NVIDIA Corporation’s (NVDA) Buy Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of NVIDIA Corporation (NASDAQ:NVDA) in a report published on Monday morning. Canaccord Genuity currently has a $155.00 target price on the computer hardware maker’s stock.
NVDA has been the subject of a number of other reports. Goldman Sachs Group, Inc. (The) reiterated a buy rating and issued a $171.00 price target (up from $165.00) on shares of NVIDIA Corporation in a research report on Wednesday, June 14th. Vetr lowered shares of NVIDIA Corporation from a strong-buy rating to a buy rating and set a $117.10 target price for the company. in a research report on Monday, March 20th. Zacks Investment Research lowered shares of NVIDIA Corporation from a hold rating to a sell rating in a research report on Thursday, April 13th. CLSA restated an underperform rating and set a $115.00 target price on shares of NVIDIA Corporation in a research report on Wednesday, May 10th. Finally, Pacific Crest restated an underweight rating and set a $90.00 target price on shares of NVIDIA Corporation in a research report on Monday, May 8th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $133.80.
NVIDIA Corporation (NASDAQ NVDA) traded up 0.65% during mid-day trading on Monday, hitting $168.59. 10,289,725 shares of the stock traded hands. NVIDIA Corporation has a 12 month low of $53.02 and a 12 month high of $169.30. The company’s 50 day moving average is $153.14 and its 200 day moving average is $120.55. The company has a market cap of $100.31 billion, a P/E ratio of 56.59 and a beta of 1.23.
NVIDIA Corporation (NASDAQ:NVDA) last posted its quarterly earnings results on Tuesday, May 9th. The computer hardware maker reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate 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%. The company’s revenue was up 48.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share. On average, analysts expect that NVIDIA Corporation will post $3.09 earnings per share for the current fiscal year.
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In related news, Director Harvey C. Jones sold 100,000 shares of NVIDIA Corporation stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $150.29, for a total value of $15,029,000.00. Following the completion of the sale, the director now directly owns 30,762 shares in the company, valued at approximately $4,623,220.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tench Coxe sold 50,000 shares of NVIDIA Corporation stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $164.53, for a total transaction of $8,226,500.00. The disclosure for this sale can be found here. Insiders sold a total of 622,282 shares of company stock valued at $93,304,082 over the last quarter. 5.82% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in NVDA. Greenwich Wealth Management LLC boosted its stake in NVIDIA Corporation by 0.6% in the first quarter. Greenwich Wealth Management LLC now owns 55,437 shares of the computer hardware maker’s stock worth $6,039,000 after buying an additional 357 shares during the period. Columbus Circle Investors bought a new stake in NVIDIA Corporation during the first quarter worth approximately $8,530,000. Ameriprise Financial Inc. boosted its stake in NVIDIA Corporation by 46.6% in the first quarter. Ameriprise Financial Inc. now owns 5,257,325 shares of the computer hardware maker’s stock worth $572,695,000 after buying an additional 1,672,231 shares during the period. Menora Mivtachim Holdings LTD. bought a new stake in NVIDIA Corporation during the first quarter worth approximately $17,244,000. Finally, Koch Industries Inc. bought a new stake in NVIDIA Corporation during the first quarter worth approximately $634,000. Institutional investors own 68.83% of the company’s stock.
About NVIDIA Corporation
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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