Montag A & Associates Inc. Purchases 139,034 Shares of NVIDIA Co. (NASDAQ:NVDA)

Montag A & Associates Inc. lifted its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 911.5% in the second quarter, HoldingsChannel.com reports. The fund owned 154,287 shares of the computer hardware maker’s stock after buying an additional 139,034 shares during the period. NVIDIA comprises approximately 1.0% of Montag A & Associates Inc.’s portfolio, making the stock its 23rd biggest holding. Montag A & Associates Inc.’s holdings in NVIDIA were worth $19,061,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NVDA. Palisades Hudson Asset Management L.P. grew its position in NVIDIA by 791.6% in the second quarter. Palisades Hudson Asset Management L.P. now owns 29,850 shares of the computer hardware maker’s stock valued at $3,687,000 after acquiring an additional 26,502 shares during the last quarter. CCG Wealth Management LLC increased its position in NVIDIA by 1,495.7% during the 2nd quarter. CCG Wealth Management LLC now owns 9,367 shares of the computer hardware maker’s stock worth $1,157,000 after purchasing an additional 8,780 shares in the last quarter. Cadence Wealth Management LLC lifted its stake in NVIDIA by 824.7% in the 2nd quarter. Cadence Wealth Management LLC now owns 4,309 shares of the computer hardware maker’s stock valued at $532,000 after purchasing an additional 3,843 shares during the last quarter. Rinkey Investments boosted its position in NVIDIA by 1,016.2% in the second quarter. Rinkey Investments now owns 4,208 shares of the computer hardware maker’s stock valued at $520,000 after buying an additional 3,831 shares in the last quarter. Finally, Berry Wealth Group LP grew its position in NVIDIA by 944.3% during the 2nd quarter. Berry Wealth Group LP now owns 10,871 shares of the computer hardware maker’s stock worth $1,343,000 after acquiring an additional 9,830 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Ajay K. Puri sold 100,110 shares of the stock in a transaction 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 completion of the sale, the executive vice president now 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. In other NVIDIA news, EVP Ajay K. Puri sold 100,110 shares of NVIDIA stock in a transaction that occurred 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 directly owns 3,939,350 shares in the company, valued at approximately $512,509,435. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $99.81, for a total value of $11,977,200.00. Following the completion of the sale, the chief executive officer now owns 77,094,995 shares of the company’s stock, valued at approximately $7,694,851,450.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,277,403 shares of company stock worth $512,029,184. 4.23% of the stock is owned by corporate insiders.

NVIDIA Price Performance

Shares of NVDA opened at $121.40 on Monday. NVIDIA Co. has a 52 week low of $39.23 and a 52 week high of $140.76. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.99 trillion, a price-to-earnings ratio of 70.99, a PEG ratio of 1.05 and a beta of 1.67. The stock has a 50 day moving average of $115.88 and a 200-day moving average of $108.35.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) 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 the consensus estimate of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. As a group, analysts forecast that NVIDIA Co. will post 2.65 EPS for the current year.

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

NVIDIA Cuts Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on NVDA shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $175.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. Citigroup increased their price target on NVIDIA from $126.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $100.00 price objective on shares of NVIDIA in a research report on Monday, August 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a report on Thursday, August 29th. Finally, New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target for the company in a report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and an average price target of $142.10.

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.