3,727 NVIDIA Corporation $NVDA Shares Purchased by Summit Financial Consulting LLC

Key Points

• Summit Financial Consulting increased its NVIDIA stake by 268.9% in the third quarter, adding 3,727 shares to hold 5,113 shares worth about $1.17 million.
• Other institutional investors also adjusted or expanded their positions, and hedge funds and institutional investors collectively owned 65.27% of NVIDIA shares.
• NVIDIA’s latest reported quarter beat analyst estimates, with EPS of $2.22 and revenue of $96.22 billion; the company also authorized a $150 billion share repurchase plan.

Summit Financial Consulting LLC grew its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 268.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,113 shares of the computer hardware maker's stock after acquiring an additional 3,727 shares during the period. NVIDIA comprises approximately 0.9% of Summit Financial Consulting LLC's holdings, making the stock its 18th largest position. Summit Financial Consulting LLC's holdings in NVIDIA were worth $1,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Boyd Wealth Management LLC raised its stake in shares of NVIDIA by 273.4% during the second quarter. Boyd Wealth Management LLC now owns 9,145 shares of the computer hardware maker's stock valued at $1,830,000 after acquiring an additional 6,696 shares in the last quarter. Ally Financial Inc. grew its stake in NVIDIA by 10.3% in the second quarter. Ally Financial Inc. now owns 172,000 shares of the computer hardware maker's stock worth $34,415,000 after purchasing an additional 16,000 shares in the last quarter. Altshuler Shaham Ltd grew its stake in NVIDIA by 6,451.9% in the first quarter. Altshuler Shaham Ltd now owns 637,236 shares of the computer hardware maker's stock worth $111,134,000 after purchasing an additional 627,510 shares in the last quarter. Vanguard Capital Wealth Advisors increased its holdings in NVIDIA by 5.6% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 52,163 shares of the computer hardware maker's stock worth $10,437,000 after purchasing an additional 2,758 shares during the period. Finally, Baker Tilly Wealth Management LLC increased its holdings in NVIDIA by 7.4% during the 2nd quarter. Baker Tilly Wealth Management LLC now owns 71,898 shares of the computer hardware maker's stock worth $14,386,000 after purchasing an additional 4,958 shares during the period. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting NVIDIA

Here are the key news stories impacting NVIDIA this week:

• Positive Sentiment: NVIDIA, Rebellions and SK Telecom announced a collaboration to combine NVIDIA’s NVLink Fusion and infrastructure with Korean-designed AI processors, supporting the company’s effort to expand its platform and partnerships. Article: NVIDIA, Rebellions and SK Telecom collaboration
• Neutral Sentiment: Some analysts remain positive despite trimming targets: Citi lowered its target but kept a Buy rating, while Wells Fargo cut its target and maintained Overweight. Investors are also looking ahead to NVIDIA’s November 17 earnings report. Article: Nvidia Stock Falls as Citi Trims Price Target
• Negative Sentiment: The board has retained outside counsel for an independent investigation into reports that Huang was targeted by a foreign intelligence effort. FBI and congressional scrutiny raises risks of reputational damage, governance concerns and possible regulatory attention; investors are also focused on NVIDIA’s reliance on Huang and lack of a clear public succession plan. Article: Nvidia hires law firm to lead Jensen Huang probe
• Negative Sentiment: A report alleged that Huang’s relationship with Alice Huang helped facilitate at least $7.5 billion in chip shipments to Chinese firms, including companies reportedly subject to restrictions. The claims have not been established, and Reuters could not independently verify the report, but they intensify export-control and national-security concerns. Article: Why Nvidia Stock Just Fell Again
• Negative Sentiment: Shareholder securities class actions have been filed alleging investors were not adequately informed; the claims are allegations, not findings of wrongdoing. Separately, rising Treasury yields and a broader technology sell-off are weighing on growth-stock valuations. Article: NVIDIA securities class action notice

Analysts Set New Price Targets

NVDA has been the subject of a number of research analyst reports. Stifel Nicolaus set a $315.00 target price on NVIDIA in a research report on Thursday, August 27th. Weiss Ratings downgraded NVIDIA from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, November 2nd. BMO Capital Markets set a $340.00 price target on NVIDIA and gave the company an "outperform" rating in a research note on Thursday, August 20th. Truist Financial raised their price target on NVIDIA from $307.00 to $346.00 and gave the company a "buy" rating in a research note on Thursday, August 27th. Finally, China Renaissance lifted their price objective on NVIDIA from $319.00 to $330.00 and gave the company a "buy" rating in a report on Monday, August 31st. Five equities research analysts have rated the stock with a Strong Buy rating, forty-eight have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $318.75.

NVIDIA Stock Performance

Shares of NASDAQ:NVDA opened at $168.93 on Wednesday. The company has a market capitalization of $4.07 trillion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 1.37 and a beta of 2.21. NVIDIA Corporation has a 52 week low of $164.27 and a 52 week high of $243.37. 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 50 day moving average of $217.99 and a 200 day moving average of $204.42.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 EPS for the quarter, beating the consensus estimate of $2.09 by $0.13. The business had revenue of $96.22 billion during the quarter, compared to analyst estimates of $92.27 billion. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company's quarterly revenue was up 105.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.05 earnings per share. On average, sell-side analysts predict that NVIDIA Corporation will post 9.30 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently disclosed 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 dividend payout ratio is currently 12.64%.

NVIDIA declared that its Board of Directors has approved a stock buyback plan on Monday, September 28th that authorizes the company to repurchase $150 billion in shares. This repurchase authorization authorizes the computer hardware maker to purchase up to 2.8% of its stock through open market purchases. Share repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Mark A. Stevens sold 622,239 shares of the company's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $231.62, for a total transaction of $144,122,997.18. Following the transaction, the director directly owned 2,336,531 shares of the company's stock, valued at $541,187,310.22. This represents a 21.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Timothy S. Teter sold 30,460 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $222.80, for a total value of $6,786,488.00. Following the completion of the sale, the executive vice president owned 2,687,660 shares of the company's stock, valued at approximately $598,810,648. This trade represents a 1.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,766,118 shares of company stock worth $399,450,353. Insiders own 3.94% of the company's stock.

NVIDIA Profile

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.

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