Evercore ISI Forecasts Strong Price Appreciation for NVIDIA (NASDAQ:NVDA) Stock

NVIDIA (NASDAQ:NVDA) had its price objective upped by Evercore ISI from $189.00 to $190.00 in a report published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the computer hardware maker’s stock.

Several other research analysts have also commented on the stock. Benchmark raised their price target on shares of NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC increased their price objective on shares of NVIDIA from $145.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. increased their price objective on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Mizuho raised their price target on shares of NVIDIA from $140.00 to $165.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Finally, Redburn Atlantic initiated coverage on shares of NVIDIA in a report on Tuesday, November 12th. They issued a “buy” rating and a $178.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $160.82.

NVIDIA Price Performance

NASDAQ NVDA traded down $3.11 during trading hours on Thursday, reaching $143.56. The company’s stock had a trading volume of 83,554,206 shares, compared to its average volume of 396,215,688. The stock has a market cap of $3.52 trillion, a PE ratio of 68.81, a PEG ratio of 1.54 and a beta of 1.66. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The company’s 50-day moving average is $133.55 and its two-hundred day moving average is $121.72. NVIDIA has a fifty-two week low of $45.01 and a fifty-two week high of $152.89.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company’s revenue was up 93.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS. Analysts forecast that NVIDIA will post 2.68 EPS for the current year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA’s dividend payout ratio (DPR) is 1.88%.

NVIDIA announced that its board has initiated a stock buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. The trade was a 14.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $119.03, for a total value of $14,283,600.00. Following the sale, the chief executive officer now directly owns 76,494,995 shares in the company, valued at approximately $9,105,199,254.85. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Company insiders own 4.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hamilton Wealth LLC grew its position in NVIDIA by 0.3% in the 1st quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock valued at $2,839,000 after acquiring an additional 9 shares during the last quarter. Poehling Capital Management INC. raised its stake in NVIDIA by 0.9% in the first quarter. Poehling Capital Management INC. now owns 1,596 shares of the computer hardware maker’s stock valued at $1,442,000 after buying an additional 14 shares during the last quarter. FSA Wealth Management LLC raised its stake in NVIDIA by 3.0% in the first quarter. FSA Wealth Management LLC now owns 486 shares of the computer hardware maker’s stock valued at $439,000 after buying an additional 14 shares during the last quarter. Clean Yield Group grew its holdings in NVIDIA by 0.8% during the first quarter. Clean Yield Group now owns 1,795 shares of the computer hardware maker’s stock worth $1,622,000 after acquiring an additional 15 shares during the period. Finally, Bell Investment Advisors Inc grew its holdings in NVIDIA by 1.3% in the first quarter. Bell Investment Advisors Inc now owns 1,208 shares of the computer hardware maker’s stock valued at $1,092,000 after purchasing an additional 16 shares during the period. Institutional investors 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.