NVIDIA's Price Target Uplifted to $700 by Sanford C. Bernstein

On a recent Wednesday, equity research analysts at Sanford C. Bernstein raised their price target on NVIDIA Corporation (NASDAQ:NVDA) from $675 to $700, maintaining an 'outperform' rating on the tech giant's stock. This adjustment implies a considerable prospective growth of 40.16% from its current trading price, as reported by Briefing.com.

Brokerages Weigh In on NVIDIA

Various other brokerages have also recently reviewed NVIDIA's stock. Jefferies Financial Group increased their price target from $500 to $610 and maintained a 'buy' rating. On the same note, Craig Hallum raised their target from $500 to $700, also recommending a 'buy'. Contrasting these optimistic views, KeyCorp downgraded their target from $750 to $650 but still held an 'overweight' stance. Citigroup scaled back their objective from $630 to $575 but kept a 'buy' rating, while BNP Paribas switched from 'neutral' to 'outperform' with a target placed at $745.

NVIDIA currently shows a consensus rating of 'Moderate Buy' with an average price target of $607.74, based on data from MarketBeat.

NVIDIA Performs Strongly in the Market

The company's shares opened at $499.44 on the Wednesday in question, with a 52-week range between $138.84 and $505.48. NVIDIA boasts a market capitalization of $1.23 trillion, a high price-to-earnings ratio of 120.64, and a beta of 1.69. Its current and quick ratios stand at 2.79 and 2.37, respectively, with a debt-to-equity ratio of 0.31. The stock showcases a 50-day simple moving average of $446.24 and a 200-day one of $427.27.

In their last announced quarterly earnings, NVIDIA reported an EPS of $4.02, surpassing the $3.01 consensus estimate by $1.01. The revenue for the quarter stood at $18.12 billion versus the anticipated $16.19 billion. These figures represent a year-over-year revenue surge of 205.5%.

Insider Moves at NVIDIA

Recent insider trading at NVIDIA includes CEO Jen Hsun Huang selling 29,688 shares. Post-transaction, Huang's holdings are valued close to $3.56 billion. Moreover, CFO Colette Kress traded 4,980 shares. Insiders have sold a cumulative 145,232 company shares valued at approximately $67.61 million over the past three months. Insiders currently own about 3.99% of the company’s stock.

Institutional Investment Patterns

Institutional investors and hedge funds have been adjusting their stakes in NVIDIA. Recent entrants and adjustments include acquisitions of new positions ranging from $28,000 to $34,000. Institutional ownership stands at roughly 64.79% of the company's stock.

About NVIDIA

NVIDIA, a famed innovator in graphics and computation, extends its solutions across the United States and globally. They provide GPUs for gaming and professional use, cloud-based virtual computing, automotive infotainment systems, and 3D design and virtual world construction through their Omniverse software. Catering to diverse needs from gaming to enterprise, NVIDIA continues to be at the forefront of technological advancement.

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