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

NVIDIA (NASDAQ:NVDA) had its price target raised by equities research analysts at Raymond James from $140.00 to $170.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “strong-buy” rating on the computer hardware maker’s stock. Raymond James’ price objective indicates a potential upside of 19.74% from the company’s current price.

A number of other equities research analysts have also weighed in on NVDA. Morgan Stanley upped their target price on shares of NVIDIA from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Melius Research raised their target price on NVIDIA from $165.00 to $185.00 and gave the company a “buy” rating in a report on Monday, November 11th. Mizuho upped their price target on NVIDIA from $140.00 to $165.00 and gave the stock an “outperform” rating in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $200.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Benchmark reiterated a “buy” rating and issued a $170.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

NVIDIA Trading Down 3.3 %

Shares of NVIDIA stock opened at $141.98 on Thursday. The stock has a market capitalization of $3.48 trillion, a PE ratio of 66.66, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. NVIDIA has a 52 week low of $45.01 and a 52 week high of $149.77. The stock has a 50 day moving average price of $130.97 and a two-hundred day moving average price of $120.08. 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 posted 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 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 the consensus estimate of $28.74 billion. During the same quarter last year, the firm posted $0.25 EPS. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. As a group, equities analysts anticipate that NVIDIA will post 2.66 earnings per share for the current fiscal year.

NVIDIA declared that its board has authorized a stock buyback 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 repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the 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 owns 76,494,995 shares in the company, valued at $9,105,199,254.85. This trade represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock valued at $254,784,327 over the last three months. 4.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NVIDIA

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in NVIDIA by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 546,079,492 shares of the computer hardware maker’s stock valued at $66,101,133,000 after buying an additional 11,525,969 shares during the period. Vanguard Group Inc. boosted its holdings in shares of NVIDIA by 4.3% during 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 stake in shares of 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 purchasing an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in 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 valued at $22,561,200,000 after purchasing an additional 163,482,580 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in NVIDIA by 3.8% during the 3rd 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 purchasing an additional 6,526,200 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other 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.