NVIDIA (NASDAQ:NVDA) Hits New 52-Week High Following Strong Earnings

NVIDIA Co. (NASDAQ:NVDA – Get Rating) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $385.99 and last traded at $379.09, with a volume of 46586605 shares traded. The stock had previously closed at $305.38.

The computer hardware maker reported $1.09 EPS for the quarter, beating the consensus estimate of $0.92 by $0.17. The company had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $6.52 billion. NVIDIA had a return on equity of 26.61% and a net margin of 16.19%. The business’s revenue for the quarter was down 13.2% on a year-over-year basis. During the same period last year, the firm earned $1.18 EPS.

Analyst Ratings Changes

Several research firms have recently issued reports on NVDA. Westpark Capital began coverage on NVIDIA in a research report on Wednesday, March 22nd. They issued a “hold” rating on the stock. Robert W. Baird upgraded NVIDIA from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $300.00 to $475.00 in a research report on Thursday. HSBC upgraded NVIDIA from a “reduce” rating to a “buy” rating and raised their price target for the stock from $175.00 to $355.00 in a research report on Tuesday, April 18th. Wedbush upgraded NVIDIA from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $290.00 to $490.00 in a research report on Thursday. Finally, Raymond James reiterated a “strong-buy” rating and set a $290.00 target price on shares of NVIDIA in a report on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $375.13.

Insiders Place Their Bets

In other NVIDIA news, Director Mark L. Perry sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $236.37, for a total transaction of $4,727,400.00. Following the transaction, the director now owns 140,000 shares of the company’s stock, valued at $33,091,800. The sale was disclosed in a document filed with the SEC, which is available through this link. In other NVIDIA news, Director Mark L. Perry sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $236.37, for a total transaction of $4,727,400.00. Following the transaction, the director now owns 140,000 shares of the company’s stock, valued at $33,091,800. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Debora Shoquist sold 23,084 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $305.00, for a total value of $7,040,620.00. Following the completion of the transaction, the executive vice president now directly owns 139,860 shares in the company, valued at approximately $42,657,300. The disclosure for this sale can be found here. Insiders have sold a total of 54,084 shares of company stock valued at $14,516,510 over the last 90 days. 3.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NVIDIA

Institutional investors and hedge funds have recently made changes to their positions in the company. Lindbrook Capital LLC boosted its stake in shares of NVIDIA by 66.8% in the fourth quarter. Lindbrook Capital LLC now owns 18,702 shares of the computer hardware maker’s stock valued at $2,733,000 after buying an additional 7,492 shares during the period. EP Wealth Advisors LLC lifted its stake in NVIDIA by 65.8% during the third quarter. EP Wealth Advisors LLC now owns 45,478 shares of the computer hardware maker’s stock worth $5,521,000 after purchasing an additional 18,044 shares during the last quarter. MBL Wealth LLC lifted its stake in NVIDIA by 4.7% during the fourth quarter. MBL Wealth LLC now owns 6,428 shares of the computer hardware maker’s stock worth $939,000 after purchasing an additional 290 shares during the last quarter. Family Firm Inc. increased its holdings in shares of NVIDIA by 42.9% during the fourth quarter. Family Firm Inc. now owns 7,625 shares of the computer hardware maker’s stock worth $1,114,000 after buying an additional 2,289 shares in the last quarter. Finally, Congress Asset Management Co. MA increased its holdings in shares of NVIDIA by 1.3% during the fourth quarter. Congress Asset Management Co. MA now owns 416,579 shares of the computer hardware maker’s stock worth $60,879,000 after buying an additional 5,222 shares in the last quarter. Institutional investors and hedge funds own 61.80% of the company’s stock.

NVIDIA Stock Up 24.4 %

The firm’s fifty day moving average price is $280.52 and its 200-day moving average price is $218.29. The company has a market capitalization of $939.29 billion, a price-to-earnings ratio of 218.28, a P/E/G ratio of 5.34 and a beta of 1.77. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.52 and a quick ratio of 2.73.

NVIDIA Company Profile

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NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU), Tegra Processor, and All Other. The GPU segment consists of product brands, including GeForce for gamers, Quadro for designers, Tesla and DGX for AI data scientists and big data researchers, and GRID for cloud-based visual computing users.