Piper Sandler Reaffirms “Overweight” Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They presently have a $140.00 price objective on the computer hardware maker’s stock. Piper Sandler’s target price points to a potential upside of 16.10% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. StockNews.com cut NVIDIA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $100.00 price objective on shares of NVIDIA in a research report on Monday, August 5th. Needham & Company LLC increased their target price on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a research report on Thursday. Finally, TD Cowen lifted their target price on shares of NVIDIA from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Performance

NVDA stock traded down $5.02 during trading on Thursday, hitting $120.59. 287,952,561 shares of the company traded hands, compared to its average volume of 443,735,813. NVIDIA has a 1 year low of $39.23 and a 1 year high of $140.76. The company has a market cap of $2.97 trillion, a PE ratio of 70.59, a P/E/G ratio of 1.15 and a beta of 1.68. The stock’s 50-day simple moving average is $120.71 and its 200 day simple moving average is $102.54. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.53 and a quick ratio of 3.14.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.05. NVIDIA had a net margin of 53.40% and a return on equity of 110.60%. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same period in the previous year, the firm earned $0.25 EPS. The business’s quarterly revenue was up 122.4% on a year-over-year basis. On average, equities analysts expect that NVIDIA will post 2.53 earnings per share for the current fiscal year.

NVIDIA announced that its board has initiated a share repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $128.74, for a total transaction of $15,448,800.00. Following the completion of the transaction, the chief executive officer now owns 81,358,830 shares in the company, valued at $10,474,135,774.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $128.74, for a total transaction of $15,448,800.00. Following the transaction, the chief executive officer now owns 81,358,830 shares of the company’s stock, valued at $10,474,135,774.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $130.10, for a total value of $13,024,311.00. Following the completion of the sale, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at $512,509,435. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,021,333 shares of company stock worth $599,173,182. 4.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NVIDIA

Several large investors have recently modified their holdings of NVDA. Lowe Wealth Advisors LLC purchased a new stake in NVIDIA in the 2nd quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. boosted its stake in shares of NVIDIA by 1,900.0% in the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after buying an additional 190 shares in the last quarter. FPC Investment Advisory Inc. acquired a new position in NVIDIA during the first quarter worth $26,000. CGC Financial Services LLC acquired a new stake in NVIDIA in the second quarter valued at $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA during the 1st quarter worth $27,000. 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.