NVIDIA Corporation (NASDAQ:NVDA) Receives Buy Rating from Needham & Company LLC
NVIDIA Corporation (NASDAQ:NVDA)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Monday, July 10th, MarketBeat Ratings reports. They presently have a $200.00 price target on the computer hardware maker’s stock, up from their previous price target of $130.00. Needham & Company LLC’s price target would indicate a potential upside of 16.11% from the stock’s previous close.
The analysts wrote, “We are increasing our price target to $200 (from $130) owing to our higher conviction that the Toyota-NVDA announcement will generate meaningful revenue over the next 24 months. Our meetings with Toyota confirm that it has aggressive plans to deploy Level 2 Advanced systems in mass market in the U.S. and Japan over the next 2.5 years. All of these systems will be on NVDA’s Drive PX Xavier platform. From this deal alone, assuming ASPs of $200, we calculate $1-1.7B of incremental sales, or $0.35-0.65 EPS.””
A number of other analysts have also weighed in on the stock. Vetr upgraded shares of NVIDIA Corporation from a “buy” rating to a “strong-buy” rating and set a $174.03 price objective for the company in a research note on Monday, June 12th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $130.00 price objective on shares of NVIDIA Corporation in a research note on Friday, April 14th. Canaccord Genuity restated a “buy” rating on shares of NVIDIA Corporation in a research note on Saturday, June 3rd. Mizuho restated a “buy” rating and set a $170.00 price objective (up from $145.00) on shares of NVIDIA Corporation in a research note on Wednesday, June 28th. Finally, Wells Fargo & Company restated an “underperform” rating and set a $75.00 price objective (up from $68.00) on shares of NVIDIA Corporation in a research note on Wednesday, May 10th. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty have given a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $136.24.
Shares of NVIDIA Corporation (NVDA) opened at 172.35 on Monday. NVIDIA Corporation has a 12 month low of $57.31 and a 12 month high of $172.37. The firm has a 50-day moving average of $156.80 and a 200-day moving average of $124.22. The company has a market capitalization of $102.55 billion, a P/E ratio of 57.85 and a beta of 1.24.
NVIDIA Corporation (NASDAQ:NVDA) last released its quarterly earnings data on Tuesday, May 9th. The computer hardware maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.16. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.91 billion. NVIDIA Corporation had a net margin of 25.95% and a return on equity of 36.40%. NVIDIA Corporation’s revenue was up 48.7% compared to the same quarter last year. During the same period last year, the business earned $0.46 EPS. On average, equities analysts predict that NVIDIA Corporation will post $3.10 earnings per share for the current year.
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In other NVIDIA Corporation news, EVP Ajay K. Puri sold 81,931 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $139.90, for a total transaction of $11,462,146.90. Following the transaction, the executive vice president now owns 564,696 shares in the company, valued at $79,000,970.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Byron sold 25,507 shares of the business’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $137.09, for a total transaction of $3,496,754.63. Following the transaction, the insider now owns 162,706 shares in the company, valued at approximately $22,305,365.54. The disclosure for this sale can be found here. Insiders have sold 622,282 shares of company stock worth $93,304,082 in the last quarter. Company insiders own 5.17% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of NVDA. Raymond James Trust N.A. boosted its position in NVIDIA Corporation by 20.3% in the first quarter. Raymond James Trust N.A. now owns 12,806 shares of the computer hardware maker’s stock worth $1,395,000 after buying an additional 2,160 shares during the last quarter. Catawba Capital Management VA bought a new position in NVIDIA Corporation during the first quarter worth approximately $218,000. Fulton Bank N.A. bought a new position in NVIDIA Corporation during the first quarter worth approximately $326,000. CENTRAL TRUST Co boosted its position in NVIDIA Corporation by 6.3% in the first quarter. CENTRAL TRUST Co now owns 7,056 shares of the computer hardware maker’s stock worth $769,000 after buying an additional 416 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC bought a new position in NVIDIA Corporation during the first quarter worth approximately $39,192,000. Hedge funds and other institutional investors own 68.91% of the company’s stock.
NVIDIA Corporation Company Profile
Nvidia Corporation focuses on personal computer (PC) graphics, graphics processing unit (GPU) and also on artificial intelligence (AI). The Company’s operates through two segments: GPU and Tegra Processor. The Company’s GPU product brands are aimed at specialized markets, including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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