NVIDIA (NASDAQ:NVDA) PT Raised to $1,320.00 at Bank of America

NVIDIA (NASDAQ:NVDA) had its price target boosted by research analysts at Bank of America from $1,100.00 to $1,320.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s target price points to a potential upside of 39.02% from the company’s previous close.

A number of other equities analysts have also recently issued reports on NVDA. Piper Sandler increased their target price on NVIDIA from $1,050.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Thursday. Sanford C. Bernstein increased their price objective on shares of NVIDIA from $700.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Truist Financial increased their price objective on shares of NVIDIA from $911.00 to $1,177.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Craig Hallum increased their price objective on shares of NVIDIA from $700.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Finally, Piper Sandler Companies increased their price objective on shares of NVIDIA to $850.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Four analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,042.18.

NVIDIA Price Performance

NVDA opened at $949.50 on Thursday. The company has a fifty day simple moving average of $886.29 and a 200 day simple moving average of $696.36. The stock has a market cap of $2.34 trillion, a P/E ratio of 79.52, a P/E/G ratio of 1.33 and a beta of 1.75. The company has a quick ratio of 3.67, a current ratio of 4.17 and a debt-to-equity ratio of 0.20. NVIDIA has a 12 month low of $298.06 and a 12 month high of $974.00.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, May 22nd. The computer hardware maker reported $6.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.14 by $0.98. The firm had revenue of $26.04 billion during the quarter, compared to analysts’ expectations of $24.59 billion. NVIDIA had a return on equity of 93.61% and a net margin of 48.85%. The company’s revenue was up 262.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, research analysts expect that NVIDIA will post 23.18 EPS for the current year.

Insider Activity at NVIDIA

In related news, Director Mark A. Stevens sold 5,000 shares of NVIDIA stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $800.74, for a total value of $4,003,700.00. Following the transaction, the director now directly owns 1,119,583 shares of the company’s stock, valued at $896,494,891.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NVIDIA news, Director Mark A. Stevens sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $800.74, for a total value of $4,003,700.00. Following the sale, the director now owns 1,119,583 shares in the company, valued at $896,494,891.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Stevens sold 22,700 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $879.97, for a total transaction of $19,975,319.00. Following the completion of the sale, the director now owns 1,052,133 shares in the company, valued at approximately $925,845,476.01. The disclosure for this sale can be found here. Insiders have sold 61,278 shares of company stock valued at $52,689,898 over the last three months. 4.23% of the stock is owned by insiders.

Hedge Funds Weigh In On NVIDIA

Hedge funds have recently modified their holdings of the business. FPC Investment Advisory Inc. acquired a new position in NVIDIA in the first quarter valued at $26,000. Koesten Hirschmann & Crabtree INC. acquired a new position in NVIDIA in the first quarter valued at $27,000. HBC Financial Services PLLC acquired a new position in NVIDIA in the first quarter valued at $30,000. Norwood Financial Corp acquired a new position in NVIDIA in the first quarter valued at $45,000. Finally, Coston McIsaac & Partners increased its stake in NVIDIA by 231.3% in the first quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock valued at $47,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

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.