NVIDIA (NASDAQ:NVDA) Trading Up 0.9% – What’s Next?

Shares of NVIDIA Co. (NASDAQ:NVDA – Get Your Free Report ) rose 0.9% during trading on Thursday. The stock traded as high as $134.29 and last traded at $133.88. About 80,315,078 shares traded hands during mid-day trading, down 81% from the average daily volume of 422,893,688 shares. Shares previously closed at $132.65.

Analysts set new price targets

A number of research analysts recently weighed in on NVDA shares. KeyCorp upped their target price on shares of NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Needham & Company LLC boosted their target price on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Westpark Capital upped their target price on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Raymond James boosted their price objective on NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Citigroup upped their target price on NVIDIA from $126.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Moderate Buy” and an average price target of $142.10, according to MarketBeat.com.

Get the latest stock report on NVDA

NVIDIA stock up 1.4%

The company has a market cap of $3.31 trillion, a P/E ratio of 78.29, a PEG ratio of 1.05 and a beta of 1.67. The company’s 50-day moving average price is $117.48 and its 200-day moving average price is $110.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27, and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA – Get Your Free Report ) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. In the same quarter last year, the firm earned $0.25 per share. The company’s revenue increased by 122.4% year-on-year. On average, analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA cuts dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a $0.01 dividend. This represents an annualized dividend of $0.04 and a yield of 0.03%. The ex-dividend date was Thursday, September 12. NVIDIA’s payout ratio is currently 2.34%.

NVIDIA announced that its board has approved a share repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to buy back up to 1.6% of its shares through open market purchases. Stock buyback plans are usually a sign that a company’s board of directors believes its stock is undervalued.

Indoor activity

In related news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 0.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In other news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 0.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, Director Mark A. Stevens sold 156,023 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $129.81, for a total transaction of $20,253,345.63. Following the sale, the director now owns 8,585,217 shares of the company’s stock, valued at $1,114,447,018.77. The trade was a 0.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,577,403 shares of the company worth 420,166,534 USD in the last three months. 4.23% of shares are owned by insiders.

Hedge funds influence NVIDIA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. RMB Capital Management LLC boosted its holdings in NVIDIA by 1.3% during the fourth quarter. RMB Capital Management LLC now owns 9,364 shares of the computer hardware maker’s stock worth $4,637,000 after acquiring an additional 120 shares during the last quarter. Coastwise Capital Group LLC raised its position in shares of NVIDIA by 2.5% during the 4th quarter. Coastwise Capital Group LLC now owns 4,039 shares of the computer hardware maker’s stock valued at $2,000,000 after buying 100 more shares during that period. Honeycomb Asset Management LP bought a new stake in NVIDIA during the 4th quarter valued at about $12,380,000. Vivaldi Capital Management LP boosted its holdings in NVIDIA by 30.7% during the 4th quarter. Vivaldi Capital Management LP now owns 4,405 shares of the computer hardware maker’s stock worth $2,181,000 after buying an additional 1,034 shares. of shares during the period. Finally, Waverly Advisors LLC raised its stake in shares of NVIDIA by 7.4% in the fourth quarter. Waverly Advisors LLC now owns 12,714 shares of the computer hardware maker’s stock valued at $6,296,000 after purchasing an additional 874 shares in the last quarter. Institutional investors own 65.27% of the company’s shares.

About NVIDIA

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NVIDIA Corporation provides graphics and computing 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 graphics workstations; 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.

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