NVIDIA (NASDAQ:NVDA) Given New $390.00 Price Target at Piper Sandler

NVIDIA (NASDAQ:NVDA) had its target price hoisted by Piper Sandler from $350.00 to $390.00 in a report published on Friday, The Fly reports. The brokerage currently has an overweight rating on the computer hardware maker’s stock.

A number of other analysts have also recently weighed in on the stock. Raymond James increased their target price on shares of NVIDIA from $300.00 to $330.00 and gave the stock an outperform rating in a report on Friday, May 15th. BMO Capital Markets raised shares of NVIDIA from a market perform rating to an outperform rating and increased their price objective for the stock from $285.00 to $425.00 in a report on Monday, May 18th. Bank of America reaffirmed a buy rating and issued a $340.00 price objective on shares of NVIDIA in a report on Wednesday, April 15th. Barclays reaffirmed a buy rating and issued a $300.00 price objective on shares of NVIDIA in a report on Friday, February 14th. Finally, Jefferies Financial Group reaffirmed a buy rating and issued a $315.00 price objective (up previously from $255.00) on shares of NVIDIA in a report on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and one has assigned a strong buy rating to the company. NVIDIA has a consensus rating of Buy and an average price target of $340.68.

NVDA traded up $10.04 during trading on Friday, hitting $361.05. The company had a trading volume of 25,601,366 shares, compared to its average volume of 12,644,931. The company has a market cap of $215.92 billion, a PE ratio of 67.49, a P/E/G ratio of 3.68 and a beta of 1.33. The business has a 50-day moving average of $292.70 and a 200-day moving average of $252.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 7.67 and a quick ratio of 7.13. NVIDIA has a 1-year low of $132.60 and a 1-year high of $363.72.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Thursday, May 21st. The computer hardware maker reported $1.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.44. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3 billion. NVIDIA had a net margin of 28.17% and a return on equity of 29.76%. The firm’s revenue was up 38.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 earnings per share. Research analysts forecast that NVIDIA will post 6.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.18%. NVIDIA’s payout ratio is 13.94%.

In other NVIDIA news, Director James C. Gaither sold 15,669 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $269.41, for a total value of $4,221,385.29. Following the completion of the transaction, the director now directly owns 2,221 shares in the company, valued at $598,359.61. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert K. Burgess sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $222.33, for a total transaction of $4,446,600.00. Following the completion of the transaction, the director now owns 13,935 shares of the company’s stock, valued at $3,098,168.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,669 shares of company stock valued at $27,025,985. Corporate insiders own 4.64% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of NVIDIA by 6.1% in the first quarter. BlackRock Inc. now owns 42,753,245 shares of the computer hardware maker’s stock worth $11,269,755,000 after purchasing an additional 2,439,025 shares in the last quarter. State Street Corp lifted its position in shares of NVIDIA by 1.4% in the fourth quarter. State Street Corp now owns 24,989,675 shares of the computer hardware maker’s stock worth $5,880,071,000 after purchasing an additional 342,849 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of NVIDIA by 8.6% in the first quarter. Geode Capital Management LLC now owns 9,400,154 shares of the computer hardware maker’s stock worth $2,473,368,000 after purchasing an additional 743,155 shares in the last quarter. Jennison Associates LLC lifted its position in shares of NVIDIA by 6.1% in the first quarter. Jennison Associates LLC now owns 8,756,756 shares of the computer hardware maker’s stock worth $2,308,281,000 after purchasing an additional 505,125 shares in the last quarter. Finally, Baillie Gifford & Co. lifted its position in shares of NVIDIA by 2.8% in the fourth quarter. Baillie Gifford & Co. now owns 7,711,347 shares of the computer hardware maker’s stock worth $1,814,480,000 after purchasing an additional 210,550 shares in the last quarter. 66.68% of the stock is owned by institutional investors and hedge funds.

About NVIDIA

NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments. The GPU segment comprises of product brands which aims specialized markets including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.

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