Rossby Financial LCC Acquires 6,949 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Rossby Financial LCC increased its stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 65.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,501 shares of the computer hardware maker's stock after purchasing an additional 6,949 shares during the quarter. NVIDIA makes up 0.8% of Rossby Financial LCC's holdings, making the stock its 22nd largest position. Rossby Financial LCC's holdings in NVIDIA were worth $1,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. Phraction Management LLC boosted its stake in NVIDIA by 58.9% in the first quarter. Phraction Management LLC now owns 4,534 shares of the computer hardware maker's stock valued at $491,000 after acquiring an additional 1,680 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in NVIDIA by 9.1% in the first quarter. DAVENPORT & Co LLC now owns 2,238,496 shares of the computer hardware maker's stock valued at $243,154,000 after acquiring an additional 186,066 shares in the last quarter. Svenska Handelsbanken AB publ acquired a new stake in NVIDIA in the first quarter valued at approximately $17,029,000. Summit Trail Advisors LLC boosted its stake in NVIDIA by 33.9% in the first quarter. Summit Trail Advisors LLC now owns 418,136 shares of the computer hardware maker's stock valued at $45,321,000 after acquiring an additional 105,959 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in NVIDIA by 4.0% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,801,113 shares of the computer hardware maker's stock valued at $411,965,000 after acquiring an additional 144,458 shares in the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at NVIDIA

In related news, CFO Colette Kress sold 27,650 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was 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. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jen Hsun Huang sold 75,000 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $169.54, for a total value of $12,715,500.00. Following the completion of the sale, the chief executive officer directly owned 74,123,225 shares of the company's stock, valued at approximately $12,566,851,566.50. This represents a 0.10% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,114,800 shares of company stock valued at $760,553,003. 4.17% of the stock is currently owned by insiders.

NVIDIA Stock Down 0.1%

NVDA stock opened at $173.50 on Friday. The stock has a market capitalization of $4.23 trillion, a P/E ratio of 55.97, a P/E/G ratio of 1.53 and a beta of 2.13. The firm has a 50-day simple moving average of $150.95 and a 200-day simple moving average of $130.93. 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 Corporation has a 52 week low of $86.62 and a 52 week high of $174.72.

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 (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 business had revenue of $44.06 billion for the quarter, compared to analysts' expectations of $43.09 billion. During the same period in the prior year, the company posted $0.61 EPS. The firm's revenue was up 69.2% on a year-over-year basis. Equities analysts forecast that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th were issued a $0.01 dividend. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. NVIDIA's dividend payout ratio is presently 1.29%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Raymond James Financial raised their target price on shares of NVIDIA from $150.00 to $165.00 and gave the company a "strong-buy" rating in a research note on Thursday, May 29th. Cantor Fitzgerald restated an "overweight" rating and issued a $200.00 target price on shares of NVIDIA in a research note on Wednesday, April 16th. Jefferies Financial Group raised their target price on shares of NVIDIA from $185.00 to $200.00 in a research note on Wednesday, July 16th. Barclays lifted their price objective 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, Needham & Company LLC lifted their price objective on shares of NVIDIA from $160.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-three have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA currently has an average rating of "Moderate Buy" and an average price target of $181.22.

About NVIDIA

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.

Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA - Free Report).

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.