Ridgeline Wealth Planning LLC Invests $297,000 in NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Ridgeline Wealth Planning LLC has acquired a new stake in NVIDIA Corporation worth approximately $297,000, purchasing 2,740 shares during the first quarter.
• Several institutional investors have also increased their stakes in NVIDIA, with a combined ownership of 65.27% by hedge funds and institutional investors.
• NVIDIA recently missed earnings expectations, reporting $0.81 earnings per share compared to the expected $0.87, despite a revenue increase of 69.2% year-over-year.

Ridgeline Wealth Planning LLC acquired a new position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,740 shares of the computer hardware maker's stock, valued at approximately $297,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wealth Group Ltd. raised its position in NVIDIA by 1.8% in the fourth quarter. Wealth Group Ltd. now owns 5,702 shares of the computer hardware maker's stock valued at $766,000 after purchasing an additional 100 shares during the period. Tallon Kerry Patrick acquired a new stake in shares of NVIDIA in the fourth quarter valued at $972,000. Brighton Jones LLC grew its stake 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 valued at $43,631,000 after buying an additional 35,815 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake 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 valued at $315,100,000 after buying an additional 22,929 shares in the last quarter. Finally, Highview Capital Management LLC DE grew its stake in shares of NVIDIA by 6.7% in the fourth quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker's stock valued at $7,842,000 after buying an additional 3,653 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company's stock.

NVIDIA Stock Up 3.6%

NVDA traded up $6.28 during trading on Monday, hitting $180.00. The company had a trading volume of 147,497,317 shares, compared to its average volume of 248,133,797. The company has a market capitalization of $4.39 trillion, a PE ratio of 58.06, a PEG ratio of 1.53 and a beta of 2.14. NVIDIA Corporation has a one year low of $86.62 and a one year high of $183.30. The firm's 50-day moving average price is $155.30 and its 200 day moving average price is $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 posted its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The company had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. During the same period in the prior year, the firm posted $0.61 earnings per share. The company's revenue was up 69.2% compared to the same quarter last year. As a group, equities analysts expect that NVIDIA Corporation will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $200.00 price objective on shares of NVIDIA in a research note on Wednesday, April 16th. Truist Financial boosted their target price on NVIDIA from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Morgan Stanley boosted their target price on NVIDIA from $170.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Arete Research raised NVIDIA to a "strong-buy" rating in a research note on Wednesday, May 21st. Finally, Raymond James Financial boosted their target price on NVIDIA from $150.00 to $165.00 and gave the stock a "strong-buy" rating in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $182.03.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated 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 completion of the sale, the director owned 26,671,360 shares of the company's stock, valued at approximately $3,808,670,208. The trade was a 3.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ajay K. Puri sold 168,195 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were 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 directly owned 4,018,547 shares of the company's stock, valued at $613,391,014.08. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,339,800 shares of company stock valued at $800,141,003 over the last quarter. 4.17% of the stock is currently owned by company insiders.

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.