Pinnacle West Asset Management Inc. boosted its position in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 894.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,250 shares of the computer hardware maker’s stock after purchasing an additional 30,805 shares during the quarter. NVIDIA comprises 3.3% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 3rd biggest position. Pinnacle West Asset Management Inc.’s holdings in NVIDIA were worth $4,231,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in NVDA. Lowe Wealth Advisors LLC bought a new stake in NVIDIA in the second quarter valued at about $25,000. DHJJ Financial Advisors Ltd. increased its stake in shares of NVIDIA by 1,900.0% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after acquiring an additional 190 shares during the last quarter. FPC Investment Advisory Inc. acquired a new stake in shares of NVIDIA in the 1st quarter valued at approximately $26,000. CGC Financial Services LLC bought a new position in NVIDIA during the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in NVIDIA during the first quarter valued at approximately $27,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on the stock. New Street Research raised shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Tuesday, August 6th. Melius Research lifted their target price on NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Wells Fargo & Company increased their price target on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. lifted their price objective on NVIDIA from $115.00 to $155.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Finally, Bank of America reissued a “buy” rating and set a $165.00 target price on shares of NVIDIA in a research note on Thursday, September 5th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.46.
NVIDIA Stock Performance
NASDAQ NVDA opened at $134.80 on Friday. NVIDIA Co. has a 52-week low of $39.23 and a 52-week high of $140.76. The stock has a market cap of $3.31 trillion, a PE ratio of 63.23, a P/E/G ratio of 1.20 and a beta of 1.67. The firm has a 50-day moving average of $118.54 and a 200-day moving average of $110.62. 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 issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion during 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 business’s revenue was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 earnings per share. On average, sell-side analysts anticipate that NVIDIA Co. will post 2.65 EPS for the current year.
NVIDIA Cuts Dividend
The company also recently announced 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 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 1.88%.
NVIDIA announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Insider Activity
In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $128.92, for a total transaction of $15,470,400.00. Following the transaction, the chief executive officer now directly owns 78,894,995 shares of the company’s stock, valued at approximately $10,171,142,755.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Monday, July 15th. The stock was sold at an average price of $128.92, for a total value of $15,470,400.00. Following the completion of the transaction, the chief executive officer now directly owns 78,894,995 shares of the company’s stock, valued at $10,171,142,755.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on 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 sale, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,356,270 shares of company stock valued at $391,787,127. 4.23% of the stock is owned by company insiders.
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.
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