NVIDIA Co. (NASDAQ:NVDA) Shares Purchased by Riggs Asset Managment Co. Inc.

Riggs Asset Managment Co. Inc. raised its position in NVIDIA Co. (NASDAQ:NVDA) by 641.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 95,555 shares of the computer hardware maker’s stock after acquiring an additional 82,670 shares during the period. NVIDIA makes up about 3.5% of Riggs Asset Managment Co. Inc.’s holdings, making the stock its 3rd largest position. Riggs Asset Managment Co. Inc.’s holdings in NVIDIA were worth $11,805,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NVDA. Ridgewood Investments LLC boosted its position in shares of NVIDIA by 970.6% during the second quarter. Ridgewood Investments LLC now owns 7,580 shares of the computer hardware maker’s stock valued at $936,000 after buying an additional 6,872 shares during the last quarter. Hosking Partners LLP boosted its position in shares of NVIDIA by 692.8% during the second quarter. Hosking Partners LLP now owns 233,682 shares of the computer hardware maker’s stock valued at $28,869,000 after buying an additional 204,208 shares during the last quarter. Banco Santander S.A. boosted its position in shares of NVIDIA by 837.7% during the second quarter. Banco Santander S.A. now owns 1,968,649 shares of the computer hardware maker’s stock valued at $243,207,000 after buying an additional 1,758,708 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of NVIDIA by 846.5% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,257,878 shares of the computer hardware maker’s stock valued at $155,413,000 after buying an additional 1,124,982 shares during the last quarter. Finally, Dantai Capital Ltd boosted its position in shares of NVIDIA by 484.9% during the second quarter. Dantai Capital Ltd now owns 49,980 shares of the computer hardware maker’s stock valued at $6,175,000 after buying an additional 41,435 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Buying and Selling at NVIDIA

In other news, CFO Colette Kress sold 66,670 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total value of $16,092,000.00. Following the completion of the transaction, the chief executive officer now owns 79,254,995 shares of the company’s stock, valued at approximately $10,628,094,829.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the transaction, the chief financial officer now directly owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. The disclosure for this sale can be found here. Insiders sold 3,692,303 shares of company stock valued at $444,047,307 in the last 90 days. 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 stock has a market capitalization of $2.85 trillion, a PE ratio of 67.84, a P/E/G 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 business has a 50-day moving average of $115.99 and a 200 day moving average of $107.11. 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 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 company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. NVIDIA’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. As a group, sell-side analysts anticipate that NVIDIA Co. will post 2.64 earnings per share for the current year.

NVIDIA declared that its board has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

NVIDIA Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NVDA shares. Tigress Financial boosted their price objective on NVIDIA from $98.50 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. KeyCorp boosted their price objective on NVIDIA from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Craig Hallum boosted their price objective on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Wedbush restated an “outperform” rating and issued a $138.00 target price on shares of NVIDIA in a research note on Thursday, August 29th. Five equities 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $142.10.

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.