Bank of America Increases NVIDIA (NASDAQ:NVDA) Price Target to $1,320.00

NVIDIA (NASDAQ:NVDA) had its price objective hoisted by Bank of America from $1,100.00 to $1,320.00 in a report published on Thursday morning, Marketbeat reports. The firm currently has a buy rating on the computer hardware maker’s stock.

NVDA has been the topic of several other research reports. KeyCorp raised their price objective on NVIDIA from $1,200.00 to $1,300.00 and gave the stock an overweight rating in a report on Thursday. Needham & Company LLC raised their price objective on NVIDIA from $600.00 to $850.00 and gave the stock a buy rating in a report on Thursday, February 22nd. Mizuho raised their price objective on NVIDIA from $1,000.00 to $1,180.00 and gave the stock a buy rating in a report on Thursday. Rosenblatt Securities restated a buy rating and set a $1,400.00 price objective on shares of NVIDIA in a report on Monday, May 20th. Finally, HSBC raised their price objective on NVIDIA from $1,050.00 to $1,350.00 and gave the stock a buy rating in a report on Friday, May 10th. Five research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, NVIDIA has a consensus rating of Moderate Buy and a consensus target price of $1,123.49.

NVIDIA Stock Performance

NVDA opened at $1,064.69 on Thursday. The stock has a market cap of $2.62 trillion, a P/E ratio of 62.26, a P/E/G ratio of 1.48 and a beta of 1.75. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.53 and a quick ratio of 3.67. The stock’s 50 day simple moving average is $893.19 and its 200 day simple moving average is $706.34. NVIDIA has a 1-year low of $366.35 and a 1-year high of $1,064.75.

NVIDIA shares are going to split before the market opens on Monday, June 10th. The 10-1 split was announced on Monday, June 10th. The newly created shares will be issued to shareholders after the closing bell on Monday, June 10th.

NVIDIA (NASDAQ:NVDA) last announced its earnings results on Wednesday, May 22nd. The computer hardware maker reported $6.12 EPS for the quarter, beating analysts’ consensus estimates of $5.14 by $0.98. The firm had revenue of $26.04 billion for the quarter, compared to analysts’ expectations of $24.59 billion. NVIDIA had a return on equity of 110.60% and a net margin of 53.40%. NVIDIA’s quarterly revenue was up 262.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. As a group, equities analysts anticipate that NVIDIA will post 23.6 EPS for the current fiscal year.

NVIDIA Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, June 11th. This is an increase from NVIDIA’s previous quarterly dividend of $0.04. This represents a $0.40 annualized dividend and a dividend yield of 0.04%. NVIDIA’s dividend payout ratio (DPR) is currently 0.94%.

Insider Activity

In related news, Director Mark A. Stevens sold 12,000 shares of NVIDIA stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $853.54, for a total value of $10,242,480.00. Following the completion of the transaction, the director now directly owns 1,107,583 shares in the company, valued at $945,366,393.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John Dabiri sold 128 shares of NVIDIA stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $940.00, for a total value of $120,320.00. Following the completion of the transaction, the director now directly owns 2,055 shares in the company, valued at $1,931,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark A. Stevens sold 12,000 shares of NVIDIA stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $853.54, for a total value of $10,242,480.00. Following the completion of the transaction, the director now owns 1,107,583 shares of the company’s stock, valued at $945,366,393.82. The disclosure for this sale can be found here. Insiders sold 46,278 shares of company stock worth $40,710,498 over the last ninety days. Corporate insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

A number of hedge funds have recently bought and sold shares of NVDA. Bogart Wealth LLC boosted its stake in NVIDIA by 1,190.9% in the third quarter. Bogart Wealth LLC now owns 9,617 shares of the computer hardware maker’s stock valued at $4,183,000 after acquiring an additional 8,872 shares during the period. RFP Financial Group LLC boosted its stake in NVIDIA by 9.2% in the third quarter. RFP Financial Group LLC now owns 1,183 shares of the computer hardware maker’s stock valued at $515,000 after acquiring an additional 100 shares during the period. Pathway Financial Advisors LLC boosted its stake in NVIDIA by 6.8% in the third quarter. Pathway Financial Advisors LLC now owns 2,357 shares of the computer hardware maker’s stock valued at $1,025,000 after acquiring an additional 150 shares during the period. Eagle Global Advisors LLC acquired a new position in NVIDIA in the third quarter valued at approximately $12,621,000. Finally, PayPay Securities Corp boosted its stake in NVIDIA by 24.8% in the third quarter. PayPay Securities Corp now owns 176 shares of the computer hardware maker’s stock valued at $77,000 after acquiring an additional 35 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Company Profile

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.