DA Davidson Issues Positive Forecast for NVIDIA (NASDAQ:NVDA) Stock Price

NVIDIA (NASDAQ:NVDA) had its target price hoisted by investment analysts at DA Davidson from $90.00 to $135.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the computer hardware maker’s stock. DA Davidson’s price objective suggests a potential downside of 4.90% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of NVIDIA from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Tuesday. Robert W. Baird lifted their price target on shares of NVIDIA from $150.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Tuesday, August 6th. Citigroup lifted their target price on NVIDIA from $170.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Wedbush increased their price target on NVIDIA from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, forty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $161.85.

NVIDIA Stock Down 3.2 %

Shares of NVIDIA stock traded down $4.72 during trading on Friday, reaching $141.95. The company had a trading volume of 234,136,703 shares, compared to its average volume of 396,930,969. The company has a market cap of $3.48 trillion, a price-to-earnings ratio of 66.58, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. NVIDIA has a fifty-two week low of $45.01 and a fifty-two week high of $152.89. The firm’s fifty day moving average is $133.55 and its 200-day moving average is $121.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. The firm had revenue of $35.08 billion for the quarter, compared to analysts’ expectations of $33.15 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’s revenue for the quarter was up 93.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, analysts anticipate that NVIDIA will post 2.68 EPS for the current year.

NVIDIA announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 14.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,156,270 shares of company stock worth $254,784,327 over the last quarter. Corporate insiders own 4.23% of the company’s stock.

Institutional Trading of NVIDIA

A number of institutional investors have recently bought and sold shares of NVDA. Lowe Wealth Advisors LLC acquired a new position in shares of NVIDIA during the 2nd quarter worth $25,000. DHJJ Financial Advisors Ltd. boosted its holdings in NVIDIA by 1,900.0% in the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after purchasing an additional 190 shares in the last quarter. FPC Investment Advisory Inc. acquired a new position in NVIDIA during the first quarter worth $26,000. CGC Financial Services LLC bought a new position in NVIDIA during the second quarter valued at about $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of NVIDIA in the first quarter worth about $27,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

About NVIDIA

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.