Douglas Lane & Associates LLC Sells 210,996 Shares of NVIDIA Co. (NASDAQ:NVDA)

Douglas Lane & Associates LLC reduced its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 8.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,170,804 shares of the computer hardware maker’s stock after selling 210,996 shares during the quarter. NVIDIA accounts for approximately 3.6% of Douglas Lane & Associates LLC’s holdings, making the stock its biggest position. Douglas Lane & Associates LLC’s holdings in NVIDIA were worth $263,622,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Lowe Wealth Advisors LLC bought a new stake in NVIDIA in the second quarter valued at about $25,000. DHJJ Financial Advisors Ltd. boosted its holdings in NVIDIA by 1,900.0% during 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 in the last quarter. FPC Investment Advisory Inc. bought a new stake in shares of NVIDIA in the 1st quarter valued at approximately $26,000. CGC Financial Services LLC acquired a new position in shares of NVIDIA in the 2nd quarter worth approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in shares of NVIDIA in the 1st quarter worth approximately $27,000. 65.27% of the stock is owned by institutional investors.

Insider Activity at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now directly owns 8,100,117 shares in the company, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This represents a 14.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. 4.23% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NVDA has been the topic of several analyst reports. Robert W. Baird upped their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Truist Financial lifted their target price on shares of NVIDIA from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. HSBC boosted their target price on NVIDIA from $145.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Wedbush reiterated an “outperform” rating and issued a $160.00 price objective (up previously from $138.00) on shares of NVIDIA in a research report on Thursday. Finally, Evercore ISI boosted their price objective on NVIDIA from $145.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Five analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $152.40.

NVIDIA Stock Down 3.3 %

Shares of NVIDIA stock opened at $141.98 on Friday. The firm has a market cap of $3.48 trillion, a PE ratio of 66.66, a P/E/G ratio of 1.54 and a beta of 1.66. The business’s 50 day simple moving average is $130.18 and its 200 day simple moving average is $119.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. NVIDIA Co. has a 52-week low of $45.01 and a 52-week high of $149.77.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. The business had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 earnings per share. On average, analysts predict that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

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

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.