Pineridge Advisors LLC Decreases Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Pineridge Advisors LLC reduced its holdings in NVIDIA Corporation by 50% in the first quarter, leaving them with 1,408 shares valued at $153,000.
• Various hedge funds have recently acquired new stakes in NVIDIA, with ownership by hedge funds and institutional investors now at 65.27%.
• NVIDIA's stock has a consensus rating of "Moderate Buy", with an average target price of $182.03, despite a recent earnings report showing a miss on EPS estimates.

Pineridge Advisors LLC reduced its stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,408 shares of the computer hardware maker's stock after selling 1,410 shares during the quarter. Pineridge Advisors LLC's holdings in NVIDIA were worth $153,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NVDA. Astoria Portfolio Advisors LLC. increased its stake in NVIDIA by 0.9% in the first quarter. Astoria Portfolio Advisors LLC. now owns 93,568 shares of the computer hardware maker's stock valued at $9,610,000 after acquiring an additional 864 shares during the period. Centerpoint Advisory Group increased its stake in shares of NVIDIA by 2.5% in the 1st quarter. Centerpoint Advisory Group now owns 39,398 shares of the computer hardware maker's stock valued at $4,270,000 after buying an additional 943 shares during the period. GSB Wealth Management LLC boosted its stake in shares of NVIDIA by 3.3% in the 1st quarter. GSB Wealth Management LLC now owns 32,611 shares of the computer hardware maker's stock valued at $3,534,000 after purchasing an additional 1,043 shares during the last quarter. Variant Private Wealth LLC boosted its stake in shares of NVIDIA by 20.6% in the 1st quarter. Variant Private Wealth LLC now owns 18,800 shares of the computer hardware maker's stock valued at $2,038,000 after purchasing an additional 3,206 shares during the last quarter. Finally, Financial Perspectives Inc lifted its stake in NVIDIA by 2.8% in the first quarter. Financial Perspectives Inc now owns 45,958 shares of the computer hardware maker's stock valued at $4,981,000 after buying an additional 1,265 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

NVIDIA Price Performance

Shares of NVDA stock traded up $1.16 on Wednesday, reaching $179.42. The company's stock had a trading volume of 135,021,387 shares, compared to its average volume of 246,741,875. NVIDIA Corporation has a 12-month low of $86.62 and a 12-month high of $183.30. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $4.38 trillion, a P/E ratio of 57.88, a PEG ratio of 1.59 and a beta of 2.14. The stock's 50 day simple moving average is $157.13 and its 200-day simple moving average is $132.90.

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). The business had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The company's revenue was up 69.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.61 earnings per share. As a group, equities analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

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

Insider Buying and Selling at NVIDIA

In related news, Director Mark A. Stevens sold 935,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total transaction of $131,760,200.00. Following the completion of the sale, the director owned 9,214,697 shares in the company, valued at approximately $1,298,535,101.24. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 75,000 shares of the company's stock in a transaction 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 sale, the chief executive officer owned 75,548,225 shares of the company's stock, valued at approximately $11,524,126,241.50. This trade represents a 0.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,489,800 shares of company stock valued at $826,553,003 in the last quarter. 4.17% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on NVDA. Morgan Stanley raised their price objective on NVIDIA from $170.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Wedbush restated an "outperform" rating on shares of NVIDIA in a research note on Thursday, May 29th. Mizuho set a $192.00 target price on shares of NVIDIA and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Truist Financial increased their price target on shares of NVIDIA from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, TD Cowen boosted their price target on NVIDIA from $140.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $182.03.

NVIDIA 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.