NVIDIA Co. (NASDAQ:NVDA) Stake Lowered by Sara Bay Financial

Sara Bay Financial cut its stake in NVIDIA Co. (NASDAQ:NVDA) by 1.0% during the third quarter, HoldingsChannel reports. The fund owned 357,601 shares of the computer hardware maker’s stock after selling 3,549 shares during the quarter. NVIDIA comprises approximately 17.9% of Sara Bay Financial’s holdings, making the stock its 2nd biggest position. Sara Bay Financial’s holdings in NVIDIA were worth $43,427,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New Hampshire grew its stake in NVIDIA by 3.5% in the third quarter. Bank of New Hampshire now owns 52,484 shares of the computer hardware maker’s stock valued at $6,374,000 after purchasing an additional 1,759 shares in the last quarter. Hurlow Wealth Management Group Inc. lifted its holdings in shares of NVIDIA by 8.9% during the 3rd quarter. Hurlow Wealth Management Group Inc. now owns 2,848 shares of the computer hardware maker’s stock valued at $346,000 after buying an additional 232 shares during the last quarter. IMZ Advisory Inc grew its stake in shares of NVIDIA by 1.6% in the 3rd quarter. IMZ Advisory Inc now owns 18,542 shares of the computer hardware maker’s stock valued at $2,316,000 after buying an additional 294 shares in the last quarter. Cypress Financial Planning LLC grew its stake in shares of NVIDIA by 5.9% in the 3rd quarter. Cypress Financial Planning LLC now owns 2,570 shares of the computer hardware maker’s stock valued at $312,000 after buying an additional 144 shares in the last quarter. Finally, Sterling Group Wealth Management LLC raised its position in NVIDIA by 31.4% during the third quarter. Sterling Group Wealth Management LLC now owns 3,353 shares of the computer hardware maker’s stock valued at $407,000 after acquiring an additional 802 shares in the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the sale, the insider now directly owns 492,409 shares in the company, valued at approximately $57,370,572.59. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’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 owns 492,409 shares of the company’s stock, valued at $57,370,572.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark A. Stevens sold 40,000 shares of NVIDIA stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $121.01, for a total value of $4,840,400.00. Following the completion of the sale, the director now directly owns 8,380,117 shares in the company, valued at approximately $1,014,077,958.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock worth $254,784,327 in the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on NVDA shares. Craig Hallum boosted their target price on shares of NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Westpark Capital upped their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Loop Capital restated a “buy” rating and set a $175.00 target price on shares of NVIDIA in a report on Monday, August 26th. UBS Group reiterated a “buy” rating and set a $150.00 price target on shares of NVIDIA in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. raised their price objective on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $143.07.

NVIDIA Price Performance

NVDA opened at $148.88 on Friday. 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 stock has a market capitalization of $3.65 trillion, a P/E ratio of 69.90, a price-to-earnings-growth ratio of 1.43 and a beta of 1.66. The company’s 50 day simple moving average is $126.08 and its 200-day simple moving average is $117.25. NVIDIA Co. has a one year low of $45.01 and a one year high of $148.93.

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, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $28.74 billion. During the same quarter last year, the firm earned $0.25 EPS. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. Sell-side analysts anticipate that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has authorized a stock buyback 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

NVIDIA Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

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.