NVIDIA (NASDAQ:NVDA) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of NVIDIA (NASDAQ:NVDA) in a research note published on Thursday morning, MarketBeat Ratings reports. Wedbush currently has a $160.00 target price on the computer hardware maker’s stock, up from their prior target price of $138.00.

Several other brokerages have also recently commented on NVDA. Needham & Company LLC raised their target price on shares of NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Melius Research raised their price objective on NVIDIA from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Susquehanna increased their target price on NVIDIA from $160.00 to $180.00 and gave the stock a “positive” rating in a report on Thursday. Citigroup raised their price target on NVIDIA from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Loop Capital reaffirmed a “buy” rating and set a $175.00 price objective on shares of NVIDIA in a research report on Monday, August 26th. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $152.40.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $141.98 on Thursday. The stock has a 50 day simple moving average of $130.97 and a 200 day simple moving average of $120.58. The stock has a market cap of $3.48 trillion, a P/E ratio of 66.60, a PEG ratio of 1.49 and a beta of 1.66. NVIDIA has a 1-year low of $45.01 and a 1-year high of $149.77. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last posted its earnings results 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 company 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 earned $0.25 earnings per share. The company’s revenue was up 122.4% on a year-over-year basis. Research analysts anticipate that NVIDIA will post 2.67 earnings per share for the current year.

NVIDIA declared that its board has authorized 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

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

Insider Transactions at NVIDIA

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were 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. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mark A. Stevens sold 40,000 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $121.01, for a total transaction of $4,840,400.00. Following the transaction, the director now owns 8,380,117 shares in the company, valued at $1,014,077,958.17. The trade was a 0.48 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of NVIDIA by 2.2% during the third quarter. Geode Capital Management LLC now owns 546,079,492 shares of the computer hardware maker’s stock worth $66,101,133,000 after purchasing an additional 11,525,969 shares during the period. Greenwood Gearhart Inc. increased its stake in NVIDIA by 15.2% during the 3rd quarter. Greenwood Gearhart Inc. now owns 267,472 shares of the computer hardware maker’s stock valued at $32,482,000 after purchasing an additional 35,195 shares in the last quarter. Valued Retirements Inc. acquired a new position in NVIDIA during the third quarter worth $866,000. 3Chopt Investment Partners LLC grew its holdings in shares of NVIDIA by 6.2% during the third quarter. 3Chopt Investment Partners LLC now owns 159,780 shares of the computer hardware maker’s stock valued at $19,405,000 after buying an additional 9,275 shares during the last quarter. Finally, Sender Co & Partners Inc. bought a new stake in shares of NVIDIA during the third quarter worth about $207,000. Institutional investors own 65.27% of the company’s stock.

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.