Citigroup Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

NVIDIA (NASDAQ:NVDA) had its target price hoisted by analysts at Citigroup from $150.00 to $170.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the computer hardware maker’s stock. Citigroup’s target price indicates a potential upside of 15.84% from the stock’s previous close.

NVDA has been the subject of several other reports. Robert W. Baird raised their target price on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on shares of NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Piper Sandler upped their price objective on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday. Craig Hallum upped their price target on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Redburn Atlantic initiated coverage on shares of NVIDIA in a research report on Tuesday. They set a “buy” rating and a $178.00 target price for the company. 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 MarketBeat, NVIDIA currently has an average rating of “Moderate Buy” and an average price target of $152.40.

NVIDIA Stock Up 0.3 %

Shares of NVDA stock opened at $146.76 on Wednesday. The firm has a market cap of $3.60 trillion, a PE ratio of 68.84, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. NVIDIA has a 12 month low of $45.01 and a 12 month high of $149.77. The stock has a 50 day moving average of $129.39 and a 200-day moving average of $119.51. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $28.74 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. On average, equities analysts predict that NVIDIA will post 2.66 EPS for the current year.

NVIDIA announced that its board has authorized a share repurchase plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 76,494,995 shares in the company, valued at approximately $9,105,199,254.85. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,156,270 shares of company stock worth $254,784,327. Company insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Several large investors have recently bought and sold shares of the company. Lowe Wealth Advisors LLC acquired a new stake in shares of NVIDIA in the second quarter valued at about $25,000. DHJJ Financial Advisors Ltd. lifted its position in shares of NVIDIA by 1,900.0% in the 2nd 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 during the period. FPC Investment Advisory Inc. acquired a new stake in shares of NVIDIA during the first quarter worth $26,000. CGC Financial Services LLC acquired a new position in NVIDIA in the second quarter valued at $26,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new stake in NVIDIA during the first quarter valued at $27,000. 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.