NVIDIA’s (NVDA) “Buy” Rating Reaffirmed at Benchmark
Benchmark reissued their buy rating on shares of NVIDIA (NASDAQ:NVDA) in a report released on Thursday, MarketBeat reports. The brokerage currently has a $310.00 price target on the computer hardware maker’s stock, up from their prior price target of $280.00.
A number of other research firms have also recently weighed in on NVDA. BidaskClub raised shares of NVIDIA from a buy rating to a strong-buy rating in a research report on Saturday, August 25th. Needham & Company LLC upped their price objective on shares of NVIDIA from $325.00 to $350.00 and gave the company a buy rating in a research report on Friday, September 14th. Wells Fargo & Co raised shares of NVIDIA from an underperform rating to an outperform rating and upped their price objective for the company from $140.00 to $315.00 in a research report on Tuesday, August 14th. Cowen decreased their price objective on shares of NVIDIA from $325.00 to $320.00 and set an outperform rating for the company in a research report on Friday, August 17th. Finally, Oppenheimer raised shares of NVIDIA from a market perform rating to an outperform rating and set a $310.00 price objective for the company in a research report on Friday, August 17th. Eight equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $287.00.
NASDAQ:NVDA opened at $263.45 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 7.41 and a quick ratio of 6.66. The stock has a market capitalization of $160.18 billion, a price-to-earnings ratio of 56.41, a PEG ratio of 3.45 and a beta of 1.62. NVIDIA has a 1-year low of $170.16 and a 1-year high of $285.22.
The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Thursday, August 30th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 0.23%. NVIDIA’s payout ratio is 12.85%.
In related news, CFO Colette Kress sold 11,576 shares of the stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $266.31, for a total transaction of $3,082,804.56. Following the sale, the chief financial officer now owns 297,482 shares in the company, valued at $79,222,431.42. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harvey C. Jones sold 100,000 shares of the stock in a transaction dated 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 sale, the director now owns 31,725 shares in the company, valued at approximately $7,680,939.75. The disclosure for this sale can be found here. Insiders have sold 111,619 shares of company stock worth $27,305,851 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Holderness Investments Co. raised its stake in NVIDIA by 3.2% during the second quarter. Holderness Investments Co. now owns 6,481 shares of the computer hardware maker’s stock worth $1,535,000 after acquiring an additional 200 shares during the period. Grimes & Company Inc. increased its stake in shares of NVIDIA by 9.0% in the second quarter. Grimes & Company Inc. now owns 2,480 shares of the computer hardware maker’s stock valued at $588,000 after purchasing an additional 205 shares during the period. Charter Trust Co. increased its stake in shares of NVIDIA by 4.9% in the second quarter. Charter Trust Co. now owns 4,471 shares of the computer hardware maker’s stock valued at $1,059,000 after purchasing an additional 207 shares during the period. Concorde Asset Management LLC increased its stake in shares of NVIDIA by 16.3% in the second quarter. Concorde Asset Management LLC now owns 1,481 shares of the computer hardware maker’s stock valued at $351,000 after purchasing an additional 208 shares during the period. Finally, LVW Advisors LLC increased its stake in shares of NVIDIA by 11.7% in the second quarter. LVW Advisors LLC now owns 2,010 shares of the computer hardware maker’s stock valued at $476,000 after purchasing an additional 210 shares during the period. Hedge funds and other institutional investors own 65.64% 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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