Rep. Thomas R. Suozzi Purchases Shares of NVIDIA Co. (NASDAQ:NVDA)

Representative Thomas R. Suozzi (D-New York) recently bought shares of NVIDIA Co. (NASDAQ:NVDA). In a filing disclosed on November 12th, the Representative disclosed that they had bought between $15,001 and $50,000 in NVIDIA stock on October 24th. The trade occurred in the Representative’s “MERRILL LYNCH- ADVISOR DISCRETION ACCOUNT- IRA” account.

Representative Thomas R. Suozzi also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Corning (NYSE:GLW) on 10/24/2024.
• Sold $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of Boeing (NYSE:BA) on 10/24/2024.
• Sold $1,001 – $15,000 in shares of CVS Health (NYSE:CVS) on 10/24/2024.
• Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/7/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/2/2024.

NVIDIA Stock Up 0.3 %

Shares of NVIDIA stock opened at $146.76 on Friday. The stock has a 50-day simple moving average of $129.39 and a 200-day simple moving average of $119.51. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77. The firm has a market cap of $3.60 trillion, a price-to-earnings ratio of 69.77, a P/E/G ratio of 1.56 and a beta of 1.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last posted its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS 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 during the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the previous year, the firm posted $0.25 earnings per share. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. On average, equities research analysts expect that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a $0.01 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio is presently 1.88%.

NVIDIA announced that its board has authorized a share buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Colette Kress sold 66,670 shares of NVIDIA stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $116.59, for a total value of $7,773,055.30. Following the sale, the chief financial officer now directly owns 4,954,214 shares in the company, valued at $577,611,810.26. This trade represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now directly owns 8,100,117 shares in the company, valued at approximately $1,071,402,475.59. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,156,270 shares of company stock valued at $254,784,327. 4.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NVIDIA

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of NVIDIA by 4.3% in 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 buying an additional 8,828,050 shares during the period. Legal & General Group Plc increased its holdings in shares of NVIDIA by 884.0% in the second quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after acquiring an additional 191,469,114 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NVIDIA by 854.1% during the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of NVIDIA by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock valued at $21,908,236,000 after purchasing an additional 6,526,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of NVIDIA by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock valued at $17,738,630,000 after purchasing an additional 2,042,348 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a report on Friday, October 11th. UBS Group lifted their price target on shares of NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a research report on Monday. 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 report on Friday, August 23rd. Westpark Capital raised their target price on shares of NVIDIA from $127.50 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Loop Capital reissued a “buy” rating and set a $175.00 target price on shares of NVIDIA in a research report on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $152.40.

About Representative Suozzi

Thomas Richard Suozzi (born August 31, 1962) is an American politician, attorney, and accountant serving as the U.S. representative for New York’s 3rd congressional district since 2024 and previously from 2017 to 2023. A member of the Democratic Party, he was the county executive of Nassau County on Long Island from 2002 to 2009, when he was unseated by Republican Ed Mangano. Before that, Suozzi served eight years as the mayor of Glen Cove in Nassau County.

In 2006, he ran unsuccessfully against Eliot Spitzer for the Democratic nomination for governor of New York. Suozzi was elected to the U.S. House of Representatives in 2016 and reelected in 2018 and 2020. He retired from Congress to run again for the Democratic gubernatorial nomination in 2022, losing to incumbent governor Kathy Hochul.

In October 2023, Suozzi announced that he would run for his old congressional seat in 2024.After Congress expelled George Santos that December, a special election to fill the remainder of the term was scheduled for February 13, 2024. Suozzi was selected as the Democratic nominee, and then won the special election, reclaiming the seat for Democrats.

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.