NVIDIA (NASDAQ:NVDA) Given “Buy” Rating at Bank of America

Bank of America reissued their buy rating on shares of NVIDIA (NASDAQ:NVDA) in a research report report published on Friday morning, BenzingaRatingsTable reports. The firm currently has a $420.00 price objective on the computer hardware maker’s stock, up from their previous price objective of $360.00.

A number of other brokerages also recently commented on NVDA. Cascend Securities upped their price objective on shares of NVIDIA from $330.00 to $350.00 and gave the stock a buy rating in a research report on Thursday, May 14th. Raymond James increased their price objective on shares of NVIDIA from $330.00 to $370.00 and gave the company an outperform rating in a research note on Friday. Benchmark increased their price objective on shares of NVIDIA from $320.00 to $410.00 and gave the company a buy rating in a research note on Friday. Nomura Instinet increased their price objective on shares of NVIDIA from $230.00 to $260.00 and gave the company a reduce rating in a research note on Friday. Finally, Craig Hallum increased their price objective on shares of NVIDIA from $300.00 to $335.00 and gave the company a hold rating in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $340.68.

Shares of NVIDIA stock traded up $10.04 during trading hours on Friday, hitting $361.05. The company had a trading volume of 25,601,366 shares, compared to its average volume of 12,644,931. The company’s 50-day moving average is $292.70 and its two-hundred day moving average is $252.32. NVIDIA has a twelve month low of $132.60 and a twelve month high of $363.72. The company has a market cap of $215.92 billion, a P/E ratio of 67.49, a price-to-earnings-growth ratio of 3.68 and a beta of 1.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 7.67 and a quick ratio of 7.13.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Thursday, May 21st. The computer hardware maker reported $1.80 EPS for the quarter, beating the consensus estimate of $1.36 by $0.44. NVIDIA had a net margin of 28.17% and a return on equity of 29.76%. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. NVIDIA’s revenue for the quarter was up 38.7% on a year-over-year basis. Sell-side analysts expect that NVIDIA will post 6.29 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.18%. NVIDIA’s payout ratio is currently 13.94%.

In related news, Director Mark A. Stevens sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $266.02, for a total value of $2,660,200.00. Following the transaction, the director now owns 160,545 shares in the company, valued at $42,708,180.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James C. Gaither sold 15,669 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $269.41, for a total transaction of $4,221,385.29. Following the completion of the transaction, the director now owns 2,221 shares in the company, valued at approximately $598,359.61. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,669 shares of company stock worth $27,025,985. Insiders own 4.64% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Accurate Investment Solutions Inc. raised its holdings in NVIDIA by 111.1% in the first quarter. Accurate Investment Solutions Inc. now owns 95 shares of the computer hardware maker’s stock valued at $25,000 after buying an additional 50 shares during the period. PrairieView Partners LLC purchased a new position in NVIDIA in the first quarter valued at approximately $26,000. Howard Wealth Management LLC purchased a new position in NVIDIA in the fourth quarter valued at approximately $28,000. Stonebridge Financial Planning Group LLC purchased a new position in NVIDIA in the fourth quarter valued at approximately $28,000. Finally, Archer Investment Corp purchased a new position in NVIDIA in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 66.68% of the company’s stock.

NVIDIA Company Profile

NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments. The GPU segment comprises of product brands which aims specialized markets including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.

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Analyst Recommendations for NVIDIA (NASDAQ:NVDA)

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