NVIDIA Co. (NASDAQ:NVDA) Position Reduced by Summit Global Investments

Summit Global Investments reduced its position in shares of NVIDIA Co. (NASDAQ:NVDA - Free Report) by 83.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,415 shares of the computer hardware maker's stock after selling 105,861 shares during the period. Summit Global Investments' holdings in NVIDIA were worth $2,213,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of NVIDIA by 0.7% in the 4th quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker's stock valued at $134,877,735,000 after purchasing an additional 6,665,252 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of NVIDIA by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker's stock valued at $74,439,273,000 after buying an additional 9,468,786 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of NVIDIA by 0.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker's stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares during the last quarter. Norges Bank purchased a new stake in NVIDIA in the 4th quarter valued at about $43,515,504,000. Finally, Northern Trust Corp grew its holdings in NVIDIA by 15.8% in the fourth quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker's stock valued at $35,782,134,000 after purchasing an additional 36,266,817 shares during the period. Institutional investors and hedge funds own 65.27% of the company's stock.

Insider Transactions at NVIDIA

In other news, Director Aarti S. Shah sold 20,000 shares of NVIDIA stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $118.42, for a total transaction of $2,368,400.00. Following the transaction, the director now directly owns 53,208 shares in the company, valued at approximately $6,300,891.36. This trade represents a 27.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Colette Kress sold 66,660 shares of NVIDIA stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $116.83, for a total transaction of $7,787,887.80. Following the completion of the transaction, the chief financial officer now directly owns 3,085,765 shares in the company, valued at $360,509,924.95. This represents a 2.11% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,255,320 shares of company stock worth $172,680,419. Company insiders own 4.17% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NVDA. Summit Insights upgraded NVIDIA from a "hold" rating to a "buy" rating in a report on Thursday, May 29th. Tigress Financial reissued a "buy" rating on shares of NVIDIA in a research report on Wednesday, February 26th. Citigroup restated a "buy" rating and set a $180.00 target price (up previously from $150.00) on shares of NVIDIA in a report on Thursday, May 29th. Susquehanna reiterated a "positive" rating and issued a $180.00 price target on shares of NVIDIA in a report on Wednesday, March 19th. Finally, Wedbush reissued an "outperform" rating on shares of NVIDIA in a research report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-six have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $171.66.

NVIDIA Stock Performance

NVDA traded up $1.33 during trading on Tuesday, reaching $143.96. 154,969,369 shares of the company were exchanged, compared to its average volume of 273,132,656. NVIDIA Co. has a 52 week low of $86.62 and a 52 week high of $153.13. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $119.10 and a 200 day moving average of $126.11. The stock has a market cap of $3.51 trillion, a P/E ratio of 56.65, a PEG ratio of 1.76 and a beta of 2.12.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm's revenue was up 69.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.61 EPS. On average, sell-side analysts forecast that NVIDIA Co. will post 2.77 EPS for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be given a dividend of $0.01 per share. The ex-dividend date is Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA's dividend payout ratio is presently 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.