Pinnacle Associates Ltd. Increases Stake in NVIDIA Co. (NASDAQ:NVDA)

Pinnacle Associates Ltd. increased its position in NVIDIA Co. (NASDAQ:NVDA) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 24,388 shares of the computer hardware maker’s stock after acquiring an additional 1,441 shares during the quarter. Pinnacle Associates Ltd.’s holdings in NVIDIA were worth $4,005,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Thor Advisors LLC purchased a new position in NVIDIA during the 1st quarter valued at about $29,000. Harvest Group Wealth Management LLC purchased a new position in NVIDIA during the 1st quarter valued at about $30,000. Creative Financial Designs Inc. ADV grew its holdings in NVIDIA by 181.2% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 194 shares of the computer hardware maker’s stock valued at $35,000 after buying an additional 125 shares in the last quarter. Field & Main Bank purchased a new position in NVIDIA during the 2nd quarter valued at about $33,000. Finally, Sound Income Strategies LLC grew its holdings in NVIDIA by 96.2% during the 2nd quarter. Sound Income Strategies LLC now owns 204 shares of the computer hardware maker’s stock valued at $34,000 after buying an additional 100 shares in the last quarter. 66.93% of the stock is owned by institutional investors.

NASDAQ:NVDA traded up $5.34 during mid-day trading on Wednesday, reaching $173.21. The stock had a trading volume of 4,566,375 shares, compared to its average volume of 10,044,503. The firm has a 50 day moving average price of $163.65 and a two-hundred day moving average price of $163.51. The stock has a market capitalization of $97.17 billion, a P/E ratio of 28.54, a P/E/G ratio of 4.06 and a beta of 2.07. NVIDIA Co. has a one year low of $124.46 and a one year high of $292.76. The company has a debt-to-equity ratio of 0.24, a quick ratio of 7.74 and a current ratio of 8.65.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Thursday, August 15th. The computer hardware maker reported $1.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.37. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. NVIDIA had a return on equity of 24.40% and a net margin of 26.93%. NVIDIA’s quarterly revenue was down 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS. Research analysts forecast that NVIDIA Co. will post 4.19 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Thursday, August 29th will be given a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $0.64 annualized dividend and a yield of 0.37%. NVIDIA’s payout ratio is currently 10.54%.

In other NVIDIA news, Director Persis Drell sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $166.80, for a total value of $417,000.00. Following the completion of the sale, the director now owns 20,684 shares in the company, valued at $3,450,091.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Colette Kress sold 2,236 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $164.01, for a total value of $366,726.36. Following the completion of the sale, the chief financial officer now owns 239,710 shares of the company’s stock, valued at approximately $39,314,837.10. The disclosure for this sale can be found here. Insiders sold 104,736 shares of company stock valued at $15,293,726 in the last quarter. Corporate insiders own 4.64% of the company’s stock.

A number of research firms have weighed in on NVDA. Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of NVIDIA in a report on Wednesday. ValuEngine upgraded NVIDIA from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research downgraded NVIDIA from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Barclays dropped their price target on NVIDIA from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Finally, Nomura set a $147.00 price target on NVIDIA and gave the company a “hold” rating in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $189.50.

About NVIDIA

NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments. The GPU segment comprises of product brands which aims specialized markets including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.

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Institutional Ownership by Quarter for NVIDIA (NASDAQ:NVDA)

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