NVIDIA Corp. (NASDAQ: NVDA) reported its fourth-quarter earnings this past week and had a very positive reaction from investors while analysts hiked up their price targets. As a side note, this was a record quarter for NVIDIA, which made these earnings that much better.

The company had $0.52 in earnings per share (EPS) on $1.40 billion in revenue, which compared to Thomson Reuters consensus estimates of $0.32 in EPS on revenue of $1.31 billion. In the same period of the previous year, it posted EPS of $0.35 and $1.25 billion in revenue.

In terms of guidance for the first quarter, NVIDIA expects to have revenue of $1.26 billion and a gross margin of 57.5%. Consensus estimates call for $0.28 in EPS on $1.23 billion in revenue for the quarter.

Co-founder and CEO Jen-Hsun Huang commented on these record earnings:

We had another record quarter, capping a record year. Our strategy is to create specialized accelerated computing platforms for large growth markets that demand the 10x boost in performance we offer. Each platform leverages our focused investment in building the world’s most advanced GPU technology.

After earnings a few analysts weighed in on the stock:

• Canaccord Genuity has a Buy rating and raised its price target to $36 from $35.
• Deutsche Bank has a Hold rating and raised the price target from $25 to $26.
• Jefferies has a Buy rating and raised its price target to $40 from $38.
• JP Morgan has a Neutral rating and raised its price target to $33 from $31.
• Susquehanna has a Neutral rating and raised the price target from $25 to $26.
• Wedbush has an Outperform rating and raised its price target to $34 from $30.

Shares of NVIDIA ended last week at $30.44, with a consensus analyst price target of $32.04 and a 52-week trading range of $19.09 to $33.94.

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