NVIDIA (NASDAQ:NVDA) Price Target Raised to $170.00

NVIDIA (NASDAQ:NVDA - Get Free Report) had its price objective upped by equities research analysts at Citigroup from $150.00 to $170.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the computer hardware maker's stock. Citigroup's target price would indicate a potential upside of 16.22% from the company's current price.

Several other research analysts have also recently weighed in on NVDA. Sanford C. Bernstein boosted their price objective on shares of NVIDIA from $130.00 to $155.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Benchmark reiterated a "buy" rating and issued a $170.00 price target on shares of NVIDIA in a report on Thursday, August 29th. New Street Research raised NVIDIA from a "neutral" rating to a "buy" rating and set a $120.00 price objective for the company in a report on Tuesday, August 6th. Mizuho lifted their price target on shares of NVIDIA from $140.00 to $165.00 and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of NVIDIA from $120.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $147.48.

NVIDIA Price Performance

Shares of NVIDIA stock traded down $2.02 during midday trading on Wednesday, hitting $146.27. 191,455,203 shares of the company were exchanged, compared to its average volume of 401,197,406. The firm has a 50 day simple moving average of $128.59 and a 200-day simple moving average of $119.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The firm has a market cap of $3.59 trillion, a P/E ratio of 68.87, a PEG ratio of 1.56 and a beta of 1.66. NVIDIA has a 52 week low of $45.01 and a 52 week high of $149.77.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the previous year, the company earned $0.25 EPS. The firm's revenue for the quarter was up 122.4% compared to the same quarter last year. Research analysts forecast that NVIDIA will post 2.66 earnings per share for the current year.

NVIDIA announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In related news, Director Mark A. Stevens sold 155,000 shares of the firm's stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares of the company's stock, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mark A. Stevens sold 155,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $119.03, for a total value of $14,283,600.00. Following the completion of the sale, the chief executive officer now directly owns 76,494,995 shares in the company, valued at approximately $9,105,199,254.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. 4.23% of the stock is owned by insiders.

Institutional Trading of NVIDIA

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lowe Wealth Advisors LLC bought a new stake in NVIDIA during the second quarter valued at $25,000. DHJJ Financial Advisors Ltd. boosted its position in shares of NVIDIA by 1,900.0% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker's stock valued at $25,000 after purchasing an additional 190 shares in the last quarter. FPC Investment Advisory Inc. acquired a new stake in NVIDIA during the first quarter worth approximately $26,000. CGC Financial Services LLC acquired a new position in NVIDIA in the second quarter valued at approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new position in shares of NVIDIA during the 1st quarter worth approximately $27,000. 65.27% of the stock is currently owned by institutional investors.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.