Nvidia Corp. (NVDA) Stock Price Up 29.8% Following Analyst Upgrade

Nvidia Corp. (NVDA) Stock Price Up 29.8% Following Analyst Upgrade

Shares of Nvidia Corp. (NASDAQ:NVDA) shot up 29.8% during trading on Sunday after Nomura raised their price target on the stock to $80.00. The company traded as high as $88.77 and last traded at $87.97, with a volume of 54,383,633 shares. The stock had previously closed at $67.77.

Other analysts also recently issued reports about the company. B. Riley reiterated a “buy” rating and set a $64.50 target price on shares of Nvidia Corp. in a research report on Friday, August 5th. Barclays PLC upgraded Nvidia Corp. from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $54.00 to $72.00 in a research report on Friday. Finally, Jefferies Group reiterated a “buy” rating and set a $95.00 target price (up from $80.00) on shares of Nvidia Corp. in a research report on Friday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Nvidia Corp. presently has a consensus rating of “Buy” and an average target price of $69.23.

In related news, Director Tench Coxe sold 85,551 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $68.75, for a total value of $5,881,631.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Colette Kress sold 37,804 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $68.60, for a total value of $2,593,354.40. Following the completion of the sale, the chief financial officer now directly owns 444,812 shares in the company, valued at approximately $30,514,103.20. The disclosure for this sale can be found here. Company insiders own 5.82% of the company’s stock.

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Hedge funds have recently made changes to their positions in the company. West Oak Capital LLC increased its stake in shares of Nvidia Corp. by 183.6% in the third quarter. West Oak Capital LLC now owns 1,560 shares of the computer hardware maker’s stock valued at $107,000 after buying an additional 1,010 shares during the period. Brick & Kyle Associates increased its stake in shares of Nvidia Corp. by 25.1% in the second quarter. Brick & Kyle Associates now owns 2,502 shares of the computer hardware maker’s stock valued at $118,000 after buying an additional 502 shares during the period. Cornerstone Advisors Inc. increased its stake in shares of Nvidia Corp. by 52.2% in the third quarter. Cornerstone Advisors Inc. now owns 1,784 shares of the computer hardware maker’s stock valued at $122,000 after buying an additional 612 shares during the period. Stephens Inc. AR increased its stake in shares of Nvidia Corp. by 10.2% in the third quarter. Stephens Inc. AR now owns 1,926 shares of the computer hardware maker’s stock valued at $132,000 after buying an additional 179 shares during the period. Finally, Advisors Preferred LLC increased its stake in shares of Nvidia Corp. by 791.9% in the third quarter. Advisors Preferred LLC now owns 2,310 shares of the computer hardware maker’s stock valued at $158,000 after buying an additional 2,051 shares during the period. 86.24% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $47063.95 billion, a price-to-earnings ratio of 57.50 and a beta of 1.17. The stock has a 50 day moving average of $68.65 and a 200 day moving average of $55.87.

Nvidia Corp. (NASDAQ:NVDA) last posted its quarterly earnings data on Thursday, November 10th. The computer hardware maker reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.37. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.69 billion. Nvidia Corp. had a return on equity of 28.26% and a net margin of 19.52%. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. On average, analysts forecast that Nvidia Corp. will post $1.85 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Monday, November 28th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, November 23rd. This is a positive change from Nvidia Corp.’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.64%. Nvidia Corp.’s payout ratio is presently 24.08%.

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