Princeton Capital Management LLC Purchases 373,697 Shares of NVIDIA Co. (NASDAQ:NVDA)

Princeton Capital Management LLC raised its holdings in NVIDIA Co. (NASDAQ:NVDA) by 910.0% in the second quarter, Holdings Channel.com reports. The fund owned 414,761 shares of the computer hardware maker’s stock after acquiring an additional 373,697 shares during the quarter. NVIDIA makes up about 16.7% of Princeton Capital Management LLC’s investment portfolio, making the stock its largest position. Princeton Capital Management LLC’s holdings in NVIDIA were worth $51,240,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Premier Fund Managers Ltd increased its position in NVIDIA by 1.2% during the fourth quarter. Premier Fund Managers Ltd now owns 32,826 shares of the computer hardware maker’s stock worth $16,255,000 after buying an additional 394 shares during the last quarter. Legacy Financial Group Inc. raised its stake in shares of NVIDIA by 10.6% in the 4th quarter. Legacy Financial Group Inc. now owns 821 shares of the computer hardware maker’s stock valued at $407,000 after acquiring an additional 79 shares in the last quarter. Kodai Capital Management LP acquired a new stake in NVIDIA in the 4th quarter worth approximately $68,519,000. Rafferty Asset Management LLC boosted its position in NVIDIA by 12.0% during the fourth quarter. Rafferty Asset Management LLC now owns 1,301,951 shares of the computer hardware maker’s stock worth $644,752,000 after purchasing an additional 139,431 shares during the period. Finally, Cornerstone Advisory LLC grew its holdings in NVIDIA by 69.1% during the fourth quarter. Cornerstone Advisory LLC now owns 4,899 shares of the computer hardware maker’s stock valued at $2,426,000 after purchasing an additional 2,002 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $128.60, for a total transaction of $15,432,000.00. Following the completion of the sale, the chief executive officer now directly owns 79,494,995 shares of the company’s stock, valued at approximately $10,223,056,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the firm’s 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 transaction, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,197,403 shares of company stock worth $501,955,984. 4.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $140.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Robert W. Baird raised their price target on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Mizuho boosted their price objective on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Craig Hallum raised their target price on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, DA Davidson reiterated a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $118.85 on Thursday. The stock has a market capitalization of $2.92 trillion, a P/E ratio of 69.50, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. 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 1 year low of $39.23 and a 1 year high of $140.76. The firm has a 50 day moving average of $115.81 and a 200-day moving average of $108.86.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data 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. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, sell-side analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

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

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.