NVIDIA (NASDAQ:NVDA) Given New $220.00 Price Target at Bank of America

NVIDIA (NASDAQ:NVDA - Get Free Report) had its target price hoisted by stock analysts at Bank of America from $180.00 to $220.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. Bank of America's target price would suggest a potential upside of 27.30% from the stock's current price.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group started coverage on NVIDIA in a research note on Thursday, July 10th. They issued a "buy" rating and a $185.00 price target on the stock. HSBC lowered NVIDIA from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research report on Thursday, April 3rd. TD Cowen upped their target price on NVIDIA from $140.00 to $175.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Citigroup upped their target price on NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, KeyCorp set a $190.00 price target on NVIDIA in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-three have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $181.22.

NVIDIA Price Performance

NVIDIA stock traded up $1.45 during midday trading on Wednesday, reaching $172.82. The company's stock had a trading volume of 36,913,903 shares, compared to its average volume of 264,531,807. The business has a 50-day moving average price of $144.76 and a 200-day moving average price of $129.39. NVIDIA has a 52 week low of $86.62 and a 52 week high of $173.61. The stock has a market cap of $4.22 trillion, a PE ratio of 55.77, a price-to-earnings-growth ratio of 1.51 and a beta of 2.13. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10.

NVIDIA (NASDAQ:NVDA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The firm had revenue of $44.06 billion for the quarter, compared to analyst estimates of $43.09 billion. During the same period in the previous year, the business posted $0.61 earnings per share. The business's revenue for the quarter was up 69.2% compared to the same quarter last year. On average, sell-side analysts predict that NVIDIA will post 2.77 EPS for the current year.

Insiders Place Their Bets

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the sale, the director owned 26,671,360 shares of the company's stock, valued at approximately $3,808,670,208. The trade was a 3.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 75,000 shares of NVIDIA stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $152.54, for a total value of $11,440,500.00. Following the transaction, the chief executive officer owned 75,548,225 shares of the company's stock, valued at $11,524,126,241.50. The trade was a 0.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,767,150 shares of company stock valued at $701,030,045 in the last 90 days. Corporate insiders own 4.17% of the company's stock.

Hedge Funds Weigh In On NVIDIA

Institutional investors and hedge funds have recently modified their holdings of the business. Tacita Capital Inc purchased a new stake in NVIDIA in the fourth quarter valued at approximately $28,000. Vision Financial Markets LLC purchased a new stake in NVIDIA in the fourth quarter valued at approximately $38,000. Kathleen S. Wright Associates Inc. raised its position 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 valued at $44,000 after purchasing an additional 254 shares during the period. Copia Wealth Management purchased a new stake in NVIDIA in the fourth quarter valued at approximately $50,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in NVIDIA in the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 65.27% of the company's stock.

About NVIDIA

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.