Avion Wealth Buys 4,457 Shares of NVIDIA Co. (NASDAQ:NVDA)

Avion Wealth raised its stake in NVIDIA Co. (NASDAQ:NVDA) by 1,782.8% during the 2nd quarter, Holdings Channel reports. The fund owned 4,707 shares of the computer hardware maker’s stock after acquiring an additional 4,457 shares during the period. Avion Wealth’s holdings in NVIDIA were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of NVDA. BLB&B Advisors LLC raised its stake in NVIDIA by 843.8% in the 2nd quarter. BLB&B Advisors LLC now owns 570,768 shares of the computer hardware maker’s stock worth $70,513,000 after purchasing an additional 510,294 shares in the last quarter. McAdam LLC increased its holdings in shares of NVIDIA by 945.0% during the second quarter. McAdam LLC now owns 84,614 shares of the computer hardware maker’s stock worth $10,453,000 after purchasing an additional 76,517 shares during the period. Perennial Advisors LLC raised its position in shares of NVIDIA by 910.9% in the second quarter. Perennial Advisors LLC now owns 147,838 shares of the computer hardware maker’s stock valued at $18,264,000 after buying an additional 133,213 shares in the last quarter. Sierra Capital LLC boosted its stake in shares of NVIDIA by 792.7% in the second quarter. Sierra Capital LLC now owns 26,559 shares of the computer hardware maker’s stock valued at $3,281,000 after buying an additional 23,584 shares during the period. Finally, Fortis Capital Management LLC increased its stake in NVIDIA by 1,796.3% during the 2nd quarter. Fortis Capital Management LLC now owns 103,806 shares of the computer hardware maker’s stock worth $12,824,000 after acquiring an additional 98,332 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NVDA has been the topic of several analyst reports. Argus increased their target price on NVIDIA from $110.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Melius Research increased their price target on shares of NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Needham & Company LLC lifted their target price on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. HSBC raised their target price on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Finally, Tigress Financial upped their price target on shares of NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Down 1.6 %

Shares of NASDAQ:NVDA opened at $116.00 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The business’s 50 day simple moving average is $115.99 and its two-hundred day simple moving average is $106.97. The firm has a market cap of $2.85 trillion, a P/E ratio of 67.84, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter last year, the firm posted $0.25 EPS. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. As a group, research analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, September 12th. NVIDIA’s payout ratio is presently 2.34%.

NVIDIA declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other NVIDIA news, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the transaction, the chief financial officer now owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other NVIDIA news, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the transaction, the chief financial officer now directly owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark A. Stevens sold 385,000 shares of NVIDIA stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the transaction, the director now directly owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The disclosure for this sale can be found here. Insiders have sold 3,692,303 shares of company stock worth $444,047,307 in the last quarter. Insiders own 4.23% of the company’s stock.

NVIDIA Company Profile

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.