NVIDIA Corporation (NASDAQ:NVDA) Shares Sold by Elite Wealth Management Inc.

Key Points

• Elite Wealth Management Inc. reduced its stake in NVIDIA Corporation by 19.0%, now holding 349,785 shares valued at approximately $37.9 million, making it the firm's fourth largest position.
• Insider selling was notable, with CFO Colette Kress and CEO Jen Hsun Huang selling 27,640 and 75,000 shares respectively, reflecting slight decreases in their ownership.
• The overall analyst rating for NVIDIA is currently a Moderate Buy, with an average price target of $183.75 following mixed reviews from several brokerages.

Elite Wealth Management Inc. reduced its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 19.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 349,785 shares of the computer hardware maker's stock after selling 81,968 shares during the period. NVIDIA accounts for approximately 4.9% of Elite Wealth Management Inc.'s investment portfolio, making the stock its 4th largest holding. Elite Wealth Management Inc.'s holdings in NVIDIA were worth $37,910,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its stake in shares of NVIDIA by 0.7% during the fourth quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker's stock worth $134,877,735,000 after purchasing an additional 6,665,252 shares during the period. Geode Capital Management LLC grew its stake in shares of NVIDIA by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker's stock worth $74,439,273,000 after purchasing an additional 9,468,786 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of NVIDIA by 0.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker's stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares during the period. Norges Bank acquired a new stake in shares of NVIDIA during the fourth quarter worth $43,515,504,000. Finally, Northern Trust Corp grew its stake in shares of 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 purchasing an additional 36,266,817 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Colette Kress sold 27,640 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $178.06, for a total value of $4,921,578.40. Following the completion of the transaction, the chief financial officer directly owned 2,956,876 shares in the company, valued at approximately $526,501,340.56. This represents a 0.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 75,000 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $182.38, for a total value of $13,678,500.00. Following the completion of the transaction, the chief executive officer owned 73,223,225 shares of the company's stock, valued at $13,354,451,775.50. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,687,440 shares of company stock worth $862,095,782. Company insiders own 4.17% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on NVDA. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $200.00 price objective on shares of NVIDIA in a research note on Wednesday, April 16th. DA Davidson boosted their target price on NVIDIA from $120.00 to $135.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Seaport Res Ptn raised NVIDIA to a "strong sell" rating in a research note on Wednesday, April 30th. Raymond James Financial boosted their target price on NVIDIA from $150.00 to $165.00 and gave the company a "strong-buy" rating in a research note on Thursday, May 29th. Finally, Morgan Stanley boosted their target price on NVIDIA from $170.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $183.75.

NVIDIA Trading Up 1.1%

Shares of NVDA stock opened at $182.67 on Monday. The stock's fifty day moving average price is $159.82 and its two-hundred day moving average price is $133.62. The company has a market cap of $4.46 trillion, a PE ratio of 58.93, a P/E/G ratio of 1.61 and a beta of 2.14. NVIDIA Corporation has a fifty-two week low of $86.62 and a fifty-two week high of $183.88. 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 issued its earnings results 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). The business had revenue of $44.06 billion during the quarter, compared to analyst estimates of $43.09 billion. NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The company's revenue for the quarter was up 69.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.61 EPS. Equities analysts predict that NVIDIA Corporation will post 2.77 EPS for the current fiscal 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 issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend was Wednesday, June 11th. 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.

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