Bank of America Lowers NVIDIA (NASDAQ:NVDA) Price Target to $160.00

NVIDIA (NASDAQ:NVDA) had its price objective lowered by equities researchers at Bank of America from $200.00 to $160.00 in a research report issued on Wednesday, MarketBeat.com reports. The firm currently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s target price indicates a potential upside of 57.91% from the stock’s current price.

Several other research firms have also commented on NVDA. Benchmark restated a “buy” rating and set a $190.00 price target on shares of NVIDIA in a research report on Wednesday, March 19th. Citigroup cut their price target on NVIDIA from $163.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, April 11th. HSBC cut NVIDIA from a “buy” rating to a “hold” rating and set a $120.00 price target for the company. in a report on Thursday, April 3rd. Needham & Company LLC restated a “buy” rating and issued a $160.00 price objective on shares of NVIDIA in a research report on Wednesday, March 19th. Finally, Tigress Financial reiterated a “buy” rating on shares of NVIDIA in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, thirty-six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.51.

NVIDIA Stock Performance

NASDAQ NVDA opened at $101.33 on Wednesday. The firm has a market capitalization of $2.47 trillion, a P/E ratio of 39.88, a PEG ratio of 1.76 and a beta of 1.96. The stock has a 50-day simple moving average of $117.19 and a two-hundred day simple moving average of $129.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. NVIDIA has a fifty-two week low of $75.61 and a fifty-two week high of $195.95.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.05. The company had revenue of $39.33 billion during the quarter, compared to analysts’ expectations of $38.16 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. On average, equities analysts forecast that NVIDIA will post 2.77 earnings per share for the current year.

Insider Buying and Selling at NVIDIA

In other news, Director Aarti S. Shah sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $118.42, for a total value 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 trade represents a 27.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Colette Kress sold 66,660 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $116.83, for a total transaction of $7,787,887.80. Following the sale, the chief financial officer now owns 3,085,765 shares in the company, valued at approximately $360,509,924.95. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 147,147 shares of company stock valued at $17,133,207 in the last three months. 4.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of NVIDIA during the fourth quarter worth approximately $43,515,504,000. GAMMA Investing LLC grew its holdings in NVIDIA by 12,173.2% during the 1st quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker’s stock worth $5,293,039,000 after acquiring an additional 48,439,859 shares in the last quarter. Clear Street Derivatives LLC acquired a new position in NVIDIA during the 3rd quarter worth approximately $4,589,905,000. Northern Trust Corp increased its position in shares of NVIDIA by 15.8% in the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock valued at $35,782,134,000 after purchasing an additional 36,266,817 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its position in shares of NVIDIA by 14,641.2% during the 4th quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker’s stock worth $4,656,682,000 after purchasing an additional 34,441,082 shares during the last quarter. 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.