Resonant Capital Advisors LLC Has $7.94 Million Stake in NVIDIA Co. (NASDAQ:NVDA)

Resonant Capital Advisors LLC increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 998.9% during the second quarter, Holdings Channel reports. The fund owned 64,285 shares of the computer hardware maker’s stock after acquiring an additional 58,435 shares during the quarter. Resonant Capital Advisors LLC’s holdings in NVIDIA were worth $7,942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Lowe Wealth Advisors LLC acquired a new stake in shares of NVIDIA during the 2nd quarter worth about $25,000. DHJJ Financial Advisors Ltd. raised its holdings in NVIDIA by 1,900.0% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after acquiring an additional 190 shares during the period. FPC Investment Advisory Inc. bought a new stake in shares of NVIDIA during the first quarter worth approximately $26,000. CGC Financial Services LLC acquired a new position in shares of NVIDIA in the second quarter valued at approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new position in shares of NVIDIA during the first quarter worth approximately $27,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price objective on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Jefferies Financial Group raised their price target on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. New Street Research raised shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Finally, Argus boosted their price target 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Down 3.7 %

Shares of NASDAQ:NVDA opened at $117.00 on Wednesday. The business has a fifty day simple moving average of $115.72 and a 200 day simple moving average of $108.79. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The firm has a market cap of $2.88 trillion, a P/E ratio of 68.42, a P/E/G ratio of 1.05 and a beta of 1.67. 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 (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s quarterly revenue was up 122.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 earnings per share. Analysts predict that NVIDIA Co. will post 2.65 earnings per share for the current year.

NVIDIA Cuts Dividend

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

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

Insider Transactions at NVIDIA

In related news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction on 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 transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The disclosure for this sale can be found here. Insiders sold a total of 4,197,403 shares of company stock worth $501,955,984 over the last three months. 4.23% of the stock is owned by company insiders.

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.