Needham & Company LLC Raises NVIDIA (NVDA) Price Target to $350.00

NVIDIA (NASDAQ:NVDA) had its price target boosted by Needham & Company LLC from $325.00 to $350.00 in a research report sent to investors on Friday morning, MarketBeat.com reports. The firm currently has a buy rating on the computer hardware maker’s stock.

Other analysts have also recently issued reports about the company. BidaskClub cut NVIDIA from a strong-buy rating to a buy rating in a research note on Saturday, August 18th. Stifel Nicolaus reaffirmed a hold rating and issued a $250.00 price target (up from $243.00) on shares of NVIDIA in a research note on Friday, August 17th. Royal Bank of Canada upped their price target on NVIDIA from $300.00 to $310.00 and gave the company an outperform rating in a research note on Monday, June 25th. Benchmark assumed coverage on NVIDIA in a research note on Tuesday, June 26th. They issued a buy rating and a $280.00 price target for the company. Finally, Oppenheimer raised NVIDIA from a market perform rating to an outperform rating and set a $310.00 price target for the company in a research note on Friday, August 17th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. NVIDIA presently has a consensus rating of Buy and a consensus price target of $283.35.

Shares of NVDA stock opened at $276.43 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 7.41 and a quick ratio of 6.66. The stock has a market capitalization of $163.07 billion, a PE ratio of 59.19, a P/E/G ratio of 3.52 and a beta of 1.62. NVIDIA has a one year low of $170.16 and a one year high of $285.22.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Thursday, August 16th. The computer hardware maker reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.28. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.11 billion. NVIDIA had a return on equity of 54.18% and a net margin of 36.21%. NVIDIA’s revenue was up 40.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. sell-side analysts expect that NVIDIA will post 7.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Thursday, August 30th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 29th. This represents a $0.60 dividend on an annualized basis and a yield of 0.22%. NVIDIA’s payout ratio is 12.85%.

In other NVIDIA news, CFO Colette Kress sold 889 shares of the company’s stock in a transaction that occurred on Thursday, June 21st. The stock was sold at an average price of $257.64, for a total transaction of $229,041.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harvey C. Jones sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of $242.11, for a total value of $24,211,000.00. Following the transaction, the director now directly owns 31,725 shares of the company’s stock, valued at approximately $7,680,939.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,932 shares of company stock valued at $24,452,088. 4.70% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Holderness Investments Co. boosted its position in NVIDIA by 3.2% during the 2nd quarter. Holderness Investments Co. now owns 6,481 shares of the computer hardware maker’s stock worth $1,535,000 after acquiring an additional 200 shares during the last quarter. Grimes & Company Inc. boosted its holdings in shares of NVIDIA by 9.0% in the 2nd quarter. Grimes & Company Inc. now owns 2,480 shares of the computer hardware maker’s stock valued at $588,000 after buying an additional 205 shares during the last quarter. Charter Trust Co. boosted its holdings in shares of NVIDIA by 4.9% in the 2nd quarter. Charter Trust Co. now owns 4,471 shares of the computer hardware maker’s stock valued at $1,059,000 after buying an additional 207 shares during the last quarter. Concorde Asset Management LLC boosted its holdings in shares of NVIDIA by 16.3% in the 2nd quarter. Concorde Asset Management LLC now owns 1,481 shares of the computer hardware maker’s stock valued at $351,000 after buying an additional 208 shares during the last quarter. Finally, LVW Advisors LLC boosted its holdings in shares of NVIDIA by 11.7% in the 2nd quarter. LVW Advisors LLC now owns 2,010 shares of the computer hardware maker’s stock valued at $476,000 after buying an additional 210 shares during the last quarter. 65.68% of the stock is owned by hedge funds and other institutional investors.

NVIDIA Company Profile

NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.

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