Bristlecone Advisors LLC Has $43.76 Million Position in NVIDIA Co. (NASDAQ:NVDA)

Bristlecone Advisors LLC grew its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 866.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 354,244 shares of the computer hardware maker’s stock after buying an additional 317,571 shares during the period. NVIDIA accounts for approximately 3.7% of Bristlecone Advisors LLC’s holdings, making the stock its 4th biggest position. Bristlecone Advisors LLC’s holdings in NVIDIA were worth $43,763,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lowe Wealth Advisors LLC bought a new position in NVIDIA in the 2nd quarter worth about $25,000. DHJJ Financial Advisors Ltd. grew its holdings in shares of NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after buying an additional 190 shares during the last quarter. FPC Investment Advisory Inc. bought a new stake in shares of NVIDIA during the first quarter valued at approximately $26,000. CGC Financial Services LLC purchased a new position in NVIDIA in the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in NVIDIA during the 1st quarter valued at $27,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NVDA shares. Wolfe Research upped their price target on NVIDIA from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd. Oppenheimer reaffirmed an “outperform” rating and set a $110.00 price target on shares of NVIDIA in a report on Thursday, May 23rd. Melius Research boosted their price objective on shares of NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a report on Friday, June 21st. Robert W. Baird raised their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

NVIDIA Trading Down 1.0 %

NVDA stock opened at $115.59 on Wednesday. The firm has a market cap of $2.84 trillion, a PE ratio of 67.60, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The firm has a fifty day moving average price of $116.88 and a 200 day moving average price of $106.63. 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 Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share 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 the consensus estimate of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. Sell-side analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be given a $0.01 dividend. 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 is presently 2.34%.

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

Insiders Place Their Bets

In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $128.17, for a total value of $576,765.00. Following the completion of the sale, the insider now owns 503,878 shares in the company, valued at approximately $64,582,043.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $99.81, for a total value of $11,977,200.00. Following the sale, the chief executive officer now owns 77,094,995 shares in the company, valued at $7,694,851,450.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $128.17, for a total transaction of $576,765.00. Following the sale, the insider now directly owns 503,878 shares of the company’s stock, valued at $64,582,043.26. The disclosure for this sale can be found here. Insiders sold 3,845,633 shares of company stock valued at $465,330,122 over the last three months. 4.23% of the stock is owned by company insiders.

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.