NVIDIA Corporation (NASDAQ:NVDA) announced that it has named Tim Teter as senior vice president, general counsel and company secretary, effective Jan. 23.
Teter, age 50, will be responsible for all of the company’s legal activities. He will take on these responsibilities from David Shannon, who previously announced his intention to retire from the company.
“We are excited to have Tim join our company and lead our legal team,” said Jen-Hsun Huang, founder and chief executive officer, NVIDIA. “His engineering background and extensive experience in the technology industry will be valuable assets we will benefit from.”
Teter most recently served as a partner at the law firm Cooley LLP, where for more than two decades he focused on litigating patent and technology-related matters. Previous to being a lawyer, he worked as an engineer at Lockheed Missiles and Space Co.
He received a J.D. from Stanford Law School, where he was an associate editor of the Stanford Law Review, and has a B.S. in mechanical engineering from University of California at Davis.
Shares of Nvidia Corporation closed today at $102.95, up $1.84 or 1.82%. NVDA has a 1-year high of $119.93 and a 1-year low of $24.75. The stock’s 50-day moving average is $100.48 and its 200-day moving average is $73.81.
On the ratings front, NVDA has been the subject of a number of recent research reports. In a report issued on January 12, UBS analyst Stephen Chin reiterated a Buy rating on NVDA, with a price target of $120, which represents a potential upside of 17% from where the stock is currently trading. Separately, on January 9, Canaccord’s Matt Ramsay reiterated a Buy rating on the stock and has a price target of $120.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Chin and Matt Ramsay have a yearly average return of 13.3% and 18.6% respectively. Chin has a success rate of 71% and is ranked #140 out of 4350 analysts, while Ramsay has a success rate of 64% and is ranked #55.
Sentiment on the street is mostly bullish on NVDA stock. Out of 26 analysts who cover the stock, 18 suggest a Buy rating, 7 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $107.30, which represents a slight upside potential from current levels.
NVIDIA Corp. designs and manufactures computer graphics processors, chipsets, and related multimedia software. The company operates through two segments: Graphics Processing Unit and Tegra Processor. The Graphics Processing Unit segment includes sales of the company’s GeForce discrete and chipset products that supports desktop and notebook PCs plus license fees from Intel and sales of memory products. The Tegra Processors segment provides processors that deliver superior visual and multimedia experience on tablets, smart phones and gaming devices while consuming minimal power.