NVIDIA Co. (NASDAQ:NVDA) Shares Bought by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. raised its stake in NVIDIA Co. (NASDAQ:NVDA) by 926.0% in the second quarter, HoldingsChannel reports. The fund owned 61,415 shares of the computer hardware maker’s stock after purchasing an additional 55,429 shares during the period. NVIDIA accounts for approximately 0.6% of Confluence Wealth Services Inc.’s investment portfolio, making the stock its 22nd largest holding. Confluence Wealth Services Inc.’s holdings in NVIDIA were worth $7,587,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Graypoint LLC raised its stake in shares of NVIDIA by 907.8% during the 2nd quarter. Graypoint LLC now owns 450,633 shares of the computer hardware maker’s stock worth $55,671,000 after buying an additional 405,919 shares during the period. Van ECK Associates Corp raised its stake in shares of NVIDIA by 741.8% during the 2nd quarter. Van ECK Associates Corp now owns 40,008,518 shares of the computer hardware maker’s stock worth $4,942,652,000 after buying an additional 35,255,679 shares during the period. Equita Financial Network Inc. raised its stake in shares of NVIDIA by 1,239.2% during the 2nd quarter. Equita Financial Network Inc. now owns 5,370 shares of the computer hardware maker’s stock worth $663,000 after buying an additional 4,969 shares during the period. Spire Wealth Management raised its stake in shares of NVIDIA by 774.2% during the 2nd quarter. Spire Wealth Management now owns 726,789 shares of the computer hardware maker’s stock worth $89,759,000 after buying an additional 643,654 shares during the period. Finally, Weatherly Asset Management L. P. raised its stake in shares of NVIDIA by 857.3% during the 2nd quarter. Weatherly Asset Management L. P. now owns 163,265 shares of the computer hardware maker’s stock worth $20,170,000 after buying an additional 146,210 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

NVIDIA Stock Performance

NASDAQ NVDA opened at $121.40 on Friday. The stock has a market cap of $2.99 trillion, a PE ratio of 70.99, a P/E/G 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 twelve month low of $39.23 and a twelve month high of $140.76. The stock has a fifty day simple moving average of $115.88 and a 200-day simple moving average of $108.23.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter in the prior year, the company earned $0.25 EPS. NVIDIA’s revenue was up 122.4% on a year-over-year basis. Equities analysts anticipate that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA Cuts Dividend

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

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

Analyst Upgrades and Downgrades

NVDA has been the subject of several research analyst reports. Loop Capital reaffirmed a “buy” rating and set a $175.00 target price on shares of NVIDIA in a research note on Monday, August 26th. Jefferies Financial Group upped their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research note on Tuesday, August 6th. Barclays reduced their price objective on NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Finally, Argus increased their price objective on NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Five research 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $142.10.

Insider Buying and Selling

In related news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the transaction, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at approximately $10,628,094,829.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the sale, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at approximately $10,628,094,829.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction dated 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 completion of the sale, the director now directly owns 9,141,240 shares in the company, valued at approximately $1,195,125,717.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,397,403 shares of company stock valued at $526,762,784. Corporate insiders own 4.23% of the company’s stock.

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.