Lake Street Advisors Group LLC Buys 288,538 Shares of NVIDIA Co. (NASDAQ:NVDA)

Lake Street Advisors Group LLC raised its stake in NVIDIA Co. (NASDAQ:NVDA) by 916.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 320,017 shares of the computer hardware maker’s stock after buying an additional 288,538 shares during the period. NVIDIA comprises 1.9% of Lake Street Advisors Group LLC’s holdings, making the stock its 13th biggest holding. Lake Street Advisors Group LLC’s holdings in NVIDIA were worth $39,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Lowe Wealth Advisors LLC purchased a new position in NVIDIA during the second quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. boosted its position in NVIDIA by 1,900.0% during 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 in the last quarter. FPC Investment Advisory Inc. purchased a new position in shares of NVIDIA in the 1st quarter valued at $26,000. CGC Financial Services LLC bought a new position in shares of NVIDIA in the 2nd quarter worth $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA during the 1st quarter worth $27,000. 65.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on NVDA shares. UBS Group reiterated a “buy” rating and issued a $150.00 target price on shares of NVIDIA in a report on Tuesday. DA Davidson reaffirmed a “neutral” rating and set a $90.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. William Blair assumed coverage on NVIDIA in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Robert W. Baird upped their target price on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Melius Research raised their price target on NVIDIA from $125.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Stock Performance

Shares of NVDA stock opened at $132.89 on Wednesday. The company has a market capitalization of $3.27 trillion, a P/E ratio of 77.71, a P/E/G ratio of 1.05 and a beta of 1.67. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The business’s 50 day moving average is $116.58 and its two-hundred day moving average is $109.74. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 EPS. Analysts expect that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 2.34%.

NVIDIA announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the completion of the sale, the executive vice president now directly owns 3,939,350 shares in the company, valued at approximately $512,509,435. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s 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 transaction, the insider now 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 document filed with the SEC, which is accessible through the SEC website. Also, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at $512,509,435. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,577,403 shares of company stock valued at $420,166,534. 4.23% of the stock is owned by corporate insiders.

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.