Nvidia Corp. (NVDA) Downgraded by Zacks Investment Research to “Hold”
Nvidia Corp. (NASDAQ:NVDA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “NVIDIA offers digital media processors and related software for a wide range of visual computing platforms. Estimates have been stable lately ahead of the company’s 3Q17 earnings release. The company has positive record of earnings surprises in recent quarters. NVIDIA’s sustained efforts toward attaining robust position in several emerging industries such as Artificial Intelligence (AI), deep learning and driverless cars industry, makes us optimistic about its growth prospect. Furthermore, by expanding its business avenues, the company will be able to reduce its dependency on the PC industry, which is currently declining. NVIDIA’s innovative product pipeline and strength in gaming and high-end notebook GPUs remain the positives. Nonetheless, competition from the likes of Intel and QUALCOMM Inc. remains a near-term headwind. Additionally, continuous decline in PC sales is a cause of concern for NVIDIA’s GPU segment.”
Other research analysts also recently issued research reports about the stock. Mizuho started coverage on shares of Nvidia Corp. in a report on Thursday, July 14th. They issued a “buy” rating and a $60.00 target price on the stock. B. Riley reiterated a “buy” rating and issued a $58.00 target price on shares of Nvidia Corp. in a report on Monday, July 11th. Needham & Company LLC reiterated a “buy” rating on shares of Nvidia Corp. in a report on Monday, July 18th. Canaccord Genuity reiterated a “buy” rating and issued a $60.00 target price on shares of Nvidia Corp. in a report on Monday, July 18th. Finally, Vetr upgraded shares of Nvidia Corp. from a “hold” rating to a “buy” rating and set a $47.09 target price on the stock in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.45.
Shares of Nvidia Corp. (NASDAQ:NVDA) opened at 66.61 on Wednesday. Nvidia Corp. has a one year low of $24.75 and a one year high of $69.70. The company has a 50-day moving average price of $64.58 and a 200 day moving average price of $51.70. The firm has a market capitalization of $35.64 billion, a P/E ratio of 43.76 and a beta of 1.25.
Nvidia Corp. (NASDAQ:NVDA) last announced its earnings results on Thursday, August 11th. The computer hardware maker reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.35 billion. Nvidia Corp. had a net margin of 16.58% and a return on equity of 20.86%. The business’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.34 EPS. Analysts expect that Nvidia Corp. will post $1.85 earnings per share for the current fiscal year.
In related news, CFO Colette Kress sold 38,039 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $62.18, for a total transaction of $2,365,265.02. Following the completion of the transaction, the chief financial officer now owns 512,374 shares in the company, valued at $31,859,415.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jen Hsun Huang sold 40,000 shares of the stock in a transaction on 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 transaction, the insider now owns 1,817,279 shares of the company’s stock, valued at approximately $106,601,586.14. The disclosure for this sale can be found here. Corporate insiders own 5.82% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Washington Trust Bank boosted its position in shares of Nvidia Corp. by 0.8% in the third quarter. Washington Trust Bank now owns 6,753 shares of the computer hardware maker’s stock valued at $463,000 after buying an additional 54 shares during the last quarter. Atlantic Trust Group LLC boosted its stake in shares of Nvidia Corp. by 0.3% in the second quarter. Atlantic Trust Group LLC now owns 27,441 shares of the computer hardware maker’s stock worth $1,289,000 after buying an additional 81 shares in the last quarter. IFC Holdings Incorporated FL boosted its stake in shares of Nvidia Corp. by 1.2% in the second quarter. IFC Holdings Incorporated FL now owns 8,639 shares of the computer hardware maker’s stock worth $403,000 after buying an additional 100 shares in the last quarter. Koshinski Asset Management Inc. boosted its stake in shares of Nvidia Corp. by 2.4% in the third quarter. Koshinski Asset Management Inc. now owns 5,234 shares of the computer hardware maker’s stock worth $359,000 after buying an additional 122 shares in the last quarter. Finally, Advantus Capital Management Inc boosted its stake in shares of Nvidia Corp. by 0.3% in the second quarter. Advantus Capital Management Inc now owns 50,125 shares of the computer hardware maker’s stock worth $2,356,000 after buying an additional 131 shares in the last quarter. Institutional investors and hedge funds own 86.29% of the company’s stock.
Nvidia Corp. Company Profile
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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