Wedbush Reaffirms Outperform Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They presently have a $175.00 price target on the computer hardware maker’s stock. Wedbush’s price objective suggests a potential upside of 30.25% from the stock’s current price.

A number of other brokerages have also recently weighed in on NVDA. Raymond James lifted their price target on NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 14th. Loop Capital reiterated a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a report on Wednesday, November 20th. Rosenblatt Securities restated a “buy” rating and set a $220.00 price target on shares of NVIDIA in a report on Wednesday, January 8th. Stifel Nicolaus raised their price objective on shares of NVIDIA from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, DA Davidson lifted their price objective on shares of NVIDIA from $90.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $168.21.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $134.35 on Thursday. The stock has a market cap of $3.29 trillion, a P/E ratio of 52.87, a P/E/G ratio of 1.75 and a beta of 1.62. The firm’s 50-day simple moving average is $134.66 and its 200 day simple moving average is $131.14. NVIDIA has a fifty-two week low of $74.22 and a fifty-two week high of $153.13. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business’s revenue for the quarter was up 93.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 EPS. Equities analysts expect that NVIDIA will post 2.77 EPS for the current year.

Insider Activity at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $131.26, for a total value of $131,260,000.00. Following the completion of the transaction, the director now owns 28,671,360 shares of the company’s stock, valued at $3,763,402,713.60. This represents a 3.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $135.40, for a total value of $9,027,118.00. Following the completion of the transaction, the chief financial officer now owns 3,351,572 shares of the company’s stock, valued at $453,802,848.80. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,348 shares of company stock valued at $146,506,958 in the last quarter. Insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ironwood Wealth Management LLC. lifted its holdings in NVIDIA by 896.9% during the 2nd quarter. Ironwood Wealth Management LLC. now owns 6,330 shares of the computer hardware maker’s stock worth $782,000 after buying an additional 5,695 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of NVIDIA in the second quarter worth approximately $31,000. Beck Bode LLC boosted its holdings in NVIDIA by 698.5% in the second quarter. Beck Bode LLC now owns 182,866 shares of the computer hardware maker’s stock valued at $22,591,000 after acquiring an additional 159,966 shares during the last quarter. Optimist Retirement Group LLC increased its position in NVIDIA by 449.9% during the 2nd quarter. Optimist Retirement Group LLC now owns 1,919 shares of the computer hardware maker’s stock valued at $237,000 after purchasing an additional 1,570 shares during the period. Finally, Haverford Financial Services Inc. bought a new position in NVIDIA during the 2nd quarter worth approximately $3,513,000. Institutional investors and hedge funds 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.