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Harvey Capital Management Inc. Has $51.83 Million Position in NVIDIA Corporation (NASDAQ:NVDA)

NVIDIA logo with Computer and Technology background

Key Points

  • Harvey Capital Management Inc. increased its holdings in NVIDIA Corporation by 10.7% in Q1, now owning 478,197 shares valued at approximately $51.83 million.
  • NVIDIA reported earnings per share of $0.81 for the most recent quarter, missing estimates, but achieved a revenue of $44.06 billion, exceeding expectations.
  • Institutional investors hold 65.27% of NVIDIA's stock, with notable increases from various hedge funds, including GAMMA Investing LLC, which grew its stake by 12,173.2% in Q1.
  • Interested in NVIDIA? Here are five stocks we like better.

Harvey Capital Management Inc. boosted its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 10.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 478,197 shares of the computer hardware maker's stock after buying an additional 46,402 shares during the period. NVIDIA makes up approximately 13.6% of Harvey Capital Management Inc.'s portfolio, making the stock its biggest position. Harvey Capital Management Inc.'s holdings in NVIDIA were worth $51,827,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NVDA. Norges Bank bought a new stake in NVIDIA in the 4th quarter valued at about $43,515,504,000. GAMMA Investing LLC increased its position in NVIDIA by 12,173.2% in the 1st quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker's stock valued at $5,293,039,000 after buying an additional 48,439,859 shares in the last quarter. Northern Trust Corp increased its position in NVIDIA by 15.8% in the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker's stock valued at $35,782,134,000 after buying an additional 36,266,817 shares in the last quarter. Assenagon Asset Management S.A. increased its position in NVIDIA by 204.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 35,652,571 shares of the computer hardware maker's stock valued at $3,864,026,000 after buying an additional 23,948,733 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in NVIDIA during the 4th quarter worth approximately $2,987,733,000. 65.27% of the stock is owned by institutional investors.

NVIDIA Price Performance

Shares of NASDAQ NVDA opened at $173.72 on Monday. NVIDIA Corporation has a twelve month low of $86.62 and a twelve month high of $183.30. The firm has a market cap of $4.24 trillion, a P/E ratio of 56.04, a PEG ratio of 1.53 and a beta of 2.14. The company has a 50 day moving average of $155.30 and a 200 day moving average of $132.28. 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 (NASDAQ:NVDA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The firm had revenue of $44.06 billion during the quarter, compared to analysts' expectations of $43.09 billion. During the same quarter in the previous year, the firm earned $0.61 earnings per share. NVIDIA's revenue was up 69.2% on a year-over-year basis. As a group, research analysts expect that NVIDIA Corporation will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

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

Insiders Place Their Bets

In other NVIDIA news, CFO Colette Kress sold 27,650 shares of NVIDIA stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 75,000 shares of NVIDIA stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $178.74, for a total transaction of $13,405,500.00. Following the completion of the sale, the chief executive officer directly owned 73,748,225 shares of the company's stock, valued at approximately $13,181,757,736.50. This trade represents a 0.10% 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 valued at $800,141,003. Company insiders own 4.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Loop Capital increased their price objective on NVIDIA from $175.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Truist Financial upped their price target on NVIDIA from $205.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Raymond James Financial upped their price target on NVIDIA from $150.00 to $165.00 and gave the stock a "strong-buy" rating in a report on Thursday, May 29th. DA Davidson upped their price target on NVIDIA from $120.00 to $135.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Finally, Oppenheimer upped their price target on NVIDIA from $175.00 to $200.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. One equities 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $182.03.

Check Out Our Latest Stock Analysis on NVIDIA

NVIDIA Profile

(Free Report)

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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Institutional Ownership by Quarter for NVIDIA (NASDAQ:NVDA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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