Envestnet Asset Management Inc. Acquires 485,941 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Envestnet Asset Management Inc. increased its holdings in NVIDIA Corporation by 2.4% in the 1st quarter, owning over 20.9 million shares valued at approximately $2.3 billion.
• Several institutional investors have recently adjusted their NVIDIA stakes, indicating continued interest in the stock by large investors.
• NVIDIA reported a quarterly EPS of $0.81, missing estimates, while its revenue surged 69.2% year-over-year to $44.06 billion.

Envestnet Asset Management Inc. raised its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,994,899 shares of the computer hardware maker's stock after acquiring an additional 485,941 shares during the period. NVIDIA comprises about 0.7% of Envestnet Asset Management Inc.'s investment portfolio, making the stock its 21st largest holding. Envestnet Asset Management Inc. owned about 0.09% of NVIDIA worth $2,275,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in NVIDIA during the fourth quarter worth about $43,515,504,000. GAMMA Investing LLC raised its holdings in NVIDIA by 12,173.2% during the first quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker's stock worth $5,293,039,000 after acquiring an additional 48,439,859 shares in the last quarter. Northern Trust Corp raised its holdings in NVIDIA by 15.8% during the fourth quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker's stock worth $35,782,134,000 after acquiring an additional 36,266,817 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in NVIDIA by 14,641.2% during the fourth quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker's stock worth $4,656,682,000 after acquiring an additional 34,441,082 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in NVIDIA by 204.6% during the first quarter. Assenagon Asset Management S.A. now owns 35,652,571 shares of the computer hardware maker's stock worth $3,864,026,000 after acquiring an additional 23,948,733 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at NVIDIA

In other news, EVP Ajay K. Puri sold 168,195 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total transaction of $25,673,284.80. Following the sale, the executive vice president owned 4,018,547 shares in the company, valued at $613,391,014.08. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the sale, the director owned 26,671,360 shares in the company, valued at approximately $3,808,670,208. The trade was a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,339,800 shares of company stock worth $800,141,003 over the last three months. Company insiders own 4.17% of the company's stock.

NVIDIA Stock Performance

NVDA stock traded down $4.15 during midday trading on Friday, reaching $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 market capitalization of $4.24 trillion, a PE ratio of 56.04, a price-to-earnings-growth ratio of 1.57 and a beta of 2.14. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $183.30. The company has a 50-day moving average price of $155.30 and a two-hundred day moving average price of $132.32. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39.

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 (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The company had revenue of $44.06 billion during the quarter, compared to analysts' expectations of $43.09 billion. During the same quarter last year, the firm posted $0.61 earnings per share. The firm's revenue was up 69.2% on a year-over-year basis. As a group, equities analysts anticipate that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend 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%.

Analysts Set New Price Targets

Several research firms have issued reports on NVDA. Barclays upped their price objective on NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Morgan Stanley upped their price objective on NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday. Bank of America upped their price objective on NVIDIA from $180.00 to $220.00 in a research note on Wednesday, July 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group upped their price objective on NVIDIA from $185.00 to $200.00 in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-three have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $182.03.

About NVIDIA

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.