NVIDIA Co. (NASDAQ:NVDA) Position Decreased by Covestor Ltd

Covestor Ltd decreased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 2.1% in the third quarter, HoldingsChannel reports. The fund owned 17,429 shares of the computer hardware maker’s stock after selling 372 shares during the quarter. NVIDIA makes up about 1.3% of Covestor Ltd’s portfolio, making the stock its largest holding. Covestor Ltd’s holdings in NVIDIA were worth $2,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of NVDA. CGC Financial Services LLC bought a new position in shares of NVIDIA in the second quarter worth about $26,000. Quest Partners LLC purchased a new stake in NVIDIA in the 2nd quarter worth approximately $27,000. Christopher J. Hasenberg Inc bought a new stake in NVIDIA during the 3rd quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. purchased a new position in NVIDIA during the second quarter valued at approximately $31,000. Finally, FPC Investment Advisory Inc. boosted its position in shares of NVIDIA by 900.0% in the second quarter. FPC Investment Advisory Inc. now owns 290 shares of the computer hardware maker’s stock worth $34,000 after purchasing an additional 261 shares during the period. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Price Performance

NASDAQ NVDA opened at $140.22 on Thursday. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $3.43 trillion, a P/E ratio of 55.18, a P/E/G ratio of 2.43 and a beta of 1.64. NVIDIA Co. has a 12-month low of $47.32 and a 12-month high of $152.89. The firm’s fifty day simple moving average is $139.84 and its two-hundred day simple moving average is $127.62.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $35.08 billion during the quarter, compared to analysts’ expectations of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business’s quarterly revenue was up 93.6% on a year-over-year basis. During the same quarter last year, the company posted $0.38 earnings per share. Analysts forecast that NVIDIA Co. will post 2.78 EPS for the current fiscal year.

NVIDIA declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

NVIDIA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

Insiders Place Their Bets

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on Monday, December 16th. The shares were sold at an average price of $131.26, for a total value of $131,260,000.00. Following the completion of the transaction, the director now owns 28,671,360 shares of the company’s stock, valued at approximately $3,763,402,713.60. The trade was a 3.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $135.28, for a total value of $608,760.00. Following the sale, the insider now owns 480,899 shares in the company, valued at $65,056,016.72. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,391,886 shares of company stock valued at $181,666,050. 4.23% of the stock is owned by insiders.

Analyst Ratings Changes

NVDA has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Wedbush boosted their price objective on NVIDIA from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Redburn Atlantic initiated coverage on NVIDIA in a research note on Tuesday, November 12th. They issued a “buy” rating and a $178.00 price objective for the company. The Goldman Sachs Group lifted their target price on NVIDIA from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $175.00 price objective on shares of NVIDIA in a report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, NVIDIA has an average rating of “Moderate Buy” and a consensus target price of $164.15.

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.