Wells Fargo & Company Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

Key Points

• Wells Fargo & Company has raised its price target for NVIDIA (NASDAQ: NVDA) from $185.00 to $220.00, indicating a potential upside of 20.11% from the stock's previous close and maintaining an "overweight" rating.
• Several analysts have upgraded NVIDIA's ratings and price objectives recently, with Barclays increasing their price target to $200.00 and Truist Financial to $210.00.
• NVIDIA reported a quarterly revenue of $44.06 billion, which surpassed analyst expectations, even though its earnings per share (EPS) fell short of consensus estimates.

NVIDIA (NASDAQ:NVDA - Get Free Report) had its price target hoisted by Wells Fargo & Company from $185.00 to $220.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the computer hardware maker's stock. Wells Fargo & Company's price target points to a potential upside of 20.11% from the stock's previous close.

Several other equities analysts have also recently weighed in on NVDA. Barclays raised their price objective on NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. BNP Paribas upgraded NVIDIA to a "hold" rating in a research note on Friday, August 1st. Truist Financial upped their price objective on NVIDIA from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price objective on shares of NVIDIA in a report on Wednesday, April 16th. Finally, Mizuho set a $192.00 target price on shares of NVIDIA and gave the stock an "outperform" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA currently has an average rating of "Moderate Buy" and a consensus price target of $185.97.

NVIDIA Trading Up 0.6%

NASDAQ:NVDA opened at $183.16 on Monday. The company has a market cap of $4.47 trillion, a P/E ratio of 59.08, a price-to-earnings-growth ratio of 1.60 and a beta of 2.14. NVIDIA has a twelve month low of $86.62 and a twelve month high of $184.48. The business has a 50 day moving average price of $161.55 and a two-hundred day moving average price of $134.24. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10.

NVIDIA (NASDAQ:NVDA - Get Free Report) last announced its 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 return on equity of 105.09% and a net margin of 51.69%. The business had revenue of $44.06 billion for the quarter, compared to analyst estimates of $43.09 billion. During the same quarter in the previous year, the company posted $0.61 EPS. The business's revenue for the quarter was up 69.2% compared to the same quarter last year. As a group, analysts expect that NVIDIA will post 2.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jen Hsun Huang sold 75,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $152.54, for a total value of $11,440,500.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ajay K. Puri sold 168,195 shares of the firm's stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 4,018,547 shares in the company, valued at approximately $613,391,014.08. This represents a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,687,440 shares of company stock worth $862,095,782 in the last quarter. Insiders own 4.17% of the company's stock.

Institutional Trading of NVIDIA

Several large investors have recently made changes to their positions in the company. Astoria Portfolio Advisors LLC. raised its stake in NVIDIA by 0.9% during the first quarter. Astoria Portfolio Advisors LLC. now owns 93,568 shares of the computer hardware maker's stock worth $9,610,000 after acquiring an additional 864 shares in the last quarter. Centerpoint Advisory Group increased its position in NVIDIA by 2.5% during the 1st quarter. Centerpoint Advisory Group now owns 39,398 shares of the computer hardware maker's stock worth $4,270,000 after purchasing an additional 943 shares in the last quarter. GSB Wealth Management LLC increased its position in NVIDIA by 3.3% during the 1st quarter. GSB Wealth Management LLC now owns 32,611 shares of the computer hardware maker's stock worth $3,534,000 after purchasing an additional 1,043 shares in the last quarter. Variant Private Wealth LLC lifted its stake in NVIDIA by 20.6% in the 1st quarter. Variant Private Wealth LLC now owns 18,800 shares of the computer hardware maker's stock valued at $2,038,000 after purchasing an additional 3,206 shares during the last quarter. Finally, Financial Perspectives Inc boosted its position in NVIDIA by 2.8% in the first quarter. Financial Perspectives Inc now owns 45,958 shares of the computer hardware maker's stock valued at $4,981,000 after buying an additional 1,265 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.