Breakwater Capital Group Purchases 29,249 Shares of NVIDIA Co. (NASDAQ:NVDA)

Breakwater Capital Group boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 858.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,658 shares of the computer hardware maker’s stock after buying an additional 29,249 shares during the quarter. NVIDIA makes up about 0.9% of Breakwater Capital Group’s holdings, making the stock its 29th largest position. Breakwater Capital Group’s holdings in NVIDIA were worth $4,035,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in NVDA. FPC Investment Advisory Inc. bought a new position in NVIDIA in the 1st quarter worth about $26,000. Koesten Hirschmann & Crabtree INC. bought a new stake in NVIDIA during the 1st quarter worth approximately $27,000. HBC Financial Services PLLC purchased a new stake in NVIDIA in the 1st quarter worth approximately $30,000. Norwood Financial Corp purchased a new position in shares of NVIDIA during the 1st quarter valued at $45,000. Finally, Coston McIsaac & Partners increased its holdings in shares of NVIDIA by 231.3% in the first quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock worth $47,000 after purchasing an additional 37 shares during the period. 65.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NVDA has been the subject of several recent analyst reports. KeyCorp boosted their target price on NVIDIA from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Needham & Company LLC boosted their price objective on NVIDIA from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $175.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Melius Research lifted their target price on shares of NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Finally, Morgan Stanley increased their price target on shares of NVIDIA from $144.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, NVIDIA currently has an average rating of “Moderate Buy” and an average target price of $142.10.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 385,000 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $130.74, for a total value of $50,334,900.00. Following the completion of the transaction, the director now owns 9,141,240 shares in the company, valued at $1,195,125,717.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the sale, the insider now owns 492,409 shares in the company, valued at $57,370,572.59. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark A. Stevens sold 385,000 shares of NVIDIA stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $130.74, for a total transaction of $50,334,900.00. Following the transaction, the director now owns 9,141,240 shares of the company’s stock, valued at $1,195,125,717.60. The disclosure for this sale can be found here. Insiders have sold 3,692,303 shares of company stock worth $444,047,307 over the last ninety days. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Down 1.6 %

Shares of NVIDIA stock opened at $116.00 on Friday. 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 12-month low of $39.23 and a 12-month high of $140.76. The company has a market cap of $2.85 trillion, a P/E ratio of 67.84, a PEG ratio of 1.06 and a beta of 1.67. The company’s fifty day simple moving average is $115.99 and its two-hundred day simple moving average is $106.97.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter in the previous year, the company earned $0.25 earnings per share. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. Research analysts anticipate that NVIDIA Co. will post 2.64 EPS for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

NVIDIA 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.