Peregrine Investment Management Inc. Acquires Shares of 75,000 NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Peregrine Investment Management Inc. has acquired 75,000 shares of NVIDIA Corporation, amounting to approximately $8.13 million, which now represents about 6.1% of its investment portfolio.
• NVIDIA's CEO, Jen Hsun Huang, sold 75,000 shares for $11.44 million, while Director Mark A. Stevens sold 935,000 shares worth $131.76 million, indicating notable insider trading activity.
• The latest earnings report showed NVIDIA missed EPS estimates but achieved 69.2% year-over-year revenue growth, totaling $44.06 billion for the quarter.

Peregrine Investment Management Inc. purchased a new position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 75,000 shares of the computer hardware maker's stock, valued at approximately $8,128,000. NVIDIA comprises 6.1% of Peregrine Investment Management Inc.'s portfolio, making the stock its 5th biggest holding.

Several other hedge funds have also recently bought and sold shares of NVDA. Whitener Capital Management Inc. boosted its holdings in NVIDIA by 5.1% during the first quarter. Whitener Capital Management Inc. now owns 123,377 shares of the computer hardware maker's stock valued at $13,372,000 after acquiring an additional 5,953 shares during the period. Prudent Man Advisors LLC boosted its holdings in NVIDIA by 4.3% during the first quarter. Prudent Man Advisors LLC now owns 38,435 shares of the computer hardware maker's stock valued at $4,166,000 after acquiring an additional 1,571 shares during the period. LRI Investments LLC boosted its holdings in NVIDIA by 0.9% during the first quarter. LRI Investments LLC now owns 66,583 shares of the computer hardware maker's stock valued at $7,216,000 after acquiring an additional 563 shares during the period. Secured Retirement Advisors LLC boosted its holdings in NVIDIA by 305.4% during the first quarter. Secured Retirement Advisors LLC now owns 51,246 shares of the computer hardware maker's stock valued at $5,554,000 after acquiring an additional 38,605 shares during the period. Finally, Kerntke Otto McGlone Wealth Management Group boosted its holdings in NVIDIA by 0.4% during the first quarter. Kerntke Otto McGlone Wealth Management Group now owns 25,092 shares of the computer hardware maker's stock valued at $2,720,000 after acquiring an additional 110 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NVDA has been the topic of a number of recent research reports. Loop Capital lifted their target price on NVIDIA from $175.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Benchmark reissued a "buy" rating and set a $190.00 target price on shares of NVIDIA in a research report on Thursday, May 29th. Arete Research raised NVIDIA to a "strong-buy" rating in a research report on Wednesday, May 21st. Barclays raised their price target on shares of NVIDIA from $170.00 to $200.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Finally, UBS Group reissued a "buy" rating on shares of NVIDIA in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $183.75.

NVIDIA Trading Down 0.4%

Shares of NVDA traded down $0.64 during trading hours on Monday, hitting $182.06. 138,011,711 shares of the stock were exchanged, compared to its average volume of 244,601,375. The firm has a market capitalization of $4.44 trillion, a P/E ratio of 58.73, a price-to-earnings-growth 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 business has a 50-day moving average of $159.82 and a 200-day moving average of $133.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.39 and a quick ratio of 2.96.

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 analysts' consensus estimates 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 analyst estimates of $43.09 billion. During the same quarter in the prior year, the business earned $0.61 earnings per share. The firm's quarterly revenue was up 69.2% compared to the same quarter last year. On average, research analysts expect that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors 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 annualized dividend and a yield of 0.0%. NVIDIA's payout ratio is currently 1.29%.

Insider Activity

In other news, CEO Jen Hsun Huang sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $152.54, for a total value of $11,440,500.00. Following the completion of the sale, the chief executive officer directly owned 75,548,225 shares in the company, valued at approximately $11,524,126,241.50. The trade was a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ajay K. Puri sold 168,195 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $152.64, for a total transaction of $25,673,284.80. Following the completion of the sale, the executive vice president owned 4,018,547 shares of the company's stock, valued at approximately $613,391,014.08. The trade was a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,687,440 shares of company stock worth $862,095,782 in the last three months. 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.