Absolute Capital Management LLC Acquires 9,316 Shares of NVIDIA Corporation $NVDA

Key Points

• Absolute Capital Management increased its NVIDIA stake by 48.2% in the third quarter, buying 9,316 shares to hold 28,644 shares worth about $6.5 million.
• NVIDIA reported quarterly EPS of $2.22 and revenue of $96.22 billion, beating analyst estimates; revenue rose 105.9% year over year.
• The company authorized a $150 billion share repurchase plan, allowing it to buy back up to 2.8% of its shares.

Absolute Capital Management LLC increased its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 48.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,644 shares of the computer hardware maker's stock after acquiring an additional 9,316 shares during the period. NVIDIA comprises 1.5% of Absolute Capital Management LLC's investment portfolio, making the stock its 18th biggest position. Absolute Capital Management LLC's holdings in NVIDIA were worth $6,545,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Forbes J M & Co. LLP lifted its position in shares of NVIDIA by 0.6% during the 3rd quarter. Forbes J M & Co. LLP now owns 414,658 shares of the computer hardware maker's stock worth $94,700,000 after purchasing an additional 2,347 shares during the last quarter. AlphaStar Capital Management LLC lifted its holdings in shares of NVIDIA by 5.9% during the third quarter. AlphaStar Capital Management LLC now owns 179,272 shares of the computer hardware maker's stock worth $40,942,000 after purchasing an additional 9,968 shares during the period. Dynamic Wealth Strategies LLC grew its position in NVIDIA by 17.4% in the 3rd quarter. Dynamic Wealth Strategies LLC now owns 4,283 shares of the computer hardware maker's stock valued at $978,000 after buying an additional 635 shares during the last quarter. 1834 Investment Advisors Co. grew its position in NVIDIA by 3.3% in the 3rd quarter. 1834 Investment Advisors Co. now owns 31,802 shares of the computer hardware maker's stock valued at $7,263,000 after buying an additional 1,011 shares during the last quarter. Finally, Copper Harbor Investment Advisors LLC lifted its stake in shares of NVIDIA by 8.5% in the 3rd quarter. Copper Harbor Investment Advisors LLC now owns 7,946 shares of the computer hardware maker's stock worth $1,815,000 after acquiring an additional 621 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Stock Performance

NASDAQ NVDA opened at $162.85 on Friday. NVIDIA Corporation has a 1-year low of $148.80 and a 1-year high of $243.37. The business's 50-day simple moving average is $214.64 and its 200-day simple moving average is $204.12. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.59 and a quick ratio of 3.85. The firm has a market capitalization of $3.92 trillion, a P/E ratio of 24.09, a P/E/G ratio of 1.28 and a beta of 2.21.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company had revenue of $96.22 billion during the quarter, compared to analyst estimates of $92.27 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. The business's quarterly revenue was up 105.9% compared to the same quarter last year. Equities analysts predict that NVIDIA Corporation will post 9.29 EPS for the current year.

NVIDIA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, September 10th. NVIDIA's dividend payout ratio is currently 12.64%.

NVIDIA declared that its board has authorized a share repurchase plan on Monday, September 28th that permits the company to repurchase $150 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 2.8% of its stock through open market purchases. Share repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Key Headlines Impacting NVIDIA

Here are a few of the latest headlines about NVDA:

• Positive Sentiment: Despite cutting its price target to $300, Rosenblatt Securities maintained a Buy rating; other coverage also points to continued investor optimism about NVIDIA’s long-term growth potential. Rosenblatt Securities rating
• Positive Sentiment: Investors will look to the November 17 earnings report for evidence that AI demand remains robust. Articles cite strong infrastructure spending and a $108 billion revenue outlook as potential supports for the business. NVIDIA earnings preview
• Neutral Sentiment: Investors are also being urged to judge AI demand by the revenue generated from computing capacity—not just the capital companies spend to build it. That could sharpen questions about how quickly AI infrastructure investments translate into sales. Barron's analysis of AI revenue

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. DZ Bank reissued a "buy" rating on shares of NVIDIA in a report on Wednesday, August 26th. Wall Street Zen cut NVIDIA from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 24th. Cantor Fitzgerald cut their price objective on NVIDIA from $350.00 to $250.00 and set an "overweight" rating for the company in a research report on Thursday. Mizuho set a $250.00 target price on NVIDIA in a report on Monday. Finally, BNP Paribas Exane restated an "outperform" rating and set a $345.00 target price on shares of NVIDIA in a research report on Monday, October 5th. Five analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $277.89.

Insider Activity at NVIDIA

In related news, CFO Colette Kress sold 34,918 shares of the firm's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the sale, the chief financial officer directly owned 765,103 shares in the company, valued at approximately $167,595,812.15. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of NVIDIA stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the sale, the executive vice president owned 2,687,660 shares in the company, valued at $598,810,648. This represents a 1.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,766,118 shares of company stock worth $399,450,353. Corporate insiders own 3.94% of the company's stock.

NVIDIA Company Profile

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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