NVIDIA (NASDAQ:NVDA) Price Target Raised to $420.00 at Wedbush

NVIDIA (NASDAQ:NVDA) had its price objective hoisted by Wedbush from $340.00 to $420.00 in a research note published on Friday, The Fly reports. The firm currently has an outperform rating on the computer hardware maker’s stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Co increased their price target on NVIDIA from $360.00 to $430.00 and gave the stock an overweight rating in a report on Friday. Cascend Securities increased their price target on NVIDIA from $330.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 14th. SunTrust Banks upped their price objective on NVIDIA from $294.00 to $327.00 and gave the stock a buy rating in a research report on Thursday, May 7th. Morgan Stanley upped their price objective on NVIDIA from $268.00 to $282.00 and gave the stock an overweight rating in a research report on Tuesday, April 28th. Finally, Goldman Sachs Group reaffirmed a buy rating on shares of NVIDIA in a research report on Tuesday, February 18th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $340.68.

NASDAQ NVDA traded up $10.04 on Friday, reaching $361.05. The company had a trading volume of 25,601,366 shares, compared to its average volume of 12,644,931. NVIDIA has a 52 week low of $132.60 and a 52 week high of $363.72. The stock’s 50 day moving average is $292.70 and its 200-day moving average is $252.32. The stock has a market cap of $215.92 billion, a price-to-earnings ratio of 67.49, a PEG ratio of 3.68 and a beta of 1.33. The company has a quick ratio of 7.13, a current ratio of 7.67 and a debt-to-equity ratio of 0.21.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.18%. NVIDIA’s dividend payout ratio (DPR) is currently 13.94%.

In other news, Director Robert K. Burgess sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 13,935 shares in the company, valued at $3,098,168.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark A. Stevens sold 60,000 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $261.63, for a total value of $15,697,800.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,669 shares of company stock worth $27,025,985. 4.64% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Budros Ruhlin & Roe Inc. increased its stake in NVIDIA by 2.4% during the 1st quarter. Budros Ruhlin & Roe Inc. now owns 1,434 shares of the computer hardware maker’s stock worth $378,000 after acquiring an additional 33 shares during the period. Solstein Capital LLC increased its stake in NVIDIA by 11.1% during the 1st quarter. Solstein Capital LLC now owns 360 shares of the computer hardware maker’s stock worth $95,000 after acquiring an additional 36 shares during the period. San Francisco Sentry Investment Group CA increased its stake in NVIDIA by 7.3% during the 1st quarter. San Francisco Sentry Investment Group CA now owns 572 shares of the computer hardware maker’s stock worth $151,000 after acquiring an additional 39 shares during the period. HM Payson & Co. increased its stake in NVIDIA by 1.2% during the 4th quarter. HM Payson & Co. now owns 3,517 shares of the computer hardware maker’s stock worth $828,000 after acquiring an additional 40 shares during the period. Finally, Spotlight Asset Group Inc. increased its stake in NVIDIA by 2.2% during the 1st quarter. Spotlight Asset Group Inc. now owns 1,886 shares of the computer hardware maker’s stock worth $497,000 after acquiring an additional 40 shares during the period. Institutional investors own 66.68% of the company’s stock.

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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