1832 Asset Management L.P. Acquires 5,674,201 Shares of NVIDIA Co. (NASDAQ:NVDA)

1832 Asset Management L.P. lifted its stake in NVIDIA Co. (NASDAQ:NVDA) by 592.8% during the second quarter, Holdings Channel.com reports. The fund owned 6,631,396 shares of the computer hardware maker’s stock after buying an additional 5,674,201 shares during the period. NVIDIA accounts for approximately 0.7% of 1832 Asset Management L.P.’s holdings, making the stock its 14th largest holding. 1832 Asset Management L.P.’s holdings in NVIDIA were worth $819,243,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Bridgewealth Advisory Group LLC increased its position in NVIDIA by 1,067.1% during the second quarter. Bridgewealth Advisory Group LLC now owns 13,060 shares of the computer hardware maker’s stock worth $1,613,000 after buying an additional 11,941 shares during the last quarter. Quest Investment Management LLC grew its holdings in NVIDIA by 831.9% in the 2nd quarter. Quest Investment Management LLC now owns 496,167 shares of the computer hardware maker’s stock valued at $61,296,000 after buying an additional 442,924 shares in the last quarter. Frank Rimerman Advisors LLC raised its stake in NVIDIA by 3,229.3% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 580,260 shares of the computer hardware maker’s stock worth $71,685,000 after purchasing an additional 562,831 shares in the last quarter. Holderness Investments Co. increased its holdings in shares of NVIDIA by 905.6% during the second quarter. Holderness Investments Co. now owns 186,604 shares of the computer hardware maker’s stock worth $23,053,000 after purchasing an additional 168,047 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of NVIDIA by 898.4% in the second quarter. ProShare Advisors LLC now owns 15,857,702 shares of the computer hardware maker’s stock valued at $1,959,061,000 after buying an additional 14,269,378 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 77,094,995 shares in the company, valued at $7,694,851,450.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 directly owns 77,094,995 shares of the company’s stock, valued at $7,694,851,450.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,636,270 shares of company stock valued at $305,367,927. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Trading Up 0.8 %

Shares of NVIDIA stock opened at $141.54 on Friday. The stock has a market capitalization of $3.48 trillion, a P/E ratio of 82.77, a P/E/G ratio of 1.52 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. The stock’s 50-day simple moving average is $123.91 and its 200 day simple moving average is $113.68. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $144.42.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same period in the previous year, the business earned $0.25 EPS. NVIDIA’s revenue was up 122.4% compared to the same quarter last year. As a group, research analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually 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 was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were given a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 2.34%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVDA. Evercore ISI upped their price objective on shares of NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Wells Fargo & Company increased their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $100.00 target price on shares of NVIDIA in a report on Monday, August 5th. Finally, Craig Hallum boosted their price objective on shares of NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.07.

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.