Sumitomo Life Insurance Co. Sells 4,355 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Key Points

• Sumitomo Life Insurance Co. reduced its NVIDIA holdings by 0.8%, selling 4,355 shares, which leaves it with 541,993 shares valued at approximately $58.74 million.
• Several institutional investors, including Condor Capital Management and High Note Wealth LLC, have increased their stakes in NVIDIA, indicating a continued interest in the company's potential.
• NVIDIA's stock has seen significant analyst upgrades, with price targets raised by firms like Citigroup and Needham & Company LLC, highlighting a consensus rating of "Moderate Buy" with a target price of $183.75.

Sumitomo Life Insurance Co. cut its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 0.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 541,993 shares of the computer hardware maker's stock after selling 4,355 shares during the quarter. NVIDIA makes up about 2.1% of Sumitomo Life Insurance Co.'s holdings, making the stock its 8th biggest position. Sumitomo Life Insurance Co.'s holdings in NVIDIA were worth $58,741,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Condor Capital Management grew its stake in NVIDIA by 3.6% during the fourth quarter. Condor Capital Management now owns 2,559 shares of the computer hardware maker's stock worth $344,000 after buying an additional 89 shares during the last quarter. High Note Wealth LLC raised its stake in shares of NVIDIA by 0.5% in the first quarter. High Note Wealth LLC now owns 17,873 shares of the computer hardware maker's stock worth $1,937,000 after acquiring an additional 91 shares during the last quarter. Kelly Financial Services LLC raised its stake in shares of NVIDIA by 2.0% in the first quarter. Kelly Financial Services LLC now owns 4,736 shares of the computer hardware maker's stock worth $513,000 after acquiring an additional 94 shares during the last quarter. Mendel Capital Management LLC raised its stake in shares of NVIDIA by 0.8% in the first quarter. Mendel Capital Management LLC now owns 11,871 shares of the computer hardware maker's stock worth $1,287,000 after acquiring an additional 96 shares during the last quarter. Finally, Wallace Hart LLC raised its stake in shares of NVIDIA by 3.9% during the fourth quarter. Wallace Hart LLC now owns 2,599 shares of the computer hardware maker's stock worth $349,000 after buying an additional 97 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Tench Coxe sold 1,000,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the transaction, the director directly owned 26,671,360 shares in the company, valued at $3,808,670,208. This trade represents a 3.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark A. Stevens sold 935,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $140.92, for a total value of $131,760,200.00. Following the transaction, the director owned 9,214,697 shares of the company's stock, valued at $1,298,535,101.24. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,687,440 shares of company stock valued at $862,095,782. 4.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on NVDA. Citigroup boosted their price target on shares of NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Needham & Company LLC upped their price target on shares of NVIDIA from $160.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Summit Insights upgraded shares of NVIDIA from a "hold" rating to a "buy" rating in a report on Thursday, May 29th. Jefferies Financial Group upped their price target on shares of NVIDIA from $185.00 to $200.00 in a report on Wednesday, July 16th. Finally, TD Cowen increased their target price on shares of NVIDIA from $140.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.75.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $182.67 on Monday. NVIDIA Corporation has a one year low of $86.62 and a one year high of $183.88. The company has a market capitalization of $4.46 trillion, a PE ratio of 58.93, a P/E/G ratio of 1.61 and a beta of 2.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39. The company has a 50-day simple moving average of $159.82 and a two-hundred day simple moving average of $133.62.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 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 firm had revenue of $44.06 billion during the quarter, compared to analysts' expectations of $43.09 billion. During the same quarter in the prior year, the company earned $0.61 EPS. NVIDIA's quarterly revenue was up 69.2% on a year-over-year basis. Research analysts expect that NVIDIA Corporation will post 2.77 EPS for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were issued a dividend of $0.01 per share. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. 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.

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.