Summit X LLC Acquires 131,577 Shares of NVIDIA Corporation (NASDAQ:NVDA)

Summit X LLC lifted its position in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 96.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 268,428 shares of the computer hardware maker's stock after buying an additional 131,577 shares during the quarter. NVIDIA makes up 6.1% of Summit X LLC's investment portfolio, making the stock its largest holding. Summit X LLC's holdings in NVIDIA were worth $29,092,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in NVIDIA during the 4th quarter worth approximately $43,515,504,000. GAMMA Investing LLC lifted its holdings in shares of NVIDIA by 12,173.2% in the 1st quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker's stock valued at $5,293,039,000 after buying an additional 48,439,859 shares during the period. Northern Trust Corp lifted its holdings in shares of NVIDIA by 15.8% in the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker's stock valued at $35,782,134,000 after buying an additional 36,266,817 shares during the period. Assenagon Asset Management S.A. increased its stake in NVIDIA by 204.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 35,652,571 shares of the computer hardware maker's stock valued at $3,864,026,000 after purchasing an additional 23,948,733 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in NVIDIA in the 4th quarter valued at approximately $2,987,733,000. Hedge funds and other institutional investors own 65.27% of the company's stock.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 935,000 shares of NVIDIA stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total value of $131,760,200.00. Following the completion of the transaction, the director owned 9,214,697 shares of the company's stock, valued at $1,298,535,101.24. The trade was a 9.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ajay K. Puri sold 168,195 shares of NVIDIA stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $152.64, for a total value of $25,673,284.80. Following the completion of the transaction, the executive vice president directly owned 4,018,547 shares of the company's stock, valued at approximately $613,391,014.08. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,687,440 shares of company stock worth $862,095,782. Corporate insiders own 4.17% of the company's stock.

NVIDIA Stock Up 0.6%

NVDA stock opened at $183.16 on Wednesday. NVIDIA Corporation has a 1-year low of $86.62 and a 1-year high of $184.48. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10. The company's 50 day moving average is $161.55 and its 200 day moving average is $134.24. The stock has a market cap of $4.47 trillion, a price-to-earnings ratio of 59.08, a price-to-earnings-growth ratio of 1.60 and a beta of 2.14.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued 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). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The firm had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. During the same quarter in the prior year, the business posted $0.61 EPS. The firm's revenue for the quarter was up 69.2% on a year-over-year basis. Sell-side analysts predict that NVIDIA Corporation will post 2.77 EPS for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed 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 of this dividend was Wednesday, June 11th. This represents a $0.04 annualized dividend and a yield of 0.0%. NVIDIA's dividend payout ratio (DPR) is currently 1.29%.

Analyst Ratings Changes

NVDA has been the subject of several recent research reports. Phillip Securities raised NVIDIA from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, July 14th. Benchmark reissued a "buy" rating and set a $190.00 price target on shares of NVIDIA in a research report on Thursday, May 29th. Citigroup boosted their price objective on NVIDIA from $180.00 to $190.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. TD Cowen boosted their price objective on NVIDIA from $140.00 to $175.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Seaport Res Ptn upgraded NVIDIA to a "strong sell" rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $183.75.

NVIDIA Company 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.

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