Summit Insights Upgrades NVIDIA (NASDAQ:NVDA) to "Buy"

Summit Insights upgraded shares of NVIDIA (NASDAQ:NVDA - Free Report) from a hold rating to a buy rating in a research note issued to investors on Thursday, MarketBeat.com reports.

Several other equities research analysts also recently commented on the stock. KeyCorp set a $190.00 price target on shares of NVIDIA in a research report on Wednesday, March 19th. Truist Financial increased their target price on NVIDIA from $204.00 to $205.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Seaport Res Ptn upgraded NVIDIA to a "strong sell" rating in a report on Wednesday, April 30th. Hsbc Global Res downgraded NVIDIA from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 3rd. Finally, Susquehanna reiterated a "positive" rating and issued a $180.00 target price on shares of NVIDIA in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-six have issued a buy rating and three have assigned 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 target price of $171.66.

NVIDIA Price Performance

Shares of NVIDIA stock traded down $4.91 on Thursday, hitting $134.28. The company had a trading volume of 332,224,842 shares, compared to its average volume of 284,499,573. NVIDIA has a 52 week low of $86.62 and a 52 week high of $195.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. The company has a market cap of $3.28 trillion, a PE ratio of 52.85, a PEG ratio of 1.76 and a beta of 2.11. The business has a 50-day simple moving average of $115.48 and a 200-day simple moving average of $126.38.

NVIDIA (NASDAQ:NVDA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. During the same period in the prior year, the company posted $0.61 EPS. NVIDIA's quarterly revenue was up 69.2% on a year-over-year basis. Research analysts expect that NVIDIA will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be given a $0.01 dividend. The ex-dividend date of this dividend is Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA's dividend payout ratio is 1.29%.

Insider Transactions at NVIDIA

In other news, Director Aarti S. Shah sold 20,000 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $118.42, for a total transaction of $2,368,400.00. Following the completion of the transaction, the director now owns 53,208 shares of the company's stock, valued at approximately $6,300,891.36. This represents a 27.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Dabiri sold 2,663 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $110.00, for a total value of $292,930.00. Following the completion of the transaction, the director now owns 17,279 shares of the company's stock, valued at $1,900,690. The trade was a 13.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,147 shares of company stock worth $17,133,207. Insiders own 4.17% of the company's stock.

Hedge Funds Weigh In On NVIDIA

Hedge funds have recently modified their holdings of the stock. Nova Wealth Management Inc. grew its holdings in shares of NVIDIA by 9.7% in the 1st quarter. Nova Wealth Management Inc. now owns 26,345 shares of the computer hardware maker's stock worth $2,856,000 after purchasing an additional 2,321 shares during the last quarter. Jones Financial Companies Lllp raised its position in NVIDIA by 34.8% in the 1st quarter. Jones Financial Companies Lllp now owns 3,109,514 shares of the computer hardware maker's stock valued at $340,502,000 after purchasing an additional 803,006 shares during the last quarter. Silicon Valley Capital Partners boosted its stake in NVIDIA by 23.9% in the first quarter. Silicon Valley Capital Partners now owns 318,354 shares of the computer hardware maker's stock worth $34,914,000 after purchasing an additional 61,476 shares in the last quarter. Anderson Financial Strategies LLC bought a new stake in shares of NVIDIA during the first quarter worth $217,000. Finally, Strs Ohio acquired a new stake in shares of NVIDIA in the first quarter valued at $1,163,288,000. 65.27% of the stock is owned by institutional investors and hedge funds.

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.