NVIDIA (NASDAQ:NVDA) Given New $170.00 Price Target at Raymond James

NVIDIA (NASDAQ:NVDA) had its price objective upped by Raymond James from $140.00 to $170.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a strong-buy rating on the computer hardware maker’s stock.

Other analysts have also issued research reports about the stock. Redburn Atlantic started coverage on shares of NVIDIA in a report on Tuesday. They set a “buy” rating and a $178.00 price objective for the company. Piper Sandler raised their price objective on shares of NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday. Benchmark reaffirmed a “buy” rating and set a $170.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Robert W. Baird raised their price objective on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Truist Financial boosted their price objective 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. Five research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

NVIDIA Stock Down 3.3 %

Shares of NASDAQ NVDA traded down $4.78 during mid-day trading on Thursday, reaching $141.98. The company had a trading volume of 246,946,036 shares, compared to its average volume of 399,397,188. NVIDIA has a twelve month low of $45.01 and a twelve month high of $149.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The stock has a market capitalization of $3.48 trillion, a PE ratio of 66.95, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. The stock’s 50 day moving average is $130.18 and its 200-day moving average is $119.70.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the company earned $0.25 earnings per share. The firm’s revenue was up 122.4% on a year-over-year basis. As a group, equities analysts anticipate that NVIDIA will post 2.66 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

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

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

Insider Activity

In related news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the transaction, the chief financial officer now directly owns 4,954,214 shares of the company’s stock, valued at $577,611,810.26. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in NVIDIA by 4.3% in the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after purchasing an additional 8,828,050 shares during the period. Legal & General Group Plc grew its holdings in shares of NVIDIA by 884.0% during the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $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% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after buying an additional 163,482,580 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of NVIDIA by 3.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock valued at $21,908,236,000 after buying an additional 6,526,200 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of NVIDIA by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock valued at $17,738,630,000 after buying an additional 2,042,348 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Company Profile

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.