Bank of America Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

NVIDIA (NASDAQ:NVDA - Get Free Report) had its target price raised by research analysts at Bank of America from $180.00 to $220.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Bank of America's price target suggests a potential upside of 27.60% from the stock's previous close.

Several other brokerages also recently weighed in on NVDA. Needham & Company LLC lifted their price objective on shares of NVIDIA from $160.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday. KeyCorp set a $190.00 price objective on shares of NVIDIA in a research report on Wednesday, March 19th. Stifel Nicolaus set a $180.00 price objective on shares of NVIDIA in a research report on Wednesday, March 19th. Hsbc Global Res downgraded shares of NVIDIA from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 3rd. Finally, Wedbush reiterated an "outperform" rating on shares of NVIDIA in a research report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, NVIDIA presently has an average rating of "Moderate Buy" and an average price target of $181.22.

NVIDIA Stock Performance

Shares of NASDAQ NVDA traded down $0.59 during midday trading on Wednesday, hitting $172.41. The company's stock had a trading volume of 145,724,125 shares, compared to its average volume of 264,006,207. NVIDIA has a 1-year low of $86.62 and a 1-year high of $174.16. The firm's fifty day moving average price is $145.88 and its 200-day moving average price is $129.63. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39. The firm has a market cap of $4.21 trillion, a P/E ratio of 55.62, a P/E/G ratio of 1.51 and a beta of 2.13.

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

Insider Activity at NVIDIA

In related news, Director Tench Coxe sold 1,000,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the transaction, the director directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ajay K. Puri sold 168,195 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total transaction of $25,673,284.80. Following the transaction, the executive vice president directly owned 4,018,547 shares in the company, valued at $613,391,014.08. The trade was a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,814,800 shares of company stock valued at $709,172,753. Company insiders own 4.17% of the company's stock.

Institutional Trading of NVIDIA

Several large investors have recently added to or reduced their stakes in NVDA. Wealth Group Ltd. lifted its stake in shares of NVIDIA by 1.8% in the fourth quarter. Wealth Group Ltd. now owns 5,702 shares of the computer hardware maker's stock worth $766,000 after buying an additional 100 shares during the last quarter. Tallon Kerry Patrick acquired a new stake in shares of NVIDIA in the fourth quarter worth $972,000. Capital & Planning LLC lifted its stake in shares of NVIDIA by 16.9% in the fourth quarter. Capital & Planning LLC now owns 7,604 shares of the computer hardware maker's stock worth $1,021,000 after buying an additional 1,099 shares during the last quarter. Ironwood Wealth Management LLC. raised its stake in NVIDIA by 1.6% during the 4th quarter. Ironwood Wealth Management LLC. now owns 6,483 shares of the computer hardware maker's stock valued at $871,000 after purchasing an additional 104 shares during the last quarter. Finally, Brighton Jones LLC raised its stake in NVIDIA by 12.4% during the 4th quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker's stock valued at $43,631,000 after purchasing an additional 35,815 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

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.