NVIDIA (NASDAQ:NVDA) Given New $280.00 Price Target at Bank of America

NVIDIA (NASDAQ:NVDA) had its price target cut by investment analysts at Bank of America from $350.00 to $280.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s target price suggests a potential upside of 69.34% from the company’s current price.

NVDA has been the subject of a number of other reports. Stifel Nicolaus set a $205.00 price objective on shares of NVIDIA and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings lowered shares of NVIDIA from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. William Blair cut shares of NVIDIA from an “outperform” rating to a “market perform” rating in a research report on Thursday. Royal Bank Of Canada set a $225.00 target price on shares of NVIDIA in a research report on Thursday. Finally, Robert W. Baird downgraded shares of NVIDIA from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $500.00 to $200.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a Strong Buy rating, forty have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $288.97.

NVIDIA Price Performance

Shares of NVIDIA stock traded down $8.38 during trading on Thursday, hitting $165.35. 555,136,530 shares of the stock traded hands, compared to its average volume of 154,650,969. The stock has a market cap of $3.98 trillion, a price-to-earnings ratio of 20.85, a PEG ratio of 1.30 and a beta of 2.21. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. NVIDIA has a 52 week low of $148.80 and a 52 week high of $243.37. The firm’s fifty day moving average is $217.12 and its 200-day moving average is $204.35.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.13. The company had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. NVIDIA’s quarterly revenue was up 105.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS. Research analysts expect that NVIDIA will post 9.30 EPS for the current fiscal year.

NVIDIA announced that its board has authorized a share buyback program on Monday, September 28th that permits the company to repurchase $150 billion in shares. This buyback authorization permits the computer hardware maker to buy up to 2.8% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark Stevens sold 622,239 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $231.62, for a total transaction of $144,122,997.18. Following the completion of the transaction, the director owned 2,336,531 shares of the company’s stock, valued at $541,187,310.22. This represents a 21.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Colette Kress sold 34,918 shares of NVIDIA stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $219.05, for a total value of $7,648,787.90. Following the completion of the sale, the chief financial officer owned 765,103 shares in the company, valued at approximately $167,595,812.15. This represents a 4.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,766,118 shares of company stock worth $399,450,353 in the last 90 days. Company insiders own 3.94% of the company’s stock.

Institutional Trading of NVIDIA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NVDA. Jupiter Topco LLC bought a new position in NVIDIA in the second quarter worth about $16,156,076,000. Van ECK Associates Corp lifted its holdings in NVIDIA by 34.7% in the second quarter. Van ECK Associates Corp now owns 75,849,721 shares of the computer hardware maker’s stock worth $15,176,771,000 after buying an additional 19,522,304 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in NVIDIA during the 3rd quarter valued at approximately $3,921,459,000. State Street Corp grew its stake in NVIDIA by 1.6% in the second quarter. State Street Corp now owns 1,009,783,437 shares of the computer hardware maker’s stock worth $202,047,568,000 after purchasing an additional 15,897,836 shares during the period. Finally, Amundi increased its stake in shares of NVIDIA by 10.4% in the 1st quarter. Amundi now owns 133,768,018 shares of the computer hardware maker’s stock worth $23,329,141,000 after acquiring an additional 12,575,177 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Top NVIDIA Stories

These are some of the NVDA stories that stood out recently:

• Positive Sentiment: NVIDIA says interim CEO and CFO Colette Kress, backed by the experienced leadership team, will maintain operations, customer commitments and the product roadmap while the board searches for a permanent CEO. The company’s Nov. 17 earnings report remains scheduled. NVIDIA announces CEO transition
• Positive Sentiment: Some investors and analysts see the sharp selloff as an opportunity, pointing to the company’s AI business and management’s forecast for about 70% revenue growth in the next fiscal year. Needham retained a Buy rating despite cutting its price target to $200. NVIDIA growth outlook and investment view
• Negative Sentiment: Analyst caution and a rotation into chip rivals add pressure: StoneX downgraded NVIDIA to Hold, while reports described investors favoring Broadcom and AMD after Huang’s exit. Chip rivals gain after Huang’s exit

About NVIDIA

NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications. NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.