Allspring Global Investments Holdings LLC Has $1.29 Billion Stake in NVIDIA Co. (NASDAQ:NVDA)

Allspring Global Investments Holdings LLC lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 906.2% in the second quarter, Holdings Channel.com reports. The fund owned 10,456,171 shares of the computer hardware maker’s stock after purchasing an additional 9,417,003 shares during the period. NVIDIA comprises approximately 2.1% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 2nd largest holding. Allspring Global Investments Holdings LLC’s holdings in NVIDIA were worth $1,291,755,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NVDA. Bank of New York Mellon Corp raised its holdings in shares of NVIDIA by 854.1% during 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 acquiring an additional 163,482,580 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of NVIDIA by 696.6% during 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in NVIDIA by 829.0% in 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 purchasing an additional 57,160,191 shares in the last quarter. Swedbank AB raised its holdings in NVIDIA by 798.8% in the second quarter. Swedbank AB now owns 39,020,364 shares of the computer hardware maker’s stock worth $4,820,576,000 after purchasing an additional 34,678,944 shares in the last quarter. Finally, Norges Bank bought a new position in NVIDIA in the fourth quarter worth $14,606,369,000. Institutional investors own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NVDA shares. Wells Fargo & Company increased their price objective on NVIDIA from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. DZ Bank downgraded NVIDIA from a “buy” rating to a “hold” rating and set a $102.50 price objective for the company. in a report on Friday, May 24th. Raymond James increased their price objective on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Loop Capital restated a “buy” rating and set a $175.00 price target on shares of NVIDIA in a report on Monday, August 26th. Finally, TD Cowen upgraded NVIDIA to a “strong-buy” rating in a report on Monday. Five investment 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $142.10.

Insider Buying and Selling

In related news, CEO Jen Hsun Huang sold 120,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $111.83, for a total value of $13,419,600.00. Following the completion of the transaction, the chief executive officer now owns 75,655,836 shares of the company’s stock, valued at $8,460,592,139.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $111.83, for a total value of $13,419,600.00. Following the completion of the sale, the chief executive officer now owns 75,655,836 shares of the company’s stock, valued at $8,460,592,139.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Colette Kress sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $126.99, for a total transaction of $12,699,000.00. Following the completion of the sale, the chief financial officer now directly owns 5,288,862 shares of the company’s stock, valued at approximately $671,632,585.38. The disclosure for this sale can be found here. Insiders sold 3,725,633 shares of company stock valued at $449,025,722 over the last quarter. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Trading Down 1.9 %

Shares of NASDAQ:NVDA opened at $113.37 on Thursday. The stock has a market capitalization of $2.79 trillion, a PE ratio of 66.30, 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 firm has a fifty day moving average price of $116.45 and a 200 day moving average price of $106.68. 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 (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the company earned $0.25 earnings per share. The business’s quarterly revenue was up 122.4% compared to the same quarter last year. Analysts expect that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

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

NVIDIA announced that its board has approved a stock repurchase 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 management believes its stock is undervalued.

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.