Phraction Management LLC Raises Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Phraction Management LLC boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 900.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,130 shares of the computer hardware maker’s stock after purchasing an additional 2,817 shares during the period. Phraction Management LLC’s holdings in NVIDIA were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in NVDA. Premier Fund Managers Ltd boosted its holdings in NVIDIA by 1.2% during the fourth quarter. Premier Fund Managers Ltd now owns 32,826 shares of the computer hardware maker’s stock worth $16,255,000 after buying an additional 394 shares in the last quarter. Legacy Financial Group Inc. increased its holdings in NVIDIA by 10.6% in the fourth quarter. Legacy Financial Group Inc. now owns 821 shares of the computer hardware maker’s stock valued at $407,000 after buying an additional 79 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of NVIDIA in the fourth quarter worth about $68,519,000. Rafferty Asset Management LLC boosted its stake in shares of NVIDIA by 12.0% during the 4th quarter. Rafferty Asset Management LLC now owns 1,301,951 shares of the computer hardware maker’s stock worth $644,752,000 after acquiring an additional 139,431 shares in the last quarter. Finally, Cornerstone Advisory LLC grew its position in shares of NVIDIA by 69.1% during the 4th quarter. Cornerstone Advisory LLC now owns 4,899 shares of the computer hardware maker’s stock valued at $2,426,000 after acquiring an additional 2,002 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analysts Set New Price Targets

NVDA has been the topic of a number of recent analyst reports. Melius Research increased their price target on NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Loop Capital reiterated a “buy” rating and set a $175.00 target price on shares of NVIDIA in a research report on Monday, August 26th. JPMorgan Chase & Co. lifted their price target on shares of NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Piper Sandler restated an “overweight” rating and set a $140.00 price objective on shares of NVIDIA in a research report on Thursday, August 29th. Finally, Wedbush reaffirmed an “outperform” rating and set a $138.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Trading Up 1.6 %

Shares of NVDA stock opened at $118.85 on Thursday. NVIDIA Co. has a fifty-two week low of $39.23 and a fifty-two week high of $140.76. The company has a 50 day moving average price of $115.81 and a 200 day moving average price of $108.86. The stock has a market capitalization of $2.92 trillion, a P/E ratio of 69.50, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. 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 (NASDAQ:NVDA) last announced 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 business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same period last year, the firm earned $0.25 earnings per share. Equities research analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA announced that its board has approved a stock repurchase 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 reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be given 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 of this dividend is Thursday, September 12th. NVIDIA’s dividend payout ratio is presently 2.34%.

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.