Bank of America Issues Positive Forecast for NVIDIA (NASDAQ:NVDA) Stock Price

NVIDIA (NASDAQ:NVDA) had its target price boosted by Bank of America from $190.00 to $200.00 in a research note issued to investors on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the computer hardware maker’s stock.

Several other research analysts have also issued reports on the stock. Barclays increased their price target on shares of NVIDIA from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on shares of NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Tigress Financial reissued a “buy” rating on shares of NVIDIA in a research report on Wednesday. Morgan Stanley restated an “overweight” rating and issued a $162.00 price target (up previously from $152.00) on shares of NVIDIA in a research note on Wednesday. Finally, Truist Financial lifted their price objective on NVIDIA from $148.00 to $167.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $169.62.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $120.15 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. NVIDIA has a 1 year low of $75.61 and a 1 year high of $153.13. The company’s 50-day moving average is $134.39 and its 200 day moving average is $131.81. The stock has a market capitalization of $2.94 trillion, a P/E ratio of 47.28, a P/E/G ratio of 1.76 and a beta of 1.62.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.05. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm had revenue of $39.33 billion during the quarter, compared to analyst estimates of $38.16 billion. On average, sell-side analysts expect that NVIDIA will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s payout ratio is 1.57%.

Insider Activity at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the sale, the director now owns 28,671,360 shares in the company, valued at $3,763,402,713.60. This trade represents a 3.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ajay K. Puri sold 36,462 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $151.10, for a total transaction of $5,509,408.20. Following the transaction, the executive vice president now owns 3,902,888 shares of the company’s stock, valued at approximately $589,726,376.80. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,107,632 shares of company stock worth $146,405,286. 4.23% of the stock is owned by corporate insiders.

Institutional Trading of NVIDIA

Several hedge funds have recently bought and sold shares of the stock. Brucke Financial Inc. purchased a new position in shares of NVIDIA during the fourth quarter valued at about $3,781,000. Azzad Asset Management Inc. ADV boosted its stake in NVIDIA by 0.5% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 251,368 shares of the computer hardware maker’s stock valued at $33,756,000 after buying an additional 1,275 shares during the last quarter. Omnia Family Wealth LLC increased its stake in NVIDIA by 3.5% in the 4th quarter. Omnia Family Wealth LLC now owns 24,082 shares of the computer hardware maker’s stock worth $3,234,000 after acquiring an additional 813 shares during the last quarter. Landaas & Co. WI ADV increased its stake in NVIDIA by 6.6% in the 4th quarter. Landaas & Co. WI ADV now owns 6,830 shares of the computer hardware maker’s stock worth $917,000 after acquiring an additional 420 shares during the last quarter. Finally, KMT Wealth Management LLC purchased a new stake in shares of NVIDIA during the 4th quarter worth approximately $302,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

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.