Highland Capital Management LLC Has $33.18 Million Holdings in NVIDIA Co. (NASDAQ:NVDA)

Highland Capital Management LLC boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 792.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 268,589 shares of the computer hardware maker’s stock after acquiring an additional 238,497 shares during the period. NVIDIA accounts for 2.0% of Highland Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Highland Capital Management LLC’s holdings in NVIDIA were worth $33,181,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NVDA. Vanguard Group Inc. raised its position in NVIDIA by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of NVIDIA by 696.6% during the second quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after buying an additional 71,757,065 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of NVIDIA by 829.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock valued at $7,913,435,000 after acquiring an additional 57,160,191 shares in the last quarter. Swedbank AB lifted its stake in NVIDIA by 798.8% in the second quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after acquiring an additional 34,678,944 shares during the period. Finally, Norges Bank purchased a new stake in NVIDIA in the fourth quarter worth $14,606,369,000. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company upped their price objective on shares of NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Westpark Capital raised their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Bank of America reiterated a “buy” rating and set a $165.00 target price on shares of NVIDIA in a report on Thursday, September 5th. TD Cowen increased their target price on NVIDIA from $140.00 to $165.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Melius Research lifted their price target on NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Price Performance

Shares of NVDA opened at $116.78 on Tuesday. The firm has a fifty day simple moving average of $117.19 and a two-hundred day simple moving average of $106.39. The firm has a market cap of $2.87 trillion, a PE ratio of 68.29, a P/E/G ratio of 1.06 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 Co. has a 1-year low of $39.23 and a 1-year high of $140.76.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. The company had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’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 earnings per share. On average, equities analysts anticipate that NVIDIA Co. will post 2.64 EPS for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its board has authorized a share repurchase plan on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $135.87, for a total value of $16,304,400.00. Following the transaction, the chief executive officer now directly owns 80,814,995 shares in the company, valued at $10,980,333,370.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $135.87, for a total value of $16,304,400.00. Following the transaction, the chief executive officer now owns 80,814,995 shares of the company’s stock, valued at $10,980,333,370.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Colette Kress sold 100,000 shares of NVIDIA stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $126.99, for a total value of $12,699,000.00. Following the transaction, the chief financial officer now directly owns 5,288,862 shares in the company, valued at $671,632,585.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,845,633 shares of company stock worth $465,330,122. 4.23% of the stock is owned by company insiders.

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.