Nvidia Corp. (NVDA) Receives Buy Rating from Bank of America Corp.
Bank of America Corp. reaffirmed their buy rating on shares of Nvidia Corp. (NASDAQ:NVDA) in a research note released on Wednesday morning. The firm currently has a $80.00 target price on the computer hardware maker’s stock.
A number of other brokerages also recently issued reports on NVDA. Jefferies Group lifted their price target on Nvidia Corp. from $56.00 to $69.00 and gave the company a buy rating in a research report on Monday, August 8th. RBC Capital Markets restated an outperform rating and issued a $72.00 target price on shares of Nvidia Corp. in a research report on Wednesday, August 31st. B. Riley restated a buy rating and issued a $58.00 target price on shares of Nvidia Corp. in a research report on Monday, July 11th. Goldman Sachs Group Inc. boosted their target price on Nvidia Corp. to $70.00 and gave the stock a buy rating in a research report on Friday, August 12th. Finally, BMO Capital Markets restated a hold rating and issued a $59.00 target price on shares of Nvidia Corp. in a research report on Friday, August 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty have issued a buy rating to the company’s stock. Nvidia Corp. has an average rating of Buy and an average target price of $58.59.
Nvidia Corp. (NASDAQ:NVDA) traded down 2.75% during trading on Wednesday, hitting $64.60. The company’s stock had a trading volume of 5,019,053 shares. The firm has a 50 day moving average of $64.12 and a 200 day moving average of $50.72. Nvidia Corp. has a 12 month low of $24.75 and a 12 month high of $69.70. The firm has a market cap of $34.56 billion, a P/E ratio of 42.44 and a beta of 1.25.
Nvidia Corp. (NASDAQ:NVDA) last issued its quarterly earnings results on Thursday, August 11th. The computer hardware maker reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.16. The firm earned $1.43 billion during the quarter, compared to the consensus estimate of $1.35 billion. Nvidia Corp. had a return on equity of 20.86% and a net margin of 16.58%. The company’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter last year, the company posted $0.34 EPS. Equities research analysts predict that Nvidia Corp. will post $1.85 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, August 25th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Tuesday, August 23rd. This represents a $0.46 annualized dividend and a yield of 0.69%. Nvidia Corp.’s dividend payout ratio (DPR) is 30.26%.
In other Nvidia Corp. news, insider Jen Hsun Huang sold 40,000 shares of Nvidia Corp. stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $58.66, for a total transaction of $2,346,400.00. Following the completion of the sale, the insider now owns 1,817,279 shares of the company’s stock, valued at approximately $106,601,586.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Colette Kress sold 38,039 shares of Nvidia Corp. stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $62.18, for a total value of $2,365,265.02. Following the sale, the chief financial officer now directly owns 512,374 shares of the company’s stock, valued at approximately $31,859,415.32. The disclosure for this sale can be found here. Corporate insiders own 5.82% of the company’s stock.
A number of hedge funds have recently modified their holdings of NVDA. Jennison Associates LLC boosted its stake in shares of Nvidia Corp. by 568.9% in the second quarter. Jennison Associates LLC now owns 9,402,566 shares of the computer hardware maker’s stock worth $442,015,000 after buying an additional 7,996,913 shares in the last quarter. Capital World Investors purchased a new stake in shares of Nvidia Corp. during the second quarter worth approximately $172,995,000. Egerton Capital UK LLP boosted its stake in shares of Nvidia Corp. by 51.6% in the second quarter. Egerton Capital UK LLP now owns 4,751,116 shares of the computer hardware maker’s stock worth $223,350,000 after buying an additional 1,616,816 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Nvidia Corp. by 93.1% in the second quarter. UBS Asset Management Americas Inc. now owns 3,256,177 shares of the computer hardware maker’s stock worth $153,075,000 after buying an additional 1,570,339 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in shares of Nvidia Corp. during the second quarter worth approximately $107,511,000. 86.37% of the stock is owned by institutional investors.
About Nvidia Corp.
NVIDIA Corporation (NVIDIA) is engaged in visual computing. The Company operates through segments, including GPU and Tegra Processor. Its GPU businesses include GeForce for personal computer (PC) gaming; Quadro for design professionals working in computer-aided design, video editing, special effects and other creative applications; Tesla for deep learning and accelerated computing, leveraging the parallel computing capabilities of graphics processing units (GPUs) for general purpose computing, and GRID to provide the power of NVIDIA graphics through the cloud and datacenters.
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