NVIDIA (NASDAQ:NVDA) Coverage Initiated at William Blair

Investment analysts at William Blair started coverage on shares of NVIDIA (NASDAQ:NVDA) in a research report issued on Wednesday, Briefing.com reports. The firm set an “outperform” rating on the computer hardware maker’s stock.

A number of other analysts also recently commented on the company. Evercore ISI boosted their target price on NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Raymond James boosted their target price on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Benchmark reiterated a “buy” rating and set a $170.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Craig Hallum boosted their target price on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. boosted their target price on NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Trading Down 1.0 %

NASDAQ:NVDA opened at $115.59 on Wednesday. The firm has a market cap of $2.84 trillion, a P/E ratio of 67.60, a PEG ratio of 1.06 and a beta of 1.67. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The stock’s 50 day simple moving average is $116.88 and its 200-day simple moving average is $106.63. NVIDIA has a 12-month low of $39.23 and a 12-month high of $140.76.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the prior year, the company posted $0.25 earnings per share. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. Equities analysts anticipate that NVIDIA will post 2.64 EPS for the current year.

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

Insider Buying and Selling

In related news, EVP Ajay K. Puri sold 100,110 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares in the company, valued at approximately $512,509,435. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Colette Kress sold 100,000 shares of NVIDIA stock in a transaction on Friday, June 21st. The stock was sold at an average price of $126.99, for a total transaction of $12,699,000.00. Following the transaction, the chief financial officer now directly owns 5,288,862 shares in the company, valued at approximately $671,632,585.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ajay K. Puri sold 100,110 shares of NVIDIA stock in a transaction on Friday, July 12th. The shares were sold at an average price of $130.10, for a total value of $13,024,311.00. Following the transaction, the executive vice president now owns 3,939,350 shares in the company, valued at $512,509,435. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,845,633 shares of company stock valued at $465,330,122. Insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after acquiring an additional 8,828,050 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after acquiring an additional 191,469,114 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of NVIDIA by 854.1% during 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 in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of NVIDIA by 870.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after acquiring an additional 91,867,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of NVIDIA by 1,123.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after acquiring an additional 84,515,429 shares in 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.