NVIDIA Co. (NASDAQ:NVDA) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in NVIDIA Co. (NASDAQ:NVDA) by 906.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,456,171 shares of the computer hardware maker’s stock after buying an additional 9,417,003 shares during the quarter. NVIDIA accounts for about 2.1% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 2nd largest holding. Allspring Global Investments Holdings LLC’s holdings in NVIDIA were worth $1,291,755,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after purchasing an additional 8,828,050 shares during the period. Bank of New York Mellon Corp increased its stake in NVIDIA by 854.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. increased its stake in NVIDIA by 696.6% during the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock worth $10,137,521,000 after buying an additional 71,757,065 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in NVIDIA by 829.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock worth $7,913,435,000 after buying an additional 57,160,191 shares in the last quarter. Finally, Swedbank AB increased its stake in NVIDIA by 798.8% during the 2nd quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after buying an additional 34,678,944 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their price objective on NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Sanford C. Bernstein upped their price target on NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. The Goldman Sachs Group restated a “buy” rating and issued a $135.00 price target on shares of NVIDIA in a research report on Monday, August 19th. New Street Research upgraded 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. Finally, Raymond James upped their price target on NVIDIA from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research report 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Performance

NASDAQ NVDA opened at $113.37 on Thursday. The company has a fifty day simple moving average of $116.45 and a 200 day simple moving average of $106.68. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.79 trillion, a P/E ratio of 66.30, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted 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 firm had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. Sell-side analysts predict that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

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

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.

Insider Buying and Selling

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $128.17, for a total value of $576,765.00. Following the sale, the insider now directly owns 503,878 shares in the company, valued at approximately $64,582,043.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $128.17, for a total value of $576,765.00. Following the sale, the insider now directly owns 503,878 shares in the company, valued at approximately $64,582,043.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark A. Stevens sold 385,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total value of $50,334,900.00. Following the sale, the director now owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,725,633 shares of company stock valued at $449,025,722. 4.23% of the stock is owned by 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.