NVIDIA Corporation NVDA shares are trading higher after Wells Fargo maintained an Overweight rating on the stock and raised its price target from $245 to $320.

Nvidia was also trading higher last week, with strength being attributed to news Facebook plans to increase capital spending including data centers, servers and network infrastructure, which could benefit chip companies.

Nvidia is trading higher by 44.5% over the past month amid ongoing strength in chip companies.

Nvidia is the leading designer of graphics processing units that enhance the experience on computing platforms. The firm's chips are used in a variety of end markets, including high-end PCs for gaming, data centers and automotive infotainment systems.

Nvidia has a 52-week high of $288.25 and a 52-week low of $115.66.