Cottage Street Advisors LLC Takes $2.16 Million Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 9th, 2023

Cottage Street Advisors LLC purchased a new stake in NVIDIA Co. (NASDAQ:NVDA – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,770 shares of the computer hardware maker’s stock, valued at approximately $2,158,000. NVIDIA accounts for about 1.7% of Cottage Street Advisors LLC’s holdings, making the stock its 20th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. GoalVest Advisory LLC grew its stake in NVIDIA by 124.1% during the fourth quarter. GoalVest Advisory LLC now owns 195 shares of the computer hardware maker’s stock worth $28,000 after purchasing an additional 108 shares during the period. Contravisory Investment Management Inc. acquired a new stake in NVIDIA during the first quarter worth approximately $28,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in NVIDIA during the fourth quarter worth approximately $34,000. Financial Connections Group Inc. grew its stake in NVIDIA by 605.7% during the fourth quarter. Financial Connections Group Inc. now owns 247 shares of the computer hardware maker’s stock worth $36,000 after purchasing an additional 212 shares during the period. Finally, NewSquare Capital LLC acquired a new stake in NVIDIA during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 64.00% of the company’s stock.

Insider Activity at NVIDIA

In related news, Director Harvey C. Jones sold 119,795 shares of NVIDIA stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $403.17, for a total transaction of $48,297,750.15. Following the completion of the sale, the director now owns 676,396 shares of the company’s stock, valued at $272,702,575.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other NVIDIA news, EVP Debora Shoquist sold 23,084 shares of NVIDIA stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $305.00, for a total transaction of $7,040,620.00. Following the completion of the sale, the executive vice president now owns 139,860 shares of the company’s stock, valued at $42,657,300. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harvey C. Jones sold 119,795 shares of NVIDIA stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $403.17, for a total value of $48,297,750.15. Following the sale, the director now directly owns 676,396 shares of the company’s stock, valued at approximately $272,702,575.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 368,271 shares of company stock valued at $147,115,953. Company insiders own 3.99% of the company’s stock.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $425.03 on Friday. The stock has a market cap of $1.05 trillion, a PE ratio of 221.37, a price-to-earnings-growth ratio of 2.93 and a beta of 1.74. NVIDIA Co. has a fifty-two week low of $108.13 and a fifty-two week high of $439.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.79 and a current ratio of 3.43. The stock has a fifty day moving average of $367.20 and a 200-day moving average of $272.25.

NVIDIA (NASDAQ:NVDA – Free Report) last announced its quarterly earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.17. The company had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 earnings per share. Equities research analysts anticipate that NVIDIA Co. will post 6.31 earnings per share for the current year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 8th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.04%. The ex-dividend date was Wednesday, June 7th. NVIDIA’s dividend payout ratio is 8.33%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Jefferies Financial Group raised their target price on NVIDIA from $472.00 to $500.00 in a research note on Tuesday, June 20th. The Goldman Sachs Group increased their price target on NVIDIA from $275.00 to $440.00 in a report on Thursday, May 25th. Craig Hallum upgraded NVIDIA from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Thursday, May 25th. Susquehanna increased their price target on NVIDIA from $350.00 to $450.00 in a report on Thursday, May 25th. Finally, Barclays raised their target price on NVIDIA from $275.00 to $500.00 in a report on Thursday, May 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NVIDIA presently has an average rating of “Moderate Buy” and an average price target of $399.19.

NVIDIA Company Profile

(Free Report)

NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.