RBC Capital Markets Reiterates Outperform Rating for Nvidia Corp. (NVDA)
Nvidia Corp. (NASDAQ:NVDA)‘s stock had its “outperform” rating reissued by stock analysts at RBC Capital Markets in a research note issued to investors on Tuesday. They currently have a $80.00 target price on the computer hardware maker’s stock, up from their previous target price of $72.00. RBC Capital Markets’ target price would indicate a potential upside of 14.35% from the company’s previous close.
A number of other equities research analysts also recently weighed in on NVDA. Vetr downgraded shares of Nvidia Corp. from a “hold” rating to a “sell” rating and set a $48.46 price target on the stock. in a research note on Monday, July 11th. B. Riley reiterated a “buy” rating and set a $58.00 price target on shares of Nvidia Corp. in a research note on Monday, July 11th. Mizuho started coverage on shares of Nvidia Corp. in a research note on Thursday, July 14th. They set a “buy” rating and a $60.00 price target on the stock. Wells Fargo & Co. downgraded shares of Nvidia Corp. from a “market perform” rating to an “underperform” rating and lifted their price target for the stock from $19.09 to $46.70 in a research note on Friday, July 15th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $60.00 price target on shares of Nvidia Corp. in a research note on Monday, July 18th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Nvidia Corp. currently has a consensus rating of “Buy” and a consensus price target of $62.16.
Nvidia Corp. (NASDAQ:NVDA) opened at 69.96 on Tuesday. The firm has a market cap of $37.43 billion, a PE ratio of 45.97 and a beta of 1.17. The firm’s 50-day moving average is $67.93 and its 200 day moving average is $55.41. Nvidia Corp. has a 1-year low of $24.75 and a 1-year high of $72.95.
Nvidia Corp. (NASDAQ:NVDA) last posted its quarterly earnings results on Thursday, August 11th. The computer hardware maker reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.16. Nvidia Corp. had a net margin of 16.58% and a return on equity of 20.86%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company earned $0.34 earnings per share. The business’s revenue was up 23.9% compared to the same quarter last year. On average, equities analysts forecast that Nvidia Corp. will post $1.85 earnings per share for the current fiscal year.
In other news, 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 transaction 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 $31,859,415.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tench Coxe sold 85,551 shares of Nvidia Corp. stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $68.75, for a total value of $5,881,631.25. The disclosure for this sale can be found here. 5.82% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NVDA. FDO Partners LLC purchased a new stake in shares of Nvidia Corp. during the third quarter worth approximately $460,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Nvidia Corp. by 21.1% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,271,484 shares of the computer hardware maker’s stock worth $155,642,000 after buying an additional 396,257 shares during the last quarter. Suntrust Banks Inc. raised its stake in shares of Nvidia Corp. by 18.1% in the third quarter. Suntrust Banks Inc. now owns 58,404 shares of the computer hardware maker’s stock worth $4,000,000 after buying an additional 8,970 shares during the last quarter. American International Group Inc. raised its stake in shares of Nvidia Corp. by 3.4% in the third quarter. American International Group Inc. now owns 245,078 shares of the computer hardware maker’s stock worth $16,793,000 after buying an additional 7,960 shares during the last quarter. Finally, Atlanta Capital Group purchased a new stake in shares of Nvidia Corp. during the third quarter worth approximately $2,152,000. 86.24% of the stock is currently owned by hedge funds and other 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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