Sonata Capital Group Inc. Buys 8,788 Shares of NVIDIA Co. (NASDAQ:NVDA)

Sonata Capital Group Inc. increased its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 1,164.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,543 shares of the computer hardware maker’s stock after acquiring an additional 8,788 shares during the quarter. Sonata Capital Group Inc.’s holdings in NVIDIA were worth $1,179,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NVDA. FPC Investment Advisory Inc. acquired a new position in shares of NVIDIA during the first quarter valued at about $26,000. Koesten Hirschmann & Crabtree INC. bought a new position in NVIDIA in the 1st quarter valued at about $27,000. HBC Financial Services PLLC acquired a new position in NVIDIA during the 1st quarter valued at about $30,000. Norwood Financial Corp bought a new stake in NVIDIA during the 1st quarter worth approximately $45,000. Finally, Coston McIsaac & Partners raised its stake 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 last quarter. 65.27% of the stock is owned by institutional investors.

NVIDIA Price Performance

NVIDIA stock opened at $116.26 on Tuesday. The business has a 50-day simple moving average of $115.75 and a 200 day simple moving average of $107.41. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76. The stock has a market cap of $2.86 trillion, a price-to-earnings ratio of 67.99, a PEG ratio of 1.06 and a beta of 1.67. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping 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 period in the prior year, the business earned $0.25 earnings per share. NVIDIA’s revenue for the quarter was up 122.4% compared to the same quarter last year. On average, research analysts forecast that NVIDIA Co. will post 2.64 earnings per share for the current fiscal year.

NVIDIA announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be paid a $0.01 dividend. The ex-dividend date of this dividend is 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 presently 2.34%.

Insider Buying and Selling at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total transaction of $119,270,000.00. Following the transaction, the director now owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares of the company’s stock, valued at $57,370,572.59. The disclosure for this sale can be found here. Insiders have sold 4,472,303 shares of company stock worth $536,731,507 over the last 90 days. Corporate insiders own 4.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NVDA shares. Robert W. Baird upped their price target on NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Sanford C. Bernstein increased their target price on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Mizuho boosted their price target on shares of NVIDIA from $132.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Evercore ISI upped their price objective 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, Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 target price on shares of NVIDIA in a research 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.