Confluence Wealth Services Inc. Buys 27,934 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Confluence Wealth Services Inc. boosted its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 48.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,665 shares of the computer hardware maker's stock after purchasing an additional 27,934 shares during the period. NVIDIA makes up 0.5% of Confluence Wealth Services Inc.'s portfolio, making the stock its 28th largest position. Confluence Wealth Services Inc.'s holdings in NVIDIA were worth $8,799,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Tacita Capital Inc purchased a new position in shares of NVIDIA during the fourth quarter valued at about $28,000. Vision Financial Markets LLC purchased a new position in shares of NVIDIA during the fourth quarter valued at about $38,000. Copia Wealth Management purchased a new position in shares of NVIDIA during the fourth quarter valued at about $50,000. Bruce G. Allen Investments LLC increased its position in shares of NVIDIA by 198.2% during the first quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker's stock valued at $53,000 after buying an additional 327 shares during the period. Finally, LSV Asset Management purchased a new position in shares of NVIDIA during the fourth quarter valued at about $54,000. 65.27% of the stock is owned by institutional investors.

NVIDIA Price Performance

NVDA stock opened at $172.41 on Monday. The company has a fifty day simple moving average of $146.99 and a two-hundred day simple moving average of $129.81. The firm has a market capitalization of $4.21 trillion, a P/E ratio of 55.62, a price-to-earnings-growth ratio of 1.52 and a beta of 2.13. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $174.25.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). The firm had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. NVIDIA's revenue was up 69.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.61 EPS. Analysts anticipate that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date of this dividend was Wednesday, June 11th. NVIDIA's dividend payout ratio is presently 1.29%.

Analysts Set New Price Targets

NVDA has been the topic of a number of recent research reports. Citigroup upped their price objective on shares of NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a report on Monday, July 7th. TD Cowen upped their price objective on shares of NVIDIA from $140.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Needham & Company LLC upped their price objective on shares of NVIDIA from $160.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. UBS Group restated a "buy" rating on shares of NVIDIA in a report on Friday, May 23rd. Finally, Jefferies Financial Group upped their price objective on shares of NVIDIA from $185.00 to $200.00 in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-three have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $181.22.

Insider Activity at NVIDIA

In related news, EVP Ajay K. Puri sold 168,195 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total value of $25,673,284.80. Following the transaction, the executive vice president owned 4,018,547 shares of the company's stock, valued at $613,391,014.08. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the transaction, the director directly owned 26,671,360 shares in the company, valued at $3,808,670,208. This represents a 3.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,964,800 shares of company stock worth $734,906,003. 4.17% of the stock is currently owned by corporate insiders.

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.

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