Prospect Hill Management LLC Has $3.17 Million Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Prospect Hill Management LLC boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 902.0% during the second quarter, HoldingsChannel.com reports. The fund owned 25,650 shares of the computer hardware maker’s stock after buying an additional 23,090 shares during the quarter. NVIDIA makes up 1.7% of Prospect Hill Management LLC’s portfolio, making the stock its 10th biggest position. Prospect Hill Management LLC’s holdings in NVIDIA were worth $3,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of NVIDIA by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock valued at $192,761,538,000 after purchasing an additional 8,828,050 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock valued at $22,561,200,000 after buying an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. grew its position in NVIDIA by 696.6% in the second quarter. Baillie Gifford & Co. now owns 82,058,614 shares of the computer hardware maker’s stock valued at $10,137,521,000 after acquiring an additional 71,757,065 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in NVIDIA by 829.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,055,653 shares of the computer hardware maker’s stock worth $7,913,435,000 after acquiring an additional 57,160,191 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of NVIDIA by 892.0% in the second quarter. Rhumbline Advisers now owns 46,737,202 shares of the computer hardware maker’s stock worth $5,773,914,000 after acquiring an additional 42,025,613 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on NVDA. Melius Research lifted their price target on shares of NVIDIA from $125.00 to $160.00 and gave the company a “buy” rating in a report on Friday, June 21st. Sanford C. Bernstein upped their price target on shares of NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Barclays cut their price objective on NVIDIA from $1,200.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Loop Capital reaffirmed a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a report on Monday, August 26th. Finally, Mizuho lifted their price target on NVIDIA from $132.00 to $140.00 and gave the company an “outperform” rating in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and a consensus price target of $142.10.

NVIDIA Trading Up 1.7 %

NVDA opened at $124.92 on Friday. The company has a market cap of $3.07 trillion, a P/E ratio of 73.05, a price-to-earnings-growth ratio of 1.05 and a beta of 1.67. The company has a fifty day moving average price of $116.26 and a two-hundred day moving average price of $109.35. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. NVIDIA Co. has a 1-year low of $39.23 and a 1-year high of $140.76.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share 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 business had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same period in the prior year, the business earned $0.25 EPS. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. Analysts predict that NVIDIA Co. will post 2.65 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were issued 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 was Thursday, September 12th. NVIDIA’s dividend payout ratio is currently 2.34%.

NVIDIA announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $128.60, for a total transaction of $15,432,000.00. Following the completion of the sale, the chief executive officer now owns 79,494,995 shares in the company, valued at approximately $10,223,056,357. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,077,403 shares of company stock valued at $486,699,184. 4.23% of the stock is owned by company insiders.

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.