Ninety One SA Pty Ltd lowered its stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 323,159 shares of the computer hardware maker’s stock after selling 4,400 shares during the quarter. NVIDIA makes up 3.7% of Ninety One SA Pty Ltd’s portfolio, making the stock its 3rd biggest holding. Ninety One SA Pty Ltd’s holdings in NVIDIA were worth $74,152,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. TT Capital Management LLC purchased a new position in shares of NVIDIA in the 3rd quarter valued at approximately $245,000. Charles Schwab Trust Co grew its stake in NVIDIA by 4,720.5% in the third quarter. Charles Schwab Trust Co now owns 135,793 shares of the computer hardware maker’s stock worth $31,012,000 after purchasing an additional 132,976 shares during the period. Gunderson Capital Management LLC purchased a new stake in NVIDIA in the third quarter worth $19,160,000. Formuepleje A S grew its stake in NVIDIA by 10.3% in the third quarter. Formuepleje A S now owns 508,536 shares of the computer hardware maker’s stock worth $116,139,000 after purchasing an additional 47,598 shares during the period. Finally, Turtle Creek Wealth Advisors LLC raised its holdings in NVIDIA by 5.2% in the third quarter. Turtle Creek Wealth Advisors LLC now owns 335,027 shares of the computer hardware maker’s stock worth $76,514,000 after purchasing an additional 16,549 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have commented on NVDA shares. Aletheia Capital lowered NVIDIA from a “buy” rating to a “hold” rating in a research report on Monday. Rothschild & Co Redburn upped their target price on shares of NVIDIA from $300.00 to $325.00 in a research report on Thursday, August 27th. DA Davidson reiterated a “buy” rating and issued a $300.00 price target on shares of NVIDIA in a research note on Thursday, August 27th. Yorkville Ives started coverage on shares of NVIDIA in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $300.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of NVIDIA from $280.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Five research analysts have rated the stock with a Strong Buy rating, forty-eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $317.57.
Get Our Latest Analysis on NVIDIA
NVIDIA Stock Down 4.3%
Shares of NASDAQ:NVDA opened at $178.67 on Tuesday. The stock has a fifty day simple moving average of $219.03 and a two-hundred day simple moving average of $204.50. The stock has a market capitalization of $4.31 trillion, a price-to-earnings ratio of 22.59, a PEG ratio of 1.54 and a beta of 2.21. NVIDIA Corporation has a 12-month low of $164.27 and a 12-month high of $243.37. The company has a current ratio of 4.59, a quick ratio of 3.85 and a debt-to-equity ratio of 0.14.
NVIDIA (NASDAQ:NVDA – Get Free Report) last released its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 EPS for the quarter, topping the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The business had revenue of $96.22 billion for the quarter, compared to the consensus estimate of $92.27 billion. During the same period in the previous year, the company posted $1.05 earnings per share. The company’s revenue for the quarter was up 105.9% compared to the same quarter last year. On average, research analysts anticipate that NVIDIA Corporation will post 9.30 earnings per share for the current fiscal year.
NVIDIA Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, September 10th. NVIDIA’s payout ratio is currently 12.64%.
NVIDIA announced that its Board of Directors has authorized a stock buyback plan on Monday, September 28th that permits the company to repurchase $150 billion in outstanding shares. This buyback authorization permits the computer hardware maker to purchase up to 2.8% of its shares through open market purchases. Share buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Trending Headlines about NVIDIA
Here are the key news stories impacting NVIDIA this week:
- Positive Sentiment: NVIDIA’s underlying business remains strong: its latest reported quarter beat estimates, with revenue up 105.9% year over year. That growth may help support the stock if the controversy does not disrupt operations. Article: Jensen Huang Might Be the Biggest Wild Card for Nvidia Stock
- Positive Sentiment: The company also announced a South Korean AI-infrastructure collaboration with Rebellions and SK Telecom, extending use of NVIDIA’s NVLink platform. Article: NVIDIA, Rebellions and SK Telecom Announce Collaboration
- Neutral Sentiment: NVIDIA’s board has begun an independent investigation into reports that Huang was targeted by a foreign intelligence effort. The board said it has no reason to believe company secrets or national security were compromised; Huang says he is cooperating. The outcome remains uncertain. Article: Statement from NVIDIA Board of Directors
- Negative Sentiment: The investigation follows Huang’s admission of an affair with Alice Huang, a former executive at a company that buys NVIDIA chips, who U.S. intelligence reportedly suspects of links to Chinese intelligence. Investors are concerned about potential exposure of sensitive information, reputational damage, and complications for NVIDIA’s China business. Article: Nvidia Shares Slump on Spy Probe
- Negative Sentiment: Shareholder litigation and possible congressional scrutiny add legal and regulatory risks. Questions about Huang’s future also weigh on sentiment, as reports say NVIDIA has no clear public succession plan for its founder and long-serving CEO. Article: Nvidia’s CEO Turmoil Gives Democrats Fresh Ammunition for Oversight Article: Jensen Huang Affair Puts Nvidia’s Future at Risk
Insider Buying and Selling
In related news, EVP Timothy Teter sold 30,460 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $222.80, for a total value of $6,786,488.00. Following the transaction, the executive vice president owned 2,687,660 shares in the company, valued at $598,810,648. The trade was a 1.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Stevens sold 622,239 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $231.62, for a total transaction of $144,122,997.18. Following the sale, the director directly owned 2,336,531 shares in the company, valued at $541,187,310.22. This trade represents a 21.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,766,118 shares of company stock worth $399,450,353 in the last quarter. Corporate insiders own 3.94% of the company’s stock.
About NVIDIA
NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications.
NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.
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