NVIDIA (NASDAQ:NVDA) Announces Quarterly Earnings Results

NVIDIA (NASDAQ:NVDA) released its quarterly earnings results on Wednesday. The computer hardware maker reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.07, FiscalAI reports. The business had revenue of $57.01 billion during the quarter, compared to analyst estimates of $54.66 billion. NVIDIA had a return on equity of 101.74% and a net margin of 52.41%.

NVIDIA Trading Up 2.8%

NASDAQ:NVDA traded up $5.16 on Wednesday, reaching $186.52. 205,051,821 shares of the stock traded hands, compared to its average volume of 224,981,906. NVIDIA has a 1-year low of $86.62 and a 1-year high of $212.19. The company has a current ratio of 4.21, a quick ratio of 3.60 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $186.18 and its 200-day moving average is $167.35. The firm has a market capitalization of $4.53 trillion, a price-to-earnings ratio of 53.14, a price-to-earnings-growth ratio of 1.49 and a beta of 2.11.

NVIDIA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Thursday, September 11th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 11th. This represents a $0.04 annualized dividend and a yield of 0.0%. NVIDIA’s payout ratio is presently 1.14%.

Analyst Ratings Changes

Several brokerages have commented on NVDA. Craig Hallum increased their price target on NVIDIA from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. restated a “buy” rating on shares of NVIDIA in a research note on Monday. TD Cowen upped their target price on shares of NVIDIA from $140.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, August 19th. S&P Equity Research reiterated a “positive” rating on shares of NVIDIA in a report on Wednesday, October 22nd. Finally, Truist Financial increased their price objective on NVIDIA from $210.00 to $228.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Five analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $240.49.

Insider Activity

In other NVIDIA news, CEO Jen Hsun Huang sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $177.57, for a total value of $13,317,750.00. Following the completion of the sale, the chief executive officer directly owned 72,248,366 shares of the company’s stock, valued at approximately $12,829,142,350.62. This represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mark A. Stevens sold 350,000 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $176.39, for a total transaction of $61,736,500.00. Following the sale, the director directly owned 7,399,803 shares in the company, valued at approximately $1,305,251,251.17. This trade represents a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,251,577 shares of company stock worth $583,143,187 over the last three months. 4.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NVDA. Longfellow Investment Management Co. LLC boosted its holdings in shares of NVIDIA by 47.9% during the 2nd quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker’s stock valued at $33,000 after purchasing an additional 67 shares during the last quarter. Spurstone Advisory Services LLC purchased a new stake in shares of NVIDIA during the second quarter valued at about $40,000. EDENTREE ASSET MANAGEMENT Ltd purchased a new stake in shares of NVIDIA during the second quarter worth about $54,000. Bridge Generations Wealth Management LLC acquired a new stake in NVIDIA during the third quarter worth about $75,000. Finally, Basso Capital Management L.P. acquired a new position in shares of NVIDIA in the third quarter worth about $75,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

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.