Drake & Associates LLC Has $1.78 Million Stake in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Drake & Associates LLC increased its stake in NVIDIA Corporation by 40.7%, acquiring an additional 4,748 shares, bringing their total holdings to 16,425 shares valued at approximately $1.78 million.
• NVIDIA reported a miss in EPS for the last quarter, earning $0.81 compared to an estimate of $0.87, although revenue was up significantly at $44.06 billion.
• Institutional investors own 65.27% of NVIDIA's stock, with several hedge funds, including FMR LLC and Northern Trust, increasing their positions during the fourth quarter.

Drake & Associates LLC grew its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 40.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,425 shares of the computer hardware maker's stock after acquiring an additional 4,748 shares during the quarter. NVIDIA makes up approximately 0.5% of Drake & Associates LLC's holdings, making the stock its 29th largest position. Drake & Associates LLC's holdings in NVIDIA were worth $1,780,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in NVDA. Tacita Capital Inc bought a new position in shares of NVIDIA in the fourth quarter worth $28,000. Vision Financial Markets LLC bought a new position in shares of NVIDIA in the fourth quarter worth $38,000. Copia Wealth Management bought a new position in shares of NVIDIA in the fourth quarter worth $50,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of NVIDIA in the first quarter worth $51,000. Finally, Bruce G. Allen Investments LLC grew its stake in shares of NVIDIA by 198.2% in the first quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker's stock worth $53,000 after purchasing an additional 327 shares in the last quarter. 65.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NVDA has been the subject of several research analyst reports. Bank of America upped their price objective on NVIDIA from $180.00 to $220.00 in a report on Wednesday, July 16th. Citigroup upped their price objective on NVIDIA from $180.00 to $190.00 and gave the company a "buy" rating in a report on Monday, July 7th. Benchmark restated a "buy" rating and issued a $190.00 price objective on shares of NVIDIA in a report on Thursday, May 29th. Phillip Securities upgraded NVIDIA from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 14th. Finally, Arete Research upgraded NVIDIA to a "strong-buy" rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-three have given a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $182.03.

Insiders Place Their Bets

In related news, Director A Brooke Seawell sold 48,792 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $163.96, for a total transaction of $7,999,936.32. Following the completion of the transaction, the director owned 1,729,478 shares in the company, valued at $283,565,212.88. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Colette Kress sold 27,650 shares of NVIDIA stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $170.89, for a total value of $4,725,108.50. Following the completion of the transaction, the chief financial officer owned 2,984,516 shares of the company's stock, valued at approximately $510,023,939.24. The trade was a 0.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,339,800 shares of company stock worth $800,141,003. 4.17% of the stock is currently owned by company insiders.

NVIDIA Stock Performance

NASDAQ:NVDA traded down $4.15 during mid-day trading on Friday, hitting $173.72. 203,669,565 shares of the company's stock traded hands, compared to its average volume of 153,436,048. The firm has a 50 day moving average of $155.30 and a two-hundred day moving average of $132.32. NVIDIA Corporation has a 12 month low of $86.62 and a 12 month high of $183.30. The firm has a market capitalization of $4.24 trillion, a price-to-earnings ratio of 56.04, a price-to-earnings-growth ratio of 1.57 and a beta of 2.14. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10.

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

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were given a $0.01 dividend. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. NVIDIA's dividend payout ratio (DPR) is currently 1.29%.

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.