NVIDIA Corporation $NVDA Shares Sold by Jackson Square Capital LLC

Key Points

• Jackson Square Capital cut its NVIDIA stake by 7.3%, selling 15,288 shares in the third quarter. It still held 194,787 shares worth about $44.5 million, making NVIDIA its second-largest position.
• NVIDIA reported quarterly earnings of $2.22 per share, beating analysts’ $2.09 estimate, while revenue rose 105.9% year over year to $96.22 billion. Its board also authorized a $150 billion share-repurchase program.
• Analyst views were mixed: the consensus rating remained Moderate Buy, with an average target of $277.89, while several firms recently lowered ratings or price targets. Shares were reported at $162.85 on Friday.

Jackson Square Capital LLC decreased its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 194,787 shares of the computer hardware maker's stock after selling 15,288 shares during the quarter. NVIDIA accounts for approximately 6.7% of Jackson Square Capital LLC's portfolio, making the stock its 2nd largest holding. Jackson Square Capital LLC's holdings in NVIDIA were worth $44,485,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its position in shares of NVIDIA by 1.6% in the second quarter. State Street Corp now owns 1,009,783,437 shares of the computer hardware maker's stock worth $202,047,568,000 after acquiring an additional 15,897,836 shares during the period. Bank of America Corp DE boosted its stake in shares of NVIDIA by 2.2% during the 2nd quarter. Bank of America Corp DE now owns 195,366,864 shares of the computer hardware maker's stock worth $39,090,956,000 after acquiring an additional 4,165,875 shares in the last quarter. Amundi boosted its stake in shares of NVIDIA by 10.4% during the 1st quarter. Amundi now owns 133,768,018 shares of the computer hardware maker's stock worth $23,329,141,000 after acquiring an additional 12,575,177 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of NVIDIA by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 94,521,253 shares of the computer hardware maker's stock valued at $16,479,126,000 after acquiring an additional 555,221 shares during the period. Finally, Deutsche Bank AG grew its position in shares of NVIDIA by 2.3% during the 2nd quarter. Deutsche Bank AG now owns 91,954,159 shares of the computer hardware maker's stock valued at $18,399,108,000 after acquiring an additional 2,045,101 shares during the period. Institutional investors and hedge funds own 65.27% of the company's stock.

NVIDIA Price Performance

NVDA traded down $3.34 during trading on Friday, reaching $162.85. The company's stock had a trading volume of 363,372,273 shares, compared to its average volume of 196,617,360. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $214.64 and a two-hundred day simple moving average of $204.12. NVIDIA Corporation has a 1 year low of $148.80 and a 1 year high of $243.37. The company has a market cap of $3.92 trillion, a price-to-earnings ratio of 20.59, a PEG 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 for the quarter, topping analysts' consensus estimates of $2.09 by $0.13. The company had revenue of $96.22 billion for the quarter, compared to analyst estimates of $92.27 billion. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The firm's revenue for the quarter was up 105.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 earnings per share. As a group, analysts anticipate that NVIDIA Corporation will post 9.29 EPS for the current year.

NVIDIA declared that its Board of Directors has approved a stock repurchase program on Monday, September 28th that authorizes the company to buy back $150 billion in shares. This repurchase authorization authorizes the computer hardware maker to reacquire up to 2.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

NVIDIA Dividend Announcement

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

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
• Negative Sentiment: Huang’s departure creates uncertainty around succession and strategy. CFO Colette Kress is interim CEO, and the board has not yet selected a search firm for a permanent replacement. CEO search update
• Negative Sentiment: HSBC downgraded NVIDIA to Hold with a $170 target, and several firms have reduced price targets. Analysts also warn that leadership uncertainty could give chip rivals more opportunity to win business. HSBC downgrade coverage

Insider Transactions at NVIDIA

In other news, Director Mark Stevens sold 622,239 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $231.62, for a total transaction of $144,122,997.18. Following the transaction, the director owned 2,336,531 shares of the company's stock, valued at approximately $541,187,310.22. The trade was a 21.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Colette Kress sold 34,918 shares of the business's stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the transaction, the chief financial officer directly owned 765,103 shares in the company, valued at approximately $167,595,812.15. The trade was a 4.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,766,118 shares of company stock worth $399,450,353 in the last quarter. Company insiders own 3.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NVDA. Morgan Stanley reaffirmed an "overweight" rating and issued a $300.00 price target on shares of NVIDIA in a report on Wednesday. Craig Hallum lowered NVIDIA from a "buy" rating to a "hold" rating and set a $180.00 price objective on the stock. in a report on Thursday. KeyCorp cut NVIDIA from an "overweight" rating to a "sector weight" rating in a research report on Thursday. Bank of America cut their price objective on NVIDIA from $350.00 to $280.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Evercore downgraded NVIDIA from an "outperform" rating to a "positive" rating and set a $186.00 target price for the company. in a research note on Wednesday. Five equities research analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, NVIDIA presently has a consensus rating of "Moderate Buy" and an average price target of $277.89.

About NVIDIA

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.

Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.