Morgan Stanley upgraded shares of NVIDIA (NASDAQ:NVDA) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday.
A number of other brokerages also recently commented on NVDA. BidaskClub upgraded shares of NVIDIA from a buy rating to a strong-buy rating in a report on Saturday, August 25th. Benchmark reiterated a buy rating and set a $310.00 price target (up from $280.00) on shares of NVIDIA in a report on Thursday, September 20th. Needham & Company LLC lifted their price target on shares of NVIDIA from $325.00 to $350.00 and gave the stock a buy rating in a report on Friday, September 14th. Tigress Financial reiterated a buy rating on shares of NVIDIA in a report on Friday, October 5th. Finally, Evercore ISI lifted their price target on shares of NVIDIA from $300.00 to $400.00 and gave the stock an outperform rating in a report on Friday, September 28th. Eleven research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $290.21.
NASDAQ:NVDA opened at $214.92 on Tuesday. The company has a quick ratio of 6.66, a current ratio of 7.41 and a debt-to-equity ratio of 0.23. NVIDIA has a twelve month low of $176.01 and a twelve month high of $292.76. The stock has a market cap of $123.42 billion, a price-to-earnings ratio of 46.02, a price-to-earnings-growth ratio of 2.66 and a beta of 1.64.
NVIDIA (NASDAQ:NVDA) last posted its earnings results on Thursday, August 16th. The computer hardware maker reported $1.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.66 by $0.28. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.11 billion. NVIDIA had a net margin of 36.21% and a return on equity of 54.18%. The firm’s revenue for the quarter was up 40.0% on a year-over-year basis. During the same period last year, the firm posted $1.01 EPS. On average, research analysts forecast that NVIDIA will post 7.15 EPS for the current year.
In other NVIDIA news, EVP Ajay K. Puri sold 90,831 shares of NVIDIA stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $289.35, for a total transaction of $26,281,949.85. Following the transaction, the executive vice president now directly owns 184,001 shares of the company’s stock, valued at $53,240,689.35. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael Byron sold 11,257 shares of NVIDIA stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $263.94, for a total transaction of $2,971,172.58. Following the transaction, the insider now directly owns 81,414 shares in the company, valued at $21,488,411.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,707 shares of company stock valued at $32,347,973. 4.70% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Holderness Investments Co. lifted its position in NVIDIA by 3.2% during the second quarter. Holderness Investments Co. now owns 6,481 shares of the computer hardware maker’s stock valued at $1,535,000 after buying an additional 200 shares in the last quarter. Grimes & Company Inc. lifted its position in NVIDIA by 9.0% during the second 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 in the last quarter. Charter Trust Co. lifted its position in NVIDIA by 4.9% during the second 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 in the last quarter. Concorde Asset Management LLC lifted its position in NVIDIA by 16.3% during the second 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 in the last quarter. Finally, LVW Advisors LLC lifted its position in NVIDIA by 11.7% during the second 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 in the last quarter. 65.80% of the stock is currently owned by hedge funds and other institutional investors.
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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