NVIDIA (NVDA) PT Raised to $350.00 at Needham & Company LLC

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NVIDIA (NASDAQ:NVDA) had its price objective increased by stock analysts at Needham & Company LLC from $325.00 to $350.00 in a note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the computer hardware maker’s stock. Needham & Company LLC’s target price points to a potential upside of 26.61% from the stock’s previous close.

A number of other brokerages have also commented on NVDA. Cowen initiated coverage on NVIDIA in a report on Thursday, May 17th. They issued an “outperform” rating and a $325.00 price objective on the stock. UBS Group raised NVIDIA from a “market perform” rating to an “outperform” rating in a report on Friday, August 17th. Benchmark assumed coverage on NVIDIA in a report on Tuesday, June 26th. They issued a “buy” rating and a $280.00 price objective on the stock. BidaskClub upgraded NVIDIA from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 25th. Finally, Oppenheimer upgraded NVIDIA from a “market perform” rating to an “outperform” rating and set a $310.00 target price for the company in a research report on Friday, August 17th. Eight equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $283.35.

Shares of NASDAQ NVDA opened at $276.43 on Friday. The company has a current ratio of 7.41, a quick ratio of 6.66 and a debt-to-equity ratio of 0.23. NVIDIA has a one year low of $170.16 and a one year high of $285.22. The firm has a market capitalization of $163.07 billion, a price-to-earnings ratio of 40.95, a PEG ratio of 3.52 and a beta of 1.62.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Thursday, August 16th. The computer hardware maker reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.28. NVIDIA had a return on equity of 54.18% and a net margin of 36.21%. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.11 billion. During the same period in the prior year, the firm posted $1.01 EPS. The company’s revenue for the quarter was up 40.0% on a year-over-year basis. equities analysts forecast that NVIDIA will post 7.15 earnings per share for the current fiscal year.

In related news, Director Harvey C. Jones sold 100,000 shares of the company’s stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $242.11, for a total transaction of $24,211,000.00. Following the completion of the sale, the director now directly owns 31,725 shares in the company, valued at approximately $7,680,939.75. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Colette Kress sold 889 shares of the company’s stock in a transaction on Thursday, June 21st. The stock was sold at an average price of $257.64, for a total value of $229,041.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,932 shares of company stock valued at $24,452,088. 4.70% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in NVDA. Legacy Financial Advisors Inc. increased its holdings in NVIDIA by 111.0% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 443 shares of the computer hardware maker’s stock worth $110,000 after purchasing an additional 233 shares in the last quarter. Kwmg LLC acquired a new position in NVIDIA in the 2nd quarter worth about $105,000. Almanack Investment Partners LLC. acquired a new position in NVIDIA in the 2nd quarter worth about $127,000. Bruderman Asset Management LLC acquired a new position in NVIDIA in the 1st quarter worth about $127,000. Finally, Ropes Wealth Advisors LLC increased its holdings in NVIDIA by 561.8% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 589 shares of the computer hardware maker’s stock worth $140,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 65.68% of the company’s stock.

About NVIDIA

NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.

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