Latitude Advisors LLC Purchases 2,166 Shares of NVIDIA Co. (NASDAQ:NVDA)

Latitude Advisors LLC grew its position in NVIDIA Co. (NASDAQ:NVDA) by 10.6% in the third quarter, Holdings Channel.com reports. The fund owned 22,589 shares of the computer hardware maker’s stock after buying an additional 2,166 shares during the period. NVIDIA makes up 1.6% of Latitude Advisors LLC’s investment portfolio, making the stock its 12th largest holding. Latitude Advisors LLC’s holdings in NVIDIA were worth $2,743,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NVDA. Legal & General Group Plc lifted its holdings in NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock valued at $26,329,751,000 after purchasing an additional 191,469,114 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in NVIDIA by 854.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after acquiring an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. increased its position in NVIDIA by 870.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock valued at $12,658,922,000 after acquiring an additional 91,867,031 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of NVIDIA by 1,123.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after buying an additional 84,515,429 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of NVIDIA by 808.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 82,689,605 shares of the computer hardware maker’s stock valued at $10,215,474,000 after purchasing an additional 73,589,208 shares during the last quarter. 65.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NVDA has been the topic of a number of analyst reports. Stifel Nicolaus increased their price target on shares of NVIDIA from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Craig Hallum upped their price objective on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Morgan Stanley boosted their target price on NVIDIA from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Piper Sandler lifted their price target on NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Finally, Truist Financial raised their price objective on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Four research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $164.15.

Insider Buying and Selling

In other NVIDIA news, Director Mark A. Stevens sold 165,100 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $121.27, for a total value of $20,021,677.00. Following the completion of the transaction, the director now directly owns 8,420,117 shares of the company’s stock, valued at $1,021,107,588.59. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The trade was a 14.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,628,156 shares of company stock valued at $197,995,077. 4.23% of the stock is owned by insiders.

NVIDIA Stock Performance

Shares of NVDA stock opened at $132.00 on Tuesday. The firm has a 50 day moving average of $139.84 and a 200-day moving average of $126.92. NVIDIA Co. has a 52 week low of $47.32 and a 52 week high of $152.89. The company has a market cap of $3.23 trillion, a price-to-earnings ratio of 51.95, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The company had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. NVIDIA’s revenue for the quarter was up 93.6% on a year-over-year basis. On average, equities analysts forecast that NVIDIA Co. will post 2.78 earnings per share for the current year.

NVIDIA Announces Dividend

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

NVIDIA declared that its board has approved a share buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

NVIDIA 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.