Spectrum Wealth Counsel LLC increased its position in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 885.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,773 shares of the computer hardware maker’s stock after purchasing an additional 79,767 shares during the period. NVIDIA accounts for approximately 1.4% of Spectrum Wealth Counsel LLC’s portfolio, making the stock its 20th largest position. Spectrum Wealth Counsel LLC’s holdings in NVIDIA were worth $10,967,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in NVDA. Hamilton Wealth LLC raised its stake in shares of NVIDIA by 0.3% during the 1st quarter. Hamilton Wealth LLC now owns 3,142 shares of the computer hardware maker’s stock worth $2,839,000 after purchasing an additional 9 shares during the period. Brooklyn FI LLC raised its stake in NVIDIA by 2.5% in the 1st quarter. Brooklyn FI LLC now owns 489 shares of the computer hardware maker’s stock valued at $442,000 after acquiring an additional 12 shares during the period. Curran Financial Partners LLC increased its position in shares of NVIDIA by 1.8% during the first quarter. Curran Financial Partners LLC now owns 691 shares of the computer hardware maker’s stock valued at $625,000 after buying an additional 12 shares during the period. Beacon Bridge Wealth Partners LLC increased its position in shares of NVIDIA by 2.6% during the first quarter. Beacon Bridge Wealth Partners LLC now owns 473 shares of the computer hardware maker’s stock valued at $428,000 after buying an additional 12 shares during the period. Finally, M. Kraus & Co increased its position in shares of NVIDIA by 2.0% during the first quarter. M. Kraus & Co now owns 657 shares of the computer hardware maker’s stock valued at $594,000 after buying an additional 13 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on NVDA shares. KeyCorp upped their target price on NVIDIA from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Raymond James increased their price objective on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler reiterated an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. The Goldman Sachs Group increased their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a research report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.07.
Insider Transactions at NVIDIA
In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now owns 492,409 shares in the company, valued at approximately $57,370,572.59. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction 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 sale, the insider now directly owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark A. Stevens sold 40,000 shares of the business’s 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 transaction, the director now directly owns 8,380,117 shares of the company’s stock, valued at approximately $1,014,077,958.17. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,996,270 shares of company stock valued at $347,729,127. 4.23% of the stock is owned by corporate insiders.
NVIDIA Trading Up 0.8 %
NASDAQ:NVDA opened at $138.00 on Friday. The business has a fifty day moving average of $121.88 and a 200-day moving average of $112.19. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.89. The stock has a market cap of $3.39 trillion, a price-to-earnings ratio of 80.70, a PEG ratio of 1.20 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 – Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 EPS. Equities 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 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 was Thursday, September 12th. NVIDIA’s payout ratio is presently 2.34%.
NVIDIA declared that its board has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
About NVIDIA
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.
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