Needham & Company LLC Trims NVIDIA (NASDAQ:NVDA) Target Price to $240.00

NVIDIA (NASDAQ:NVDAGet Rating) had its price target trimmed by Needham & Company LLC from $400.00 to $240.00 in a research report sent to investors on Thursday morning, The Fly reports. The firm currently has a buy rating on the computer hardware maker’s stock.

A number of other analysts have also recently commented on the company. Wedbush lowered their price target on NVIDIA from $300.00 to $190.00 and set a neutral rating for the company in a research note on Thursday, May 19th. Summit Insights cut NVIDIA from a buy rating to a hold rating in a research note on Thursday, February 17th. UBS Group lowered their price target on NVIDIA from $350.00 to $280.00 and set a buy rating for the company in a research note on Monday, May 23rd. Citigroup lowered their price target on NVIDIA from $350.00 to $315.00 and set a buy rating for the company in a research note on Thursday. Finally, Benchmark reaffirmed a buy rating and issued a $228.00 price target (down from $365.00) on shares of NVIDIA in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $269.77.

NVIDIA stock opened at $188.11 on Thursday. The company has a current ratio of 5.32, a quick ratio of 6.05 and a debt-to-equity ratio of 0.42. NVIDIA has a 1 year low of $155.01 and a 1 year high of $346.47. The company has a market cap of $547.92 billion, a PE ratio of 50.43, a PEG ratio of 2.38 and a beta of 1.59. The company’s 50-day moving average is $212.40 and its two-hundred day moving average is $250.14.

NVIDIA (NASDAQ:NVDAGet Rating) last released its earnings results on Wednesday, May 25th. The computer hardware maker reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.07. NVIDIA had a net margin of 32.02% and a return on equity of 43.81%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was up 46.4% compared to the same quarter last year. Research analysts forecast that NVIDIA will post 4.63 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Thursday, June 9th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Wednesday, June 8th. NVIDIA’s payout ratio is presently 4.29%.

In other NVIDIA news, Director Mark L. Perry sold 16,716 shares of the firm’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $263.80, for a total transaction of $4,409,680.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jen Hsun Huang sold 292,340 shares of the firm’s stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $237.12, for a total value of $69,319,660.80. The disclosure for this sale can be found here. In the last three months, insiders sold 409,056 shares of company stock valued at $101,135,342. 4.47% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in NVDA. Piscataqua Savings Bank increased its position in shares of NVIDIA by 14.3% in the fourth quarter. Piscataqua Savings Bank now owns 320 shares of the computer hardware maker’s stock worth $94,000 after purchasing an additional 40 shares during the period. Venture Visionary Partners LLC increased its position in shares of NVIDIA by 0.3% in the fourth quarter. Venture Visionary Partners LLC now owns 15,776 shares of the computer hardware maker’s stock worth $4,639,000 after purchasing an additional 43 shares during the period. Warren Averett Asset Management LLC increased its position in shares of NVIDIA by 0.7% in the third quarter. Warren Averett Asset Management LLC now owns 5,997 shares of the computer hardware maker’s stock worth $1,822,000 after purchasing an additional 44 shares during the period. Tranquility Partners LLC increased its position in shares of NVIDIA by 1.0% in the fourth quarter. Tranquility Partners LLC now owns 4,384 shares of the computer hardware maker’s stock worth $1,290,000 after purchasing an additional 44 shares during the period. Finally, Bedel Financial Consulting Inc. increased its position in shares of NVIDIA by 2.3% in the fourth quarter. Bedel Financial Consulting Inc. now owns 1,976 shares of the computer hardware maker’s stock worth $581,000 after purchasing an additional 45 shares during the period. 55.19% of the stock is owned by institutional investors and hedge funds.

About NVIDIA (Get Rating)

NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.

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