NVIDIA (NASDAQ:NVDA) Stock Price Expected to Rise, Raymond James Analyst Says

NVIDIA (NASDAQ:NVDA) had its target price hoisted by Raymond James from $140.00 to $170.00 in a report issued on Thursday,Benzinga reports. Raymond James currently has a strong-buy rating on the computer hardware maker’s stock.

Several other equities research analysts also recently commented on the company. Mizuho raised their target price on NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Truist Financial boosted their target price on shares of NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Robert W. Baird raised their price target on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Wedbush reiterated an “outperform” rating and issued a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Finally, Oppenheimer upped their price objective on shares of NVIDIA from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

NVIDIA Price Performance

NVIDIA stock opened at $141.98 on Thursday. The firm has a fifty day moving average of $130.97 and a 200-day moving average of $120.58. NVIDIA has a 52-week low of $45.01 and a 52-week high of $149.77. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.48 trillion, a P/E ratio of 66.60, a PEG ratio of 1.49 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the prior year, the firm earned $0.25 EPS. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. As a group, analysts predict that NVIDIA will post 2.67 EPS for the current year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 1.88%.

NVIDIA declared that its board has initiated a stock buyback program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $119.03, for a total value of $14,283,600.00. Following the transaction, the chief executive officer now directly owns 76,494,995 shares of the company’s stock, valued at $9,105,199,254.85. This represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. Company insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc grew its position in NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of NVIDIA by 854.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after acquiring an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of NVIDIA by 870.3% during the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after purchasing an additional 91,867,031 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of NVIDIA by 1,123.2% during the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after purchasing an additional 84,515,429 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after purchasing an additional 73,589,208 shares during the period. 65.27% of the stock is currently owned by institutional investors.

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.