Morgan Stanley Trims NVIDIA (NVDA) Target Price to $260.00

NVIDIA (NASDAQ:NVDA) had its price objective cut by Morgan Stanley from $273.00 to $260.00 in a report published on Thursday, The Fly reports. They currently have an overweight rating on the computer hardware maker’s stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. raised shares of NVIDIA from a neutral rating to an overweight rating and lowered their price objective for the stock from $265.00 to $255.00 in a research report on Tuesday, October 30th. Bank of America lowered their price objective on shares of NVIDIA from $360.00 to $300.00 and set a buy rating on the stock in a research report on Thursday, October 25th. BidaskClub lowered shares of NVIDIA from a buy rating to a hold rating in a research report on Wednesday, October 24th. UBS Group lowered their price objective on shares of NVIDIA from $280.00 to $260.00 and set a neutral rating on the stock in a research report on Tuesday, October 23rd. Finally, Goldman Sachs Group raised shares of NVIDIA from a buy rating to a conviction-buy rating and lowered their price objective for the stock from $324.00 to $305.00 in a research report on Thursday, October 18th. Eleven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $291.53.

NVIDIA stock traded down $0.32 during midday trading on Thursday, hitting $205.67. 10,298,458 shares of the stock were exchanged, compared to its average volume of 14,292,576. The stock has a market cap of $125.24 billion, a PE ratio of 44.04, a price-to-earnings-growth ratio of 2.70 and a beta of 2.01. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.66 and a current ratio of 7.41. NVIDIA has a 52-week low of $176.01 and a 52-week high of $292.76.

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

In related news, insider Michael Byron sold 11,257 shares of the company’s 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 sale, the insider now owns 81,414 shares of the company’s stock, valued at approximately $21,488,411.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ajay K. Puri sold 90,831 shares of the company’s stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $289.35, for a total transaction of $26,281,949.85. Following the sale, the executive vice president now directly owns 184,001 shares in the company, valued at approximately $53,240,689.35. The disclosure for this sale can be found here. In the last three months, insiders sold 113,707 shares of company stock worth $32,347,973. Insiders own 4.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of NVDA. SG Americas Securities LLC increased its holdings in NVIDIA by 104.9% during the 3rd quarter. SG Americas Securities LLC now owns 105,055 shares of the computer hardware maker’s stock worth $29,523,000 after acquiring an additional 2,227,433 shares during the period. FMR LLC grew its stake in NVIDIA by 3.5% in the 2nd quarter. FMR LLC now owns 48,594,422 shares of the computer hardware maker’s stock worth $11,512,019,000 after buying an additional 1,656,748 shares in the last quarter. Janus Henderson Group PLC grew its stake in NVIDIA by 63.7% in the 2nd quarter. Janus Henderson Group PLC now owns 4,222,049 shares of the computer hardware maker’s stock worth $1,000,199,000 after buying an additional 1,643,689 shares in the last quarter. Jennison Associates LLC grew its stake in NVIDIA by 18.8% in the 2nd quarter. Jennison Associates LLC now owns 7,800,112 shares of the computer hardware maker’s stock worth $1,847,847,000 after buying an additional 1,234,191 shares in the last quarter. Finally, FIL Ltd grew its stake in NVIDIA by 11,029.1% in the 3rd quarter. FIL Ltd now owns 615,216 shares of the computer hardware maker’s stock worth $172,888,000 after buying an additional 609,688 shares in the last quarter. 65.71% of the stock is currently owned by institutional investors and hedge funds.

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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