Needham & Company LLC Reiterates “Buy” Rating for NVIDIA (NASDAQ:NVDA)

NVIDIA (NASDAQ:NVDA)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $160.00 price objective on the computer hardware maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 38.61% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Summit Insights lowered NVIDIA from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Bank of America upped their target price on NVIDIA from $190.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Truist Financial upped their price objective on NVIDIA from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Benchmark reiterated a “buy” rating and issued a $190.00 price objective on shares of NVIDIA in a research note on Thursday, February 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $220.00 price objective on shares of NVIDIA in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $171.51.

NVIDIA Stock Down 3.4 %

Shares of NVDA opened at $115.43 on Wednesday. The company has a market capitalization of $2.82 trillion, a PE ratio of 45.43, a PEG ratio of 1.76 and a beta of 1.77. NVIDIA has a 12 month low of $75.61 and a 12 month high of $153.13. The stock’s 50-day moving average price is $128.17 and its two-hundred day moving average price is $131.21. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other news, Director Robert K. Burgess sold 53,324 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $115.49, for a total transaction of $6,158,388.76. Following the transaction, the director now owns 251,044 shares of the company’s stock, valued at approximately $28,993,071.56. The trade was a 17.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Dabiri sold 2,663 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 17,279 shares in the company, valued at approximately $1,900,690. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,449 shares of company stock valued at $11,960,727 in the last quarter. 4.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NVIDIA

A number of large investors have recently bought and sold shares of NVDA. Tacita Capital Inc purchased a new stake in shares of NVIDIA during the 4th quarter worth $28,000. Legend Financial Advisors Inc. acquired a new position in NVIDIA during the 4th quarter valued at about $34,000. Vision Financial Markets LLC acquired a new position in NVIDIA during the 4th quarter valued at about $38,000. Luken Investment Analytics LLC acquired a new position in NVIDIA during the 4th quarter valued at about $40,000. Finally, DHJJ Financial Advisors Ltd. increased its position in NVIDIA by 70.0% during the 3rd quarter. DHJJ Financial Advisors Ltd. now owns 340 shares of the computer hardware maker’s stock valued at $41,000 after buying an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

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.