Allegheny Financial Group LTD Invests $835,000 in NVIDIA Co. (NASDAQ:NVDA)

Allegheny Financial Group LTD purchased a new stake in shares of NVIDIA Co. (NASDAQ:NVDA) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 6,763 shares of the computer hardware maker’s stock, valued at approximately $835,000.

Several other hedge funds have also bought and sold shares of NVDA. Lowe Wealth Advisors LLC bought a new stake in shares of NVIDIA in the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. increased its position in NVIDIA by 1,900.0% during the 2nd 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 in the last quarter. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the first quarter valued at $26,000. CGC Financial Services LLC bought a new stake in NVIDIA in the second quarter worth $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA in the first quarter worth $27,000. Institutional investors own 65.27% of the company’s stock.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the transaction, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the completion of the transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ajay K. Puri sold 100,110 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $130.10, for a total value of $13,024,311.00. Following the transaction, the executive vice president now owns 3,939,350 shares of the company’s stock, valued at approximately $512,509,435. The disclosure for this sale can be found here. Insiders have sold a total of 4,077,403 shares of company stock worth $486,699,184 over the last quarter. Insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NVDA shares. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target for the company in a research report on Tuesday, August 6th. UBS Group lifted their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 8th. DA Davidson reiterated a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a report on Thursday, August 29th. Raymond James boosted their price objective on shares of NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Finally, StockNews.com cut NVIDIA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Up 3.4 %

Shares of NVDA stock opened at $122.85 on Friday. The company has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 71.84, a PEG ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The company’s fifty day moving average price is $116.03 and its 200-day moving average price is $108.96. NVIDIA Co. has a one year low of $39.23 and a one year high of $140.76.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating 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 business had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the previous year, the business earned $0.25 earnings per share. The business’s revenue was up 122.4% on a year-over-year basis. Sell-side analysts expect that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its board has approved a stock buyback plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

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.