Connors Investor Services Inc. Has $28.63 Million Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Connors Investor Services Inc. raised its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,013.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 231,725 shares of the computer hardware maker’s stock after purchasing an additional 210,917 shares during the quarter. NVIDIA accounts for approximately 3.0% of Connors Investor Services Inc.’s investment portfolio, making the stock its 4th largest holding. Connors Investor Services Inc.’s holdings in NVIDIA were worth $28,627,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NVDA. Bank of New York Mellon Corp lifted its position in shares of NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of NVIDIA by 1,123.2% during the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock worth $11,371,255,000 after purchasing an additional 84,515,429 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of NVIDIA by 808.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock worth $10,215,474,000 after purchasing an additional 73,589,208 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of NVIDIA by 696.6% during the second quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after purchasing an additional 71,757,065 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of NVIDIA by 882.4% during the second quarter. American Century Companies Inc. now owns 73,648,364 shares of the computer hardware maker’s stock worth $9,098,519,000 after purchasing an additional 66,151,750 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Benchmark restated a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research note 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 note on Thursday, August 29th. Truist Financial raised their price target on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Rosenblatt Securities restated a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $175.00 price target on shares of NVIDIA in a research note on Tuesday, October 8th. Five 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.07.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total value of $14,068,800.00. Following the completion of the transaction, the chief executive officer now directly owns 78,054,995 shares of the company’s stock, valued at approximately $9,151,167,613.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $117.24, for a total value of $14,068,800.00. Following the completion of the transaction, the chief executive officer now directly owns 78,054,995 shares of the company’s stock, valued at approximately $9,151,167,613.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,876,270 shares of company stock valued at $333,061,527. 4.23% of the stock is owned by company insiders.

NVIDIA Trading Up 0.8 %

NVIDIA stock opened at $138.00 on Monday. The company has a quick ratio of 3.79, a current ratio of 4.27 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 $140.89. The company has a market capitalization of $3.39 trillion, a price-to-earnings ratio of 64.73, a price-to-earnings-growth ratio of 1.25 and a beta of 1.67. The stock has a 50-day moving average price of $121.88 and a 200 day moving average price of $112.51.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results 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 return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the previous year, the company posted $0.25 earnings per share. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. Sell-side analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s payout ratio is presently 1.88%.

NVIDIA announced that its board has approved a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.