Prestige Wealth Management Group LLC Increases Position in NVIDIA Co. (NASDAQ:NVDA)

Prestige Wealth Management Group LLC grew its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,104.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,138 shares of the computer hardware maker’s stock after acquiring an additional 46,894 shares during the quarter. NVIDIA comprises about 1.4% of Prestige Wealth Management Group LLC’s holdings, making the stock its 18th largest position. Prestige Wealth Management Group LLC’s holdings in NVIDIA were worth $6,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of NVDA. Lowe Wealth Advisors LLC acquired a new position in shares of NVIDIA during the second quarter worth about $25,000. DHJJ Financial Advisors Ltd. lifted its position in shares of NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after purchasing an additional 190 shares in the last quarter. FPC Investment Advisory Inc. acquired a new stake in NVIDIA during the 1st quarter valued at $26,000. CGC Financial Services LLC purchased a new stake in NVIDIA during the 2nd quarter worth $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in NVIDIA in the 1st quarter worth $27,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Up 1.6 %

NVIDIA stock opened at $134.81 on Friday. The firm’s 50 day moving average price is $117.48 and its two-hundred day moving average price is $110.17. The firm has a market cap of $3.32 trillion, a PE ratio of 78.84, a P/E/G ratio of 1.05 and a beta of 1.67. NVIDIA Co. has a twelve month low of $39.23 and a twelve month high of $140.76. 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) last released its quarterly earnings data 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. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s revenue for the quarter was up 122.4% on a year-over-year basis. On average, research analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA declared that its board has approved a share buyback 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 reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Cuts Dividend

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

Insider Activity at NVIDIA

In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $119.17, for a total transaction of $14,300,400.00. Following the transaction, the chief executive officer now owns 78,654,995 shares in the company, valued at $9,373,315,754.15. This represents 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 other news, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total transaction of $7,773,055.30. Following the completion of the sale, the chief financial officer now owns 4,954,214 shares in the company, valued at approximately $577,611,810.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $119.17, for a total value of $14,300,400.00. Following the transaction, the chief executive officer now directly owns 78,654,995 shares in the company, valued at approximately $9,373,315,754.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,201,270 shares of company stock valued at $371,285,277. 4.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group reaffirmed a “buy” rating and set a $150.00 target price on shares of NVIDIA in a research report on Tuesday. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a report on Tuesday, August 6th. KeyCorp increased their target price on NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Evercore ISI raised their price target on shares of NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Finally, Craig Hallum upped their price target on shares of NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Five 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

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.