Cross Staff Investments Inc Boosts Position in NVIDIA Co. (NASDAQ:NVDA)

Cross Staff Investments Inc increased its holdings in NVIDIA Co. (NASDAQ:NVDA) by 906.8% in the second quarter, HoldingsChannel.com reports. The fund owned 14,810 shares of the computer hardware maker’s stock after acquiring an additional 13,339 shares during the period. NVIDIA comprises about 1.5% of Cross Staff Investments Inc’s portfolio, making the stock its 15th largest holding. Cross Staff Investments Inc’s holdings in NVIDIA were worth $1,830,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Truepoint Inc. raised its stake in NVIDIA by 914.1% in the second quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker’s stock worth $1,605,000 after buying an additional 11,709 shares in the last quarter. Consolidated Planning Corp lifted its stake in shares of NVIDIA by 825.9% in the 2nd quarter. Consolidated Planning Corp now owns 84,133 shares of the computer hardware maker’s stock valued at $10,394,000 after purchasing an additional 75,046 shares during the period. International Private Wealth Advisors LLC boosted its position in shares of NVIDIA by 1,452.1% during the second quarter. International Private Wealth Advisors LLC now owns 7,512 shares of the computer hardware maker’s stock valued at $928,000 after purchasing an additional 7,028 shares in the last quarter. Lafayette Investments Inc. raised its holdings in NVIDIA by 901.8% in the second quarter. Lafayette Investments Inc. now owns 5,710 shares of the computer hardware maker’s stock worth $705,000 after purchasing an additional 5,140 shares in the last quarter. Finally, BSN CAPITAL PARTNERS Ltd lifted its position in NVIDIA by 51.4% during the second quarter. BSN CAPITAL PARTNERS Ltd now owns 417,930 shares of the computer hardware maker’s stock valued at $51,823,000 after buying an additional 141,930 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NVDA. Citigroup increased their price target on shares of NVIDIA from $126.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Raymond James upped their price target on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, August 6th. UBS Group restated a “buy” rating and set a $150.00 price target on shares of NVIDIA in a report on Tuesday. Finally, Robert W. Baird increased their price objective on shares of NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, NVIDIA currently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

Insider Activity at NVIDIA

In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the sale, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at $512,509,435. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Mark A. Stevens sold 125,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total value of $15,326,250.00. Following the completion of the sale, the director now directly owns 8,255,117 shares in the company, valued at $1,012,159,895.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ajay K. Puri sold 100,110 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $130.10, for a total transaction of $13,024,311.00. Following the transaction, the executive vice president now owns 3,939,350 shares in the company, valued at $512,509,435. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,577,403 shares of company stock valued at $420,166,534. Insiders own 4.23% of the company’s stock.

NVIDIA Trading Down 0.2 %

Shares of NVDA opened at $132.65 on Thursday. NVIDIA Co. has a 1 year low of $39.23 and a 1 year high of $140.76. The company has a 50 day simple moving average of $117.17 and a two-hundred day simple moving average of $110.01. 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 $3.26 trillion, a P/E ratio of 77.57, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last posted 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. 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 analysts’ expectations of $28.74 billion. During the same period last year, the company posted $0.25 earnings per share. NVIDIA’s quarterly revenue was up 122.4% on a year-over-year basis. On average, equities analysts expect that NVIDIA Co. will post 2.65 earnings per share for the current fiscal 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 given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s dividend payout ratio is 2.34%.

NVIDIA declared that its board has approved a share repurchase 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 purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often an indication 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.