Azzad Asset Management Inc. ADV Has $31.50 Million Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Azzad Asset Management Inc. ADV grew its position in NVIDIA Co. (NASDAQ:NVDA) by 891.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,990 shares of the computer hardware maker’s stock after purchasing an additional 229,259 shares during the quarter. NVIDIA makes up about 3.7% of Azzad Asset Management Inc. ADV’s investment portfolio, making the stock its 2nd largest holding. Azzad Asset Management Inc. ADV’s holdings in NVIDIA were worth $31,502,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BLB&B Advisors LLC lifted its holdings in shares of NVIDIA by 843.8% in the second quarter. BLB&B Advisors LLC now owns 570,768 shares of the computer hardware maker’s stock worth $70,513,000 after buying an additional 510,294 shares in the last quarter. Cypress Point Wealth Management LLC lifted its holdings in shares of NVIDIA by 772.8% in the second quarter. Cypress Point Wealth Management LLC now owns 5,979 shares of the computer hardware maker’s stock worth $739,000 after buying an additional 5,294 shares in the last quarter. McAdam LLC lifted its holdings in shares of NVIDIA by 945.0% in the second quarter. McAdam LLC now owns 84,614 shares of the computer hardware maker’s stock worth $10,453,000 after buying an additional 76,517 shares in the last quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its holdings in shares of NVIDIA by 752.9% in the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 56,720 shares of the computer hardware maker’s stock worth $7,006,000 after buying an additional 50,070 shares in the last quarter. Finally, Perennial Advisors LLC lifted its holdings 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 worth $18,264,000 after buying an additional 133,213 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on NVDA. Wells Fargo & Company upped their price target on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $100.00 price target on shares of NVIDIA in a research note on Monday, August 5th. Sanford C. Bernstein upped their price target on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Evercore ISI upped their price target on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $175.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Five 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Up 4.0 %

Shares of NVIDIA stock opened at $120.87 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.76. The firm’s 50-day moving average is $115.64 and its two-hundred day moving average is $107.64. The stock has a market cap of $2.97 trillion, a price-to-earnings ratio of 70.68, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping 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 company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the business earned $0.25 EPS. The firm’s quarterly revenue was up 122.4% on a year-over-year basis. As a group, research analysts expect that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders 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 2.34%.

NVIDIA declared that its Board of Directors has approved a stock buyback plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $125.04, for a total transaction of $15,004,800.00. Following the sale, the chief executive officer now directly owns 80,094,995 shares of the company’s stock, valued at $10,015,078,174.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,352,303 shares of company stock valued at $521,745,907. 4.23% of the stock is currently owned by insiders.

NVIDIA 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.