Summit Redstone Downgrades NVIDIA (NVDA) to Hold

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

Several other research analysts have also recently issued reports on the stock. Summit Insights cut shares of NVIDIA from a “buy” rating to a “hold” rating and set a $158.57 target price for the company. in a report on Friday. UBS Group restated a “buy” rating and issued a $195.00 target price (down previously from $210.00) on shares of NVIDIA in a report on Friday. Zacks Investment Research cut shares of NVIDIA from a “buy” rating to a “hold” rating in a report on Thursday. Stifel Nicolaus lowered their target price on shares of NVIDIA from $150.00 to $145.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Royal Bank of Canada upped their target price on shares of NVIDIA to $200.00 and gave the company an “outperform” rating in a report on Monday. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $198.93.

Shares of NASDAQ:NVDA traded down $3.66 during trading hours on Friday, reaching $156.53. The stock had a trading volume of 24,573,682 shares, compared to its average volume of 15,008,446. NVIDIA has a 1 year low of $124.46 and a 1 year high of $292.76. The company has a current ratio of 7.94, a quick ratio of 6.76 and a debt-to-equity ratio of 0.21. The company has a market cap of $97.10 billion, a PE ratio of 25.79, a P/E/G ratio of 3.88 and a beta of 1.85.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Thursday, May 16th. The computer hardware maker reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. NVIDIA had a net margin of 35.35% and a return on equity of 41.78%. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the firm posted $2.05 EPS. The company’s quarterly revenue was down 30.8% compared to the same quarter last year. As a group, equities research analysts expect that NVIDIA will post 4.43 EPS for the current year.

In other news, CFO Colette Kress sold 14,092 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Debora Shoquist sold 5,823 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $185.00, for a total transaction of $1,077,255.00. Following the completion of the sale, the executive vice president now owns 171,783 shares of the company’s stock, valued at approximately $31,779,855. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,029 shares of company stock valued at $3,678,385. 4.64% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of NVIDIA by 1.8% in the 1st quarter. FMR LLC now owns 49,860,097 shares of the computer hardware maker’s stock worth $8,952,880,000 after acquiring an additional 858,116 shares during the period. Vanguard Group Inc increased its holdings in shares of NVIDIA by 4.0% in the 3rd quarter. Vanguard Group Inc now owns 44,464,641 shares of the computer hardware maker’s stock valued at $12,495,455,000 after purchasing an additional 1,693,736 shares in the last quarter. BlackRock Inc. increased its holdings in shares of NVIDIA by 1.0% in the 4th quarter. BlackRock Inc. now owns 39,307,194 shares of the computer hardware maker’s stock valued at $5,247,509,000 after purchasing an additional 378,149 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of NVIDIA by 8,687.5% in the 4th 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 in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of NVIDIA by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 8,129,007 shares of the computer hardware maker’s stock valued at $1,083,400,000 after purchasing an additional 266,779 shares in the last quarter. 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.

Further Reading: Cash Flow Analysis in Stock Selection

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