Needham & Company LLC Raises NVIDIA (NVDA) Price Target to $350.00

NVIDIA (NASDAQ:NVDA) had its price target increased by stock analysts at Needham & Company LLC from $325.00 to $350.00 in a research 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 price objective suggests a potential upside of 26.61% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Benchmark initiated coverage on NVIDIA in a research note on Tuesday, June 26th. They issued a “buy” rating and a $280.00 price target for the company. BidaskClub cut NVIDIA from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. Goldman Sachs Group increased their price target on NVIDIA from $310.00 to $324.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. Stifel Nicolaus reissued a “hold” rating and issued a $250.00 price target (up previously from $243.00) on shares of NVIDIA in a research note on Friday, August 17th. Finally, Zacks Investment Research cut NVIDIA from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. NVIDIA presently has an average rating of “Buy” and an average target price of $283.35.

Shares of NVDA opened at $276.43 on Friday. NVIDIA has a 12-month low of $170.16 and a 12-month high of $285.22. The company has a quick ratio of 6.66, a current ratio of 7.41 and a debt-to-equity ratio of 0.23. The stock 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.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Thursday, August 16th. The computer hardware maker reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.28. The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.11 billion. NVIDIA had a return on equity of 54.18% and a net margin of 36.21%. The business’s revenue for the quarter was up 40.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. research analysts forecast that NVIDIA will post 7.15 earnings per share for the current fiscal year.

In other NVIDIA news, CFO Colette Kress sold 889 shares of the stock in a transaction that occurred on Thursday, June 21st. The stock was sold at an average price of $257.64, for a total value of $229,041.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harvey C. Jones sold 100,000 shares of the stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of $242.11, for a total value of $24,211,000.00. Following the completion of the transaction, 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 100,932 shares of company stock valued at $24,452,088 in the last ninety days. 4.70% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in NVIDIA by 3.5% in the second quarter. FMR LLC now owns 48,594,422 shares of the computer hardware maker’s stock worth $11,512,019,000 after acquiring an additional 1,656,748 shares in the last quarter. BlackRock Inc. boosted its holdings in NVIDIA by 1.2% in the second quarter. BlackRock Inc. now owns 38,562,828 shares of the computer hardware maker’s stock worth $9,135,533,000 after acquiring an additional 454,434 shares in the last quarter. Jennison Associates LLC boosted its holdings in NVIDIA by 18.8% in the second quarter. Jennison Associates LLC now owns 7,800,112 shares of the computer hardware maker’s stock worth $1,847,847,000 after acquiring an additional 1,234,191 shares in the last quarter. Edgewood Management LLC boosted its holdings in NVIDIA by 2.5% in the second quarter. Edgewood Management LLC now owns 5,021,345 shares of the computer hardware maker’s stock worth $1,189,557,000 after acquiring an additional 123,650 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in NVIDIA by 63.7% in the second quarter. Janus Henderson Group PLC now owns 4,222,049 shares of the computer hardware maker’s stock worth $1,000,199,000 after acquiring an additional 1,643,689 shares in the last quarter. Institutional investors and hedge funds own 65.68% of the company’s stock.

NVIDIA Company Profile

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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