NVIDIA Co. (NASDAQ:NVDA) Position Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its position in NVIDIA Co. (NASDAQ:NVDA) by 826.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 943,749 shares of the computer hardware maker’s stock after buying an additional 841,934 shares during the quarter. NVIDIA accounts for approximately 1.8% of Pinnacle Associates Ltd.’s holdings, making the stock its 4th biggest holding. Pinnacle Associates Ltd.’s holdings in NVIDIA were worth $116,591,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aveo Capital Partners LLC grew its holdings in NVIDIA by 30.5% during the 4th quarter. Aveo Capital Partners LLC now owns 2,351 shares of the computer hardware maker’s stock valued at $1,164,000 after buying an additional 549 shares during the last quarter. Gryphon Financial Partners LLC lifted its position in shares of NVIDIA by 60.9% in the fourth quarter. Gryphon Financial Partners LLC now owns 14,514 shares of the computer hardware maker’s stock valued at $7,188,000 after acquiring an additional 5,496 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of NVIDIA by 22.8% during the fourth quarter. Intech Investment Management LLC now owns 536,954 shares of the computer hardware maker’s stock valued at $265,910,000 after acquiring an additional 99,609 shares during the last quarter. Fortis Capital Advisors LLC increased its position in NVIDIA by 7.2% during the 4th quarter. Fortis Capital Advisors LLC now owns 21,871 shares of the computer hardware maker’s stock worth $10,831,000 after purchasing an additional 1,466 shares in the last quarter. Finally, Insight Holdings Group LLC raised its stake in NVIDIA by 50.2% in the 4th quarter. Insight Holdings Group LLC now owns 45,500 shares of the computer hardware maker’s stock valued at $22,533,000 after purchasing an additional 15,200 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Trading Up 0.4 %

NASDAQ NVDA opened at $124.04 on Friday. The stock has a market cap of $3.04 trillion, a P/E ratio of 72.54, a PEG ratio of 1.05 and a beta of 1.67. The company’s fifty day simple moving average is $115.75 and its 200-day simple moving average is $107.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The firm had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s revenue was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. Equities research analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its board has approved a share repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

NVIDIA Cuts Dividend

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

Insiders Place Their Bets

In other news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $122.78, for a total transaction of $14,733,600.00. Following the sale, the chief executive officer now owns 79,974,995 shares in the company, valued at $9,819,329,886.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The disclosure for this sale can be found here. Insiders have sold 4,397,403 shares of company stock worth $526,762,784 in the last three months. 4.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NVDA has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $100.00 price target on shares of NVIDIA in a report on Monday, August 5th. Sanford C. Bernstein lifted their target price on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Truist Financial increased their price target on NVIDIA from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. William Blair assumed coverage on NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Melius Research upped their target price on NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

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.