Wells Fargo & Company Raises NVIDIA (NASDAQ:NVDA) Price Target to $165.00

NVIDIA (NASDAQ:NVDA) had its price target raised by Wells Fargo & Company from $155.00 to $165.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the computer hardware maker’s stock.

Several other equities research analysts have also recently commented on the company. Susquehanna lifted their target price on NVIDIA from $120.00 to $145.00 and gave the company a positive rating in a research note on Monday, June 10th. Cantor Fitzgerald boosted their price objective on NVIDIA from $140.00 to $175.00 and gave the stock an overweight rating in a report on Wednesday, June 26th. Mizuho upped their target price on shares of NVIDIA from $118.00 to $127.50 and gave the company a buy rating in a research report on Tuesday, June 4th. Benchmark lifted their price target on shares of NVIDIA from $135.00 to $170.00 and gave the stock a buy rating in a research report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft restated a hold rating and issued a $100.00 price objective on shares of NVIDIA in a report on Monday, August 5th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, NVIDIA has a consensus rating of Moderate Buy and an average price target of $142.10.

NVIDIA Stock Up 1.5 %

Shares of NASDAQ NVDA opened at $119.37 on Thursday. NVIDIA has a 12-month low of $39.23 and a 12-month high of $140.76. The firm’s 50-day simple moving average is $120.10 and its 200 day simple moving average is $103.13. The company has a quick ratio of 3.14, a current ratio of 3.53 and a debt-to-equity ratio of 0.17. The company has a market cap of $2.94 trillion, a price-to-earnings ratio of 69.81, a price-to-earnings-growth ratio of 1.15 and a beta of 1.68.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 53.40% and a return on equity of 110.60%. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. On average, research analysts expect that NVIDIA will post 2.53 earnings per share for the current fiscal year.

NVIDIA declared that its board has authorized a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

Insider Transactions at NVIDIA

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $128.17, for a total value of $576,765.00. Following the completion of the transaction, the insider now directly owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction on Friday, June 21st. The shares were sold at an average price of $128.17, for a total value of $576,765.00. Following the completion of the sale, the insider now owns 503,878 shares in the company, valued at $64,582,043.26. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Tench Coxe sold 100,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $1,194.57, for a total transaction of $119,457,000.00. Following the transaction, the director now owns 2,967,136 shares in the company, valued at $3,544,451,651.52. The disclosure for this sale can be found here. Insiders have sold a total of 4,021,333 shares of company stock worth $599,173,182 in the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creekside Partners bought a new stake in NVIDIA in the 2nd quarter valued at $1,982,000. NCP Inc. increased its holdings in shares of NVIDIA by 922.3% in the second quarter. NCP Inc. now owns 179,890 shares of the computer hardware maker’s stock valued at $22,224,000 after purchasing an additional 162,293 shares during the last quarter. Brown Financial Advisors bought a new position in shares of NVIDIA in the second quarter valued at about $3,697,000. Gordian Capital Singapore Pte Ltd lifted its stake in shares of NVIDIA by 442.6% during the 2nd quarter. Gordian Capital Singapore Pte Ltd now owns 128,095 shares of the computer hardware maker’s stock worth $15,825,000 after buying an additional 104,488 shares during the last quarter. Finally, Centennial Bank AR boosted its holdings in shares of NVIDIA by 1,205.3% during the 2nd quarter. Centennial Bank AR now owns 979 shares of the computer hardware maker’s stock worth $121,000 after buying an additional 904 shares during the period. 65.27% of the stock is currently owned by institutional investors.

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.