Bank of America Boosts NVIDIA (NASDAQ:NVDA) Price Target to $160.00

NVIDIA (NASDAQ:NVDA) had its price objective raised by equities research analysts at Bank of America from $150.00 to $160.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s price target would suggest a potential upside of 18.67% from the stock’s current price.

Several other research firms also recently issued reports on NVDA. Raymond James reissued a “strong-buy” rating on shares of NVIDIA in a research report on Wednesday, April 16th. Morgan Stanley reduced their price target on shares of NVIDIA from $162.00 to $160.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. KeyCorp set a $190.00 price target on shares of NVIDIA in a research report on Wednesday, March 19th. Benchmark reissued a “buy” rating and issued a $190.00 price target on shares of NVIDIA in a research report on Wednesday, March 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $160.00 price objective on shares of NVIDIA in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $164.84.

NVIDIA Stock Performance

Shares of NVDA stock opened at $134.83 on Wednesday. The company has a market cap of $3.30 trillion, a price-to-earnings ratio of 53.06, a price-to-earnings-growth ratio of 1.76 and a beta of 2.11. NVIDIA has a 52 week low of $86.62 and a 52 week high of $195.95. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $111.80 and a 200-day moving average of $127.10.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.05. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business had revenue of $39.33 billion during the quarter, compared to the consensus estimate of $38.16 billion. On average, equities analysts forecast that NVIDIA will post 2.77 earnings per share for the current year.

Insider Activity

In other news, Director John Dabiri sold 2,663 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $110.00, for a total transaction of $292,930.00. Following the completion of the transaction, the director now owns 17,279 shares of the company’s stock, valued at approximately $1,900,690. The trade was a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Aarti S. Shah sold 20,000 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $118.42, for a total value of $2,368,400.00. Following the transaction, the director now directly owns 53,208 shares of the company’s stock, valued at $6,300,891.36. The trade was a 27.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,147 shares of company stock worth $17,133,207 over the last ninety days. Company insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tacita Capital Inc purchased a new stake in NVIDIA in the fourth quarter worth approximately $28,000. Legend Financial Advisors Inc. purchased a new stake in NVIDIA in the fourth quarter worth approximately $34,000. Vision Financial Markets LLC purchased a new stake in NVIDIA in the fourth quarter worth approximately $38,000. Luken Investment Analytics LLC purchased a new stake in NVIDIA in the fourth quarter worth approximately $40,000. Finally, Kathleen S. Wright Associates Inc. boosted its stake in NVIDIA by 169.3% in the first quarter. Kathleen S. Wright Associates Inc. now owns 404 shares of the computer hardware maker’s stock worth $44,000 after buying an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

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.