Axxcess Wealth Management LLC Increases Position in NVIDIA Co. (NASDAQ:NVDA)

Axxcess Wealth Management LLC raised its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 981.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 430,465 shares of the computer hardware maker’s stock after buying an additional 390,648 shares during the period. NVIDIA comprises about 1.4% of Axxcess Wealth Management LLC’s holdings, making the stock its 13th largest holding. Axxcess Wealth Management LLC’s holdings in NVIDIA were worth $52,207,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Lowe Wealth Advisors LLC acquired a new position in NVIDIA in the 2nd quarter valued at about $25,000. DHJJ Financial Advisors Ltd. boosted its stake in shares of NVIDIA by 1,900.0% in the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock valued at $25,000 after purchasing an additional 190 shares during the period. FPC Investment Advisory Inc. acquired a new position in shares of NVIDIA in the first quarter valued at approximately $26,000. CGC Financial Services LLC purchased a new stake in NVIDIA during the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new stake in NVIDIA during the 1st quarter worth approximately $27,000. 65.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on NVDA shares. Piper Sandler restated an “overweight” rating and issued a $140.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Needham & Company LLC increased their price target on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. HSBC boosted their price objective on NVIDIA from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Jefferies Financial Group raised their target price on shares of NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, The Goldman Sachs Group boosted their price target on shares of NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, October 11th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $143.07.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $143.71 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The firm has a market cap of $3.53 trillion, a price-to-earnings ratio of 67.41, a price-to-earnings-growth ratio of 1.25 and a beta of 1.67. The firm’s fifty day moving average price is $122.58 and its 200 day moving average price is $112.92. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $143.71.

NVIDIA (NASDAQ:NVDA) last issued its earnings results 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. The business had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, sell-side analysts expect that NVIDIA Co. will post 2.65 EPS for the current year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio (DPR) is 1.88%.

NVIDIA announced that its Board of Directors has approved a stock buyback program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction on 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 owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $117.24, for a total value of $14,068,800.00. Following the completion of the sale, the chief executive officer now owns 78,054,995 shares in the company, valued at $9,151,167,613.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of the business’s 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 sale, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,876,270 shares of company stock valued at $333,061,527 in the last three months. 4.23% of the stock is currently 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.