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Nvidia (NVDA) Gets a Buy Rating from Wells Fargo

In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Buy rating on Nvidia (NVDAResearch Report), with a price target of $370.00. The company’s shares closed last Thursday at $272.86.

According to TipRanks.com, Rakers is a top 100 analyst with an average return of 27.4% and a 72.7% success rate. Rakers covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Arista Networks, and Cisco Systems.

Currently, the analyst consensus on Nvidia is a Strong Buy with an average price target of $352.71, a 27.0% upside from current levels. In a report issued on March 18, Credit Suisse also reiterated a Buy rating on the stock with a $400.00 price target.

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Based on Nvidia’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $7.64 billion and net profit of $3 billion. In comparison, last year the company earned revenue of $5 billion and had a net profit of $1.46 billion.

Based on the recent corporate insider activity of 91 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NVDA in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

NVIDIA Corp. designs and manufactures computer graphics processors, chipsets, and related multimedia software. The company operates through two segments:
• Graphics segment: Includes GeForce GPUs (graphics processing units) for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms, Quadro GPUs for enterprise design, GRID software for cloud-based visual and virtual computing, as well as automotive platforms for infotainment systems.
• Compute & Networking segment: Includes Data Center platforms and systems for artificial intelligence, high performance computing, and accelerated computing, Mellanox networking and interconnect solutions, DRIVE for autonomous vehicles and Jetson for robotics and other embedded platforms.
The company was founded by Jen-Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in January 1993 and is headquartered in Santa Clara, CA.

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