Legacy Financial Group Inc. Grows Stake in NVIDIA Co. (NASDAQ:NVDA)

Legacy Financial Group Inc. grew its holdings in NVIDIA Co. (NASDAQ:NVDA) by 984.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 15,387 shares of the computer hardware maker’s stock after acquiring an additional 13,968 shares during the quarter. Legacy Financial Group Inc.’s holdings in NVIDIA were worth $1,901,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its stake in NVIDIA by 958.2% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,436,598 shares of the computer hardware maker’s stock worth $546,296,000 after buying an additional 4,017,339 shares during the last quarter. Purus Wealth Management LLC grew its stake in NVIDIA by 896.8% during the 2nd quarter. Purus Wealth Management LLC now owns 278,934 shares of the computer hardware maker’s stock worth $34,459,000 after buying an additional 250,951 shares during the last quarter. SYSTM Wealth Solutions LLC grew its stake in NVIDIA by 621.0% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 26,404 shares of the computer hardware maker’s stock worth $3,262,000 after buying an additional 22,742 shares during the last quarter. Lingotto Investment Management LLP grew its stake in NVIDIA by 900.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 578,660 shares of the computer hardware maker’s stock worth $71,488,000 after buying an additional 520,794 shares during the last quarter. Finally, Systematic Alpha Investments LLC grew its stake in NVIDIA by 900.0% during the 2nd quarter. Systematic Alpha Investments LLC now owns 900,420 shares of the computer hardware maker’s stock worth $111,238,000 after buying an additional 810,378 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. UBS Group restated a “buy” rating and set a $150.00 price target on shares of NVIDIA in a research note on Tuesday, October 8th. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Tuesday, August 6th. Needham & Company LLC raised their price target on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, William Blair began coverage on NVIDIA in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $143.07.

NVIDIA Stock Performance

NASDAQ NVDA opened at $143.71 on Tuesday. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $143.71. The company has a market capitalization of $3.53 trillion, a P/E ratio of 67.41, a PEG ratio of 1.25 and a beta of 1.67. The business has a 50 day moving average price of $122.58 and a 200 day moving average price of $112.92. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $28.74 billion. During the same period last year, the business posted $0.25 EPS. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. Sell-side 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. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, September 12th. NVIDIA’s payout ratio is 1.88%.

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

Insiders Place Their Bets

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $113.54, for a total transaction of $13,624,800.00. Following the completion of the transaction, the chief executive officer now owns 77,814,995 shares of the company’s stock, valued at approximately $8,835,114,532.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,876,270 shares of company stock valued at $333,061,527. Corporate insiders own 4.23% of the company’s stock.

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.