Breakwater Capital Group Increases Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Breakwater Capital Group boosted its holdings in NVIDIA Co. (NASDAQ:NVDA) by 858.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 32,658 shares of the computer hardware maker’s stock after buying an additional 29,249 shares during the period. NVIDIA makes up 0.9% of Breakwater Capital Group’s investment portfolio, making the stock its 29th largest position. Breakwater Capital Group’s holdings in NVIDIA were worth $4,035,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Aveo Capital Partners LLC lifted its position in NVIDIA by 30.5% during the fourth quarter. Aveo Capital Partners LLC now owns 2,351 shares of the computer hardware maker’s stock valued at $1,164,000 after purchasing an additional 549 shares during the period. Gryphon Financial Partners LLC raised its stake in NVIDIA by 60.9% during the 4th quarter. Gryphon Financial Partners LLC now owns 14,514 shares of the computer hardware maker’s stock valued at $7,188,000 after buying an additional 5,496 shares during the last quarter. Montrusco Bolton Investments Inc. lifted its holdings in shares of NVIDIA by 112.5% during the 4th quarter. Montrusco Bolton Investments Inc. now owns 710,612 shares of the computer hardware maker’s stock valued at $345,054,000 after buying an additional 376,274 shares during the period. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of NVIDIA in the 4th quarter worth $2,693,000. Finally, Private Wealth Management Group LLC bought a new stake in shares of NVIDIA in the fourth quarter worth $211,000. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NVDA. KeyCorp increased their target price on NVIDIA from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reiterated an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Argus boosted their target price on shares of NVIDIA from $110.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Craig Hallum increased their price target on shares of NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, HSBC boosted their price objective on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Buying and Selling at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the completion of the sale, the chief executive officer now directly owns 77,094,995 shares of the company’s stock, valued at approximately $7,694,851,450.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $130.10, for a total value of $13,024,311.00. Following the transaction, the executive vice president now directly owns 3,939,350 shares in the company, valued at approximately $512,509,435. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $99.81, for a total transaction of $11,977,200.00. Following the transaction, the chief executive officer now directly owns 77,094,995 shares in the company, valued at $7,694,851,450.95. The disclosure for this sale can be found here. Insiders sold 3,692,303 shares of company stock worth $444,047,307 over the last 90 days. Company insiders own 4.23% of the company’s stock.

NVIDIA Trading Down 1.6 %

Shares of NVDA stock opened at $116.00 on Friday. The company has a market cap of $2.85 trillion, a PE ratio of 67.84, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.76. The stock’s 50 day simple moving average is $115.99 and its two-hundred day simple moving average is $106.97. 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 issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period last year, the company earned $0.25 earnings per share. NVIDIA’s revenue was up 122.4% on a year-over-year basis. Research analysts predict that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its board has approved a stock repurchase 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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.