Legacy Bridge LLC Has $6.53 Million Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Legacy Bridge LLC lifted its position in NVIDIA Co. (NASDAQ:NVDA) by 883.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 52,870 shares of the computer hardware maker’s stock after purchasing an additional 47,495 shares during the quarter. NVIDIA accounts for approximately 3.9% of Legacy Bridge LLC’s holdings, making the stock its biggest holding. Legacy Bridge LLC’s holdings in NVIDIA were worth $6,532,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of NVIDIA by 4.3% in the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after acquiring an additional 8,828,050 shares during the last quarter. Bank of New York Mellon Corp increased its holdings 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 valued at $22,561,200,000 after purchasing an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. raised its position in NVIDIA by 696.6% in the 2nd quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after purchasing an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in NVIDIA by 829.0% in the second 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 purchasing an additional 57,160,191 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of NVIDIA by 892.0% during the second quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock worth $5,773,914,000 after purchasing an additional 42,025,613 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Stock Up 1.6 %

Shares of NVDA stock opened at $134.81 on Friday. NVIDIA Co. has a 12-month low of $39.23 and a 12-month high of $140.76. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $117.48 and a 200-day moving average of $110.17. The company has a market capitalization of $3.32 trillion, a price-to-earnings ratio of 78.84, a P/E/G ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last released its earnings results 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 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 company’s revenue was up 122.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. As a group, equities research analysts predict that NVIDIA Co. will post 2.65 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is 2.34%.

NVIDIA announced that its board has authorized a stock buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NVDA shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price target on shares of NVIDIA in a report on Thursday. Loop Capital reaffirmed a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a research note on Monday, August 26th. Evercore ISI increased their price target on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Mizuho boosted their price objective on shares of NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Truist Financial increased their price objective on NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $142.10.

Insiders Place Their Bets

In related news, Director Mark A. Stevens sold 125,000 shares of NVIDIA stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total value of $15,326,250.00. Following the sale, the director now owns 8,255,117 shares of the company’s stock, valued at approximately $1,012,159,895.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 125,000 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total value of $15,326,250.00. Following the sale, the director now owns 8,255,117 shares in the company, valued at $1,012,159,895.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction dated Friday, September 20th. The stock was 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 of the company’s stock, valued at $57,370,572.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,201,270 shares of company stock valued at $371,285,277 in the last quarter. 4.23% of the stock is currently owned by 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.