Steel Grove Capital Advisors LLC Buys 324,869 Shares of NVIDIA Co. (NASDAQ:NVDA)

Steel Grove Capital Advisors LLC increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 880.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,754 shares of the computer hardware maker’s stock after buying an additional 324,869 shares during the quarter. NVIDIA accounts for approximately 6.2% of Steel Grove Capital Advisors LLC’s holdings, making the stock its 3rd biggest position. Steel Grove Capital Advisors LLC’s holdings in NVIDIA were worth $44,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NVDA. J. Stern & Co. LLP boosted its position in NVIDIA by 570.4% during the second quarter. J. Stern & Co. LLP now owns 733,290 shares of the computer hardware maker’s stock valued at $90,591,000 after purchasing an additional 623,916 shares during the last quarter. Nippon Life Global Investors Americas Inc. lifted its position in shares of NVIDIA by 757.9% during the 2nd quarter. Nippon Life Global Investors Americas Inc. now owns 1,534,290 shares of the computer hardware maker’s stock worth $189,546,000 after purchasing an additional 1,355,450 shares during the last quarter. Harmony Asset Management LLC lifted its position in shares of NVIDIA by 912.3% during the 2nd quarter. Harmony Asset Management LLC now owns 111,544 shares of the computer hardware maker’s stock worth $13,780,000 after purchasing an additional 100,525 shares during the last quarter. Turim 21 Investimentos Ltda. bought a new position in NVIDIA during the second quarter valued at about $190,000. Finally, Gladstone Capital Management LLP increased its stake in NVIDIA by 677.0% during the second quarter. Gladstone Capital Management LLP now owns 656,010 shares of the computer hardware maker’s stock valued at $81,043,000 after acquiring an additional 571,582 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NVDA has been the topic of several analyst reports. Evercore ISI upped their price objective on NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, August 23rd. Robert W. Baird upped their price objective on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Cowen raised NVIDIA to a “strong-buy” rating in a research note on Monday, September 16th. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Tuesday, August 6th. Finally, HSBC upped their price objective on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $143.07.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the sale, the chief executive officer now owns 77,094,995 shares of the company’s stock, valued at approximately $7,694,851,450.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the sale, the chief executive officer now directly owns 77,094,995 shares in the company, valued at approximately $7,694,851,450.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,636,270 shares of company stock valued at $305,367,927 over the last three months. 4.23% of the stock is owned by insiders.

NVIDIA Stock Up 0.8 %

Shares of NVDA opened at $141.54 on Friday. NVIDIA Co. has a 12 month low of $39.23 and a 12 month high of $144.42. The firm’s 50 day moving average is $124.25 and its 200-day moving average is $114.26. The stock has a market capitalization of $3.48 trillion, a PE ratio of 82.77, a P/E/G ratio of 1.52 and a beta of 1.67. 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 announced 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. The business 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 quarterly revenue was up 122.4% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. Equities research analysts forecast that NVIDIA Co. will post 2.65 EPS for the current year.

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 paid 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 (DPR) is 2.34%.

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

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.