Essex Financial Services Inc. Sells 7,818 Shares of NVIDIA Co. (NASDAQ:NVDA)

Essex Financial Services Inc. lessened its stake in NVIDIA Co. (NASDAQ:NVDA) by 3.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,435 shares of the computer hardware maker’s stock after selling 7,818 shares during the period. NVIDIA comprises about 1.1% of Essex Financial Services Inc.’s holdings, making the stock its 11th largest holding. Essex Financial Services Inc.’s holdings in NVIDIA were worth $23,248,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of NVDA. Lowe Wealth Advisors LLC bought a new position in shares of NVIDIA in the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. grew its stake in shares of NVIDIA by 1,900.0% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after buying an additional 190 shares during the last quarter. CGC Financial Services LLC purchased a new stake in shares of NVIDIA in the 2nd quarter worth approximately $26,000. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of NVIDIA in the 1st quarter worth approximately $27,000. Finally, Quest Partners LLC purchased a new stake in NVIDIA during the 2nd quarter valued at $27,000. Institutional investors own 65.27% of the company’s stock.

Insiders Place Their Bets

In other NVIDIA news, Director John Dabiri sold 716 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $142.00, for a total value of $101,672.00. Following the sale, the director now directly owns 19,942 shares of the company’s stock, valued at approximately $2,831,764. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $105.33, for a total transaction of $12,639,600.00. Following the completion of the sale, the chief executive officer now directly owns 75,895,836 shares in the company, valued at approximately $7,994,108,405.88. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,796,986 shares of company stock valued at $214,418,399. 4.23% of the stock is currently owned by insiders.

NVIDIA Stock Performance

NVIDIA stock opened at $142.44 on Friday. The company has a 50 day moving average price of $138.16 and a 200-day moving average price of $125.58. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. NVIDIA Co. has a fifty-two week low of $45.60 and a fifty-two week high of $152.89. The company has a market capitalization of $3.49 trillion, a PE ratio of 56.06, a P/E/G ratio of 2.62 and a beta of 1.63.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $35.08 billion during the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. NVIDIA’s revenue for the quarter was up 93.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. As a group, equities analysts forecast that NVIDIA Co. will post 2.76 earnings per share for the current year.

NVIDIA declared that its board has authorized a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

NVIDIA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA’s dividend payout ratio is currently 1.57%.

Analysts Set New Price Targets

Several brokerages have commented on NVDA. Wells Fargo & Company increased their target price on NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Loop Capital reaffirmed a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a report on Wednesday, November 20th. Phillip Securities reaffirmed an “accumulate” rating and issued a $160.00 target price (up from $155.00) on shares of NVIDIA in a report on Friday, November 22nd. Benchmark raised their price target on NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, DA Davidson raised their price objective on NVIDIA from $90.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $164.15.

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.