Sawgrass Asset Management LLC Trims Stock Position in NVIDIA Corporation (NASDAQ:NVDA)

Sawgrass Asset Management LLC trimmed its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 255,306 shares of the computer hardware maker's stock after selling 8,027 shares during the quarter. NVIDIA comprises about 3.4% of Sawgrass Asset Management LLC's portfolio, making the stock its 5th biggest position. Sawgrass Asset Management LLC's holdings in NVIDIA were worth $27,670,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Tacita Capital Inc bought a new stake in NVIDIA in the 4th quarter valued at about $28,000. Vision Financial Markets LLC bought a new stake in NVIDIA in the 4th quarter valued at about $38,000. Copia Wealth Management bought a new stake in NVIDIA in the 4th quarter valued at about $50,000. LSV Asset Management bought a new stake in NVIDIA in the 4th quarter valued at about $54,000. Finally, Bruce G. Allen Investments LLC increased its position in NVIDIA by 198.2% in the 1st quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker's stock valued at $53,000 after buying an additional 327 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on NVDA shares. Arete Research raised NVIDIA to a "strong-buy" rating in a research report on Wednesday, May 21st. Susquehanna reissued a "positive" rating and set a $180.00 price objective on shares of NVIDIA in a report on Wednesday, March 19th. Hsbc Global Res lowered NVIDIA from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 3rd. Wedbush reissued an "outperform" rating on shares of NVIDIA in a report on Thursday, May 29th. Finally, Bank of America boosted their price objective on NVIDIA from $180.00 to $220.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-four have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $181.22.

Insider Activity

In other news, Director Tench Coxe sold 1,000,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $142.80, for a total value of $142,800,000.00. Following the transaction, the director owned 26,671,360 shares of the company's stock, valued at approximately $3,808,670,208. This represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ajay K. Puri sold 168,195 shares of the company's stock in a transaction 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 transaction, the executive vice president directly owned 4,018,547 shares in the company, valued at approximately $613,391,014.08. The trade was a 4.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,767,150 shares of company stock worth $701,030,045. Company insiders own 4.17% of the company's stock.

NVIDIA Stock Performance

Shares of NASDAQ:NVDA traded up $0.67 during trading on Wednesday, hitting $171.37. 158,313,901 shares of the company were exchanged, compared to its average volume of 265,189,831. The company has a market cap of $4.18 trillion, a PE ratio of 55.28, a P/E/G ratio of 1.45 and a beta of 2.13. The stock has a 50 day moving average of $143.67 and a 200 day moving average of $129.10. NVIDIA Corporation has a 52-week low of $86.62 and a 52-week high of $172.40. 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 posted its earnings results 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). The company had revenue of $44.06 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.61 EPS. As a group, equities research analysts predict that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were given 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 0.02%. NVIDIA's dividend payout ratio is currently 1.29%.

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.