Firestone Capital Management Purchases Shares of 1,979 NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Firestone Capital Management acquired 1,979 shares of NVIDIA Corporation, valued at approximately $215,000, marking its entry into the company's stock.
• Several hedge funds increased their stakes in NVIDIA, with notable increases from Brighton Jones LLC and Oak Hill Wealth Advisors LLC, significantly bolstering their holdings.
• NVIDIA's stock receives strong support from analysts, with a consensus rating of "Moderate Buy" and an average price target of $183.75, reflecting positive sentiment in the market.

Firestone Capital Management purchased a new stake in NVIDIA Corporation (NASDAQ:NVDA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,979 shares of the computer hardware maker's stock, valued at approximately $215,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its position in shares of NVIDIA by 12.4% in the fourth quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker's stock worth $43,631,000 after acquiring an additional 35,815 shares during the period. Bank Pictet & Cie Europe AG raised its position in shares of NVIDIA by 1.0% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,346,417 shares of the computer hardware maker's stock worth $315,100,000 after acquiring an additional 22,929 shares during the period. Highview Capital Management LLC DE raised its position in shares of NVIDIA by 6.7% during the 4th quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker's stock worth $7,842,000 after purchasing an additional 3,653 shares during the last quarter. Hudson Value Partners LLC raised its position in shares of NVIDIA by 30.7% during the 4th quarter. Hudson Value Partners LLC now owns 50,658 shares of the computer hardware maker's stock worth $6,805,000 after purchasing an additional 11,900 shares during the last quarter. Finally, Oak Hill Wealth Advisors LLC raised its position in shares of NVIDIA by 194.1% during the 4th quarter. Oak Hill Wealth Advisors LLC now owns 15,206 shares of the computer hardware maker's stock worth $2,042,000 after purchasing an additional 31,372 shares during the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NVDA has been the subject of several research analyst reports. Citigroup upped their price target on shares of NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Piper Sandler restated an "overweight" rating and set a $180.00 price target (up previously from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. UBS Group restated a "buy" rating on shares of NVIDIA in a research report on Friday, May 23rd. Benchmark restated a "buy" rating and set a $190.00 price target on shares of NVIDIA in a research report on Thursday, May 29th. Finally, DA Davidson increased their price objective on shares of NVIDIA from $120.00 to $135.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $183.75.

NVIDIA Price Performance

Shares of NASDAQ:NVDA opened at $182.67 on Monday. The company's fifty day moving average price is $159.82 and its 200 day moving average price is $133.62. NVIDIA Corporation has a 12 month low of $86.62 and a 12 month high of $183.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.39 and a quick ratio of 2.96. The firm has a market capitalization of $4.46 trillion, a P/E ratio of 58.93, a P/E/G ratio of 1.61 and a beta of 2.14.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $44.06 billion for the quarter, compared to analysts' expectations of $43.09 billion. During the same period in the previous year, the business posted $0.61 earnings per share. The company's revenue for the quarter was up 69.2% on a year-over-year basis. As a group, sell-side analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

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

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 26,671,360 shares of the company's stock, valued at approximately $3,808,670,208. This trade represents a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jen Hsun Huang sold 75,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $152.54, for a total transaction of $11,440,500.00. Following the transaction, the chief executive officer directly owned 75,548,225 shares in the company, valued at $11,524,126,241.50. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,687,440 shares of company stock valued at $862,095,782. Company insiders own 4.17% of the company's stock.

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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