased its position in shares of NVIDIA Corporation by 25.1% in the second quarter. Brick & Kyle Associates now owns 2,502 shares of the computer hardware maker’s stock worth $118,000 after buying an additional 502 shares in the last quarter. Finally, Cornerstone Advisors Inc. increased its position in shares of NVIDIA Corporation by 52.2% in the third quarter. Cornerstone Advisors Inc. now owns 1,784 shares of the computer hardware maker’s stock worth $122,000 after buying an additional 612 shares in the last quarter. Institutional investors and hedge funds own 70.10% of the company’s stock.
About NVIDIA Corporation
Nvidia Corporation focuses on personal computer (PC) graphics, graphics processing unit (GPU) and also on artificial intelligence (AI). The Company’s operates through two segments: GPU and Tegra Processor. The Company’s GPU product brands are aimed at specialized markets, including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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