Granite Group Advisors LLC Increases Position in NVIDIA Co. (NASDAQ:NVDA)

Granite Group Advisors LLC raised its holdings in NVIDIA Co. (NASDAQ:NVDA) by 900.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,350 shares of the computer hardware maker’s stock after purchasing an additional 4,815 shares during the quarter. Granite Group Advisors LLC’s holdings in NVIDIA were worth $661,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Hamilton Wealth LLC raised its holdings in shares of NVIDIA by 0.3% during the first quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after purchasing an additional 9 shares during the period. Brooklyn FI LLC raised its stake in NVIDIA by 2.5% during the first quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock worth $442,000 after acquiring an additional 12 shares during the period. Curran Financial Partners LLC raised its stake in NVIDIA by 1.8% during the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock worth $625,000 after acquiring an additional 12 shares during the period. Beacon Bridge Wealth Partners LLC grew its position in NVIDIA by 2.6% in the 1st quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock worth $428,000 after purchasing an additional 12 shares during the last quarter. Finally, M. Kraus & Co grew its position in NVIDIA by 2.0% in the 1st quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after buying an additional 13 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Mark A. Stevens sold 385,000 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the sale, the director now owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mark A. Stevens sold 385,000 shares of NVIDIA stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the transaction, the director now owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the sale, the chief executive officer now directly owns 75,895,836 shares in the company, valued at $7,994,108,405.88. The disclosure for this sale can be found here. Insiders have sold a total of 3,845,633 shares of company stock valued at $467,359,322 in the last quarter. 4.23% of the stock is currently owned by insiders.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $108.10 on Wednesday. The stock has a 50-day moving average price of $117.97 and a 200 day moving average price of $105.29. The stock has a market capitalization of $2.66 trillion, a P/E ratio of 63.22, a P/E/G ratio of 0.93 and a beta of 1.67. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. 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 (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 the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. Equities research analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

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

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 issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is presently 2.34%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NVDA shares. New Street Research raised shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Tuesday, August 6th. Mizuho boosted their price objective on NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Robert W. Baird upped their price objective on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company lifted their target price 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. Finally, Argus increased their price objective on NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, NVIDIA presently has an average 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.