Bellevue Asset Management LLC Raises Position in NVIDIA Co. (NASDAQ:NVDA)

Bellevue Asset Management LLC raised its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,500.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,744 shares of the computer hardware maker’s stock after acquiring an additional 5,385 shares during the quarter. NVIDIA comprises approximately 0.4% of Bellevue Asset Management LLC’s portfolio, making the stock its 27th biggest holding. Bellevue Asset Management LLC’s holdings in NVIDIA were worth $709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Aveo Capital Partners LLC lifted its stake in shares of 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 in the last quarter. Gryphon Financial Partners LLC lifted its stake in shares of NVIDIA by 60.9% during the 4th quarter. Gryphon Financial Partners LLC now owns 14,514 shares of the computer hardware maker’s stock valued at $7,188,000 after buying an additional 5,496 shares in the last quarter. Solidarity Wealth LLC lifted its stake in shares of NVIDIA by 5.3% during the 4th quarter. Solidarity Wealth LLC now owns 1,372 shares of the computer hardware maker’s stock valued at $679,000 after buying an additional 69 shares in the last quarter. Holistic Financial Partners lifted its stake in NVIDIA by 1.8% in the 4th quarter. Holistic Financial Partners now owns 3,327 shares of the computer hardware maker’s stock worth $1,648,000 after purchasing an additional 58 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in NVIDIA in the 4th quarter worth $6,973,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Performance

Shares of NASDAQ:NVDA opened at $121.40 on Friday. The firm has a market cap of $2.99 trillion, a PE ratio of 70.99, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The firm’s 50 day simple moving average is $115.88 and its 200-day simple moving average is $108.23. NVIDIA Co. has a one year low of $39.23 and a one year high of $140.76. 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 (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same period last year, the firm earned $0.25 earnings per share. The company’s quarterly revenue was up 122.4% on a year-over-year basis. As a group, equities analysts predict that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA announced that its board has approved a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

NVIDIA Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders 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 dividend yield of 0.03%. NVIDIA’s dividend payout ratio is presently 2.34%.

Insider Activity

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the transaction, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other NVIDIA 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 value of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,397,403 shares of company stock worth $526,762,784. Corporate insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on NVDA. Wedbush reissued an “outperform” rating and set a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $100.00 price objective on shares of NVIDIA in a report on Monday, August 5th. Craig Hallum increased their price objective on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Needham & Company LLC increased their price objective on shares of NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Barclays dropped their price objective on shares of NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Five investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $142.10.

About NVIDIA

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.