HSBC Issues Positive Forecast for NVIDIA (NASDAQ:NVDA) Stock Price

NVIDIA (NASDAQ:NVDA) had its price objective boosted by HSBC from $145.00 to $200.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the computer hardware maker’s stock. HSBC’s price objective would suggest a potential upside of 36.73% from the company’s previous close.

A number of other research firms also recently weighed in on NVDA. Needham & Company LLC lifted their price target on shares of NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, August 29th. The Goldman Sachs Group upped their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, October 11th. TD Cowen upgraded shares of NVIDIA to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark reaffirmed a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Raymond James boosted their price objective on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $151.88.

NVIDIA Stock Performance

NASDAQ NVDA opened at $146.27 on Thursday. The firm’s 50 day simple moving average is $129.39 and its 200 day simple moving average is $119.51. The firm has a market capitalization of $3.59 trillion, a price-to-earnings ratio of 68.61, a P/E/G ratio of 1.56 and a beta of 1.66. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. NVIDIA has a 1 year low of $45.01 and a 1 year high of $149.77.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter last year, the business posted $0.25 EPS. The company’s revenue was up 122.4% compared to the same quarter last year. As a group, research analysts expect that NVIDIA will post 2.66 earnings per share for the current fiscal year.

NVIDIA declared that its board has authorized a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares in the company, valued at $577,611,810.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,156,270 shares of company stock worth $254,784,327 over the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after acquiring an additional 8,828,050 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after purchasing an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after buying an additional 163,482,580 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in NVIDIA by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock valued at $21,908,236,000 after buying an additional 6,526,200 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in NVIDIA by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock valued at $17,738,630,000 after buying an additional 2,042,348 shares during the period. 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.