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.
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.
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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