Herbst Group LLC Decreases Stake in NVIDIA Co. (NASDAQ:NVDA)

Herbst Group LLC reduced its holdings in NVIDIA Co. (NASDAQ:NVDA) by 34.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 34,523 shares of the computer hardware maker’s stock after selling 18,328 shares during the period. NVIDIA makes up approximately 2.6% of Herbst Group LLC’s holdings, making the stock its 13th largest holding. Herbst Group LLC’s holdings in NVIDIA were worth $4,192,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Lowe Wealth Advisors LLC purchased a new position in NVIDIA during the second quarter worth about $25,000. DHJJ Financial Advisors Ltd. raised its stake in NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after purchasing an additional 190 shares during the period. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the first quarter worth about $26,000. CGC Financial Services LLC purchased a new position in NVIDIA during the second quarter worth about $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in NVIDIA during the first quarter worth about $27,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NVDA. HSBC boosted their price target on shares of NVIDIA from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Sanford C. Bernstein boosted their price target on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Benchmark reissued a “buy” rating and issued a $170.00 price target on shares of NVIDIA in a research note on Thursday, August 29th. Evercore ISI lifted their price objective on shares of NVIDIA from $145.00 to $150.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, NVIDIA currently has an average rating of “Moderate Buy” and a consensus price target of $143.07.

Insiders Place Their Bets

In other news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $119.03, for a total transaction of $14,283,600.00. Following the transaction, the chief executive officer now directly owns 76,494,995 shares of the company’s stock, valued at $9,105,199,254.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $119.03, for a total transaction of $14,283,600.00. Following the transaction, the chief executive officer now directly owns 76,494,995 shares in the company, valued at approximately $9,105,199,254.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,276,270 shares of company stock worth $267,363,927. 4.23% of the stock is owned by insiders.

NVIDIA Stock Up 4.1 %

NVDA stock opened at $145.61 on Thursday. The company has a fifty day moving average price of $126.08 and a 200 day moving average price of $117.25. NVIDIA Co. has a 12 month low of $45.01 and a 12 month high of $146.49. The company has a market cap of $3.57 trillion, a price-to-earnings ratio of 68.36, a price-to-earnings-growth ratio of 1.43 and a beta of 1.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the prior year, the firm earned $0.25 EPS. NVIDIA’s revenue for the quarter was up 122.4% on a year-over-year basis. Sell-side analysts expect that NVIDIA Co. will post 2.66 earnings per share for the current year.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s payout ratio is currently 1.88%.

NVIDIA announced that its Board of Directors has approved a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About NVIDIA

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.