Nvidia Corp. (NVDA) Raised to “Buy” at Needham & Company LLC
Nvidia Corp. (NASDAQ:NVDA) was upgraded by equities research analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.
NVDA has been the topic of several other reports. Stifel Nicolaus reissued a “hold” rating and issued a $76.00 price objective (up from $64.00) on shares of Nvidia Corp. in a report on Sunday. Wells Fargo & Co. reissued an “underperform” rating and issued a $59.00 price objective (up from $33.00) on shares of Nvidia Corp. in a report on Sunday. Brean Capital reissued a “hold” rating on shares of Nvidia Corp. in a report on Sunday. Vetr lowered Nvidia Corp. from a “hold” rating to a “strong sell” rating and set a $76.62 price objective on the stock. in a report on Monday. Finally, B. Riley reissued a “buy” rating and issued a $100.00 price objective on shares of Nvidia Corp. in a report on Saturday. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $70.57.
Nvidia Corp. (NASDAQ:NVDA) opened at 87.97 on Monday. The company has a market cap of $47.06 billion, a P/E ratio of 57.80 and a beta of 1.17. The stock’s 50 day moving average price is $68.65 and its 200 day moving average price is $55.87. Nvidia Corp. has a 52-week low of $24.75 and a 52-week high of $88.77.
Nvidia Corp. (NASDAQ:NVDA) last posted its earnings results on Thursday, November 10th. The computer hardware maker reported $0.94 EPS for the quarter, topping the consensus estimate of $0.57 by $0.37. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.69 billion. Nvidia Corp. had a return on equity of 26.82% and a net margin of 19.52%. Nvidia Corp.’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period last year, the company earned $0.44 earnings per share. Analysts expect that Nvidia Corp. will post $1.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Monday, November 28th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, November 23rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.64%. This is a boost from Nvidia Corp.’s previous quarterly dividend of $0.12. Nvidia Corp.’s dividend payout ratio is currently 24.08%.
In related news, insider Jen Hsun Huang sold 43,727 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $62.81, for a total value of $2,746,492.87. Following the sale, the insider now owns 1,827,279 shares in the company, valued at approximately $114,771,393.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Tench Coxe sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $63.66, for a total value of $3,055,680.00. The disclosure for this sale can be found here. 5.82% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. West Oak Capital LLC boosted its stake in Nvidia Corp. by 183.6% in the third quarter. West Oak Capital LLC now owns 1,560 shares of the computer hardware maker’s stock worth $107,000 after buying an additional 1,010 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake in Nvidia Corp. by 52.2% in the third quarter. Cornerstone Advisors Inc. now owns 1,784 shares of the computer hardware maker’s stock worth $122,000 after buying an additional 612 shares in the last quarter. Stephens Inc. AR boosted its stake in Nvidia Corp. by 10.2% in the third quarter. Stephens Inc. AR now owns 1,926 shares of the computer hardware maker’s stock worth $132,000 after buying an additional 179 shares in the last quarter. Advisors Preferred LLC boosted its stake in Nvidia Corp. by 791.9% in the third quarter. Advisors Preferred LLC now owns 2,310 shares of the computer hardware maker’s stock worth $158,000 after buying an additional 2,051 shares in the last quarter. Finally, Brick & Kyle Associates boosted its stake in Nvidia Corp. by 25.1% in the second quarter. Brick & Kyle Associates now owns 2,502 shares of the computer hardware maker’s stock worth $118,000 after buying an additional 502 shares in the last quarter. Institutional investors and hedge funds own 86.45% 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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