Canandaigua National Bank & Trust Co. Invests $2.14 Million in NVIDIA Co. (NVDA)

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Canandaigua National Bank & Trust Co. bought a new stake in NVIDIA Co. (NASDAQ:NVDA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,615 shares of the computer hardware maker’s stock, valued at approximately $2,140,000.

Several other institutional investors and hedge funds have also made changes to their positions in NVDA. FMR LLC raised its position in shares of NVIDIA by 3.5% during the 2nd quarter. FMR LLC now owns 48,594,422 shares of the computer hardware maker’s stock valued at $11,512,019,000 after acquiring an additional 1,656,748 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of NVIDIA by 63.7% during the 2nd quarter. Janus Henderson Group PLC now owns 4,222,049 shares of the computer hardware maker’s stock valued at $1,000,199,000 after acquiring an additional 1,643,689 shares in the last quarter. Jennison Associates LLC raised its position in shares of NVIDIA by 18.8% during the 2nd quarter. Jennison Associates LLC now owns 7,800,112 shares of the computer hardware maker’s stock valued at $1,847,847,000 after acquiring an additional 1,234,191 shares in the last quarter. Schwab Charitable Fund acquired a new stake in shares of NVIDIA during the 2nd quarter valued at approximately $111,151,000. Finally, USS Investment Management Ltd acquired a new stake in shares of NVIDIA during the 3rd quarter valued at approximately $131,500,000. 65.71% of the stock is currently owned by institutional investors.

In other news, CFO Colette Kress sold 11,576 shares of the stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $266.31, for a total value of $3,082,804.56. Following the completion of the transaction, the chief financial officer now owns 297,482 shares of the company’s stock, valued at $79,222,431.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Ajay K. Puri sold 90,831 shares of the stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $289.35, for a total value of $26,281,949.85. Following the completion of the transaction, the executive vice president now directly owns 184,001 shares of the company’s stock, valued at approximately $53,240,689.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,707 shares of company stock valued at $32,347,973. 4.70% of the stock is owned by company insiders.

NVDA has been the topic of several research reports. Argus reissued a “buy” rating and set a $300.00 price target on shares of NVIDIA in a research report on Friday, October 12th. Goldman Sachs Group raised NVIDIA from a “buy” rating to a “conviction-buy” rating and dropped their price target for the company from $324.00 to $305.00 in a research report on Thursday, October 18th. Evercore ISI upped their price target on NVIDIA from $300.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, September 28th. Tigress Financial reissued a “buy” rating on shares of NVIDIA in a research report on Friday, October 5th. Finally, BidaskClub lowered NVIDIA from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Eleven analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $290.21.

Shares of NVDA opened at $211.06 on Wednesday. The firm has a market cap of $130.67 billion, a P/E ratio of 45.19, a P/E/G ratio of 2.82 and a beta of 2.01. The company has a quick ratio of 6.66, a current ratio of 7.41 and a debt-to-equity ratio of 0.23. NVIDIA Co. has a 12 month low of $176.01 and a 12 month high of $292.76.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Thursday, August 16th. The computer hardware maker reported $1.94 EPS for the quarter, topping the Zacks’ consensus estimate of $1.66 by $0.28. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.11 billion. NVIDIA had a return on equity of 54.18% and a net margin of 36.21%. The firm’s revenue was up 40.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 EPS. On average, equities analysts forecast that NVIDIA Co. will post 7.15 earnings per share for the current fiscal year.

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NVIDIA Profile

NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.

Further Reading: What are the Different Types of Leveraged Buyouts?

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Institutional Ownership by Quarter for NVIDIA (NASDAQ:NVDA)

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