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Washington Trust Bank Has $23.24 Million Stake in NVIDIA Corporation (NASDAQ:NVDA)

NVIDIA logo with Computer and Technology background

Key Points

  • Washington Trust Bank has increased its holdings in NVIDIA Corporation (NASDAQ:NVDA) by 1.0%, now owning 214,422 shares valued at approximately $23.24 million.
  • Significant increases in NVIDIA stakes have been noted among several hedge funds; for instance, Norges Bank acquired a new position valued at about $43.5 billion.
  • Analysts' ratings for NVIDIA show a positive outlook, with a consensus rating classified as a "Moderate Buy" and an average price target of $182.03.
  • Five stocks we like better than NVIDIA.

Washington Trust Bank increased its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 1.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 214,422 shares of the computer hardware maker's stock after buying an additional 2,053 shares during the quarter. NVIDIA accounts for about 2.3% of Washington Trust Bank's portfolio, making the stock its 9th biggest holding. Washington Trust Bank's holdings in NVIDIA were worth $23,239,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in NVIDIA in the fourth quarter valued at approximately $43,515,504,000. GAMMA Investing LLC grew its stake in NVIDIA by 12,173.2% in the first quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker's stock valued at $5,293,039,000 after purchasing an additional 48,439,859 shares in the last quarter. Northern Trust Corp grew its stake 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 in the last quarter. Proficio Capital Partners LLC grew its stake in NVIDIA by 14,641.2% in the fourth quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker's stock valued at $4,656,682,000 after purchasing an additional 34,441,082 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in NVIDIA by 204.6% in the first 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. 65.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NVDA has been the subject of several research analyst reports. Arete Research upgraded NVIDIA to a "strong-buy" rating in a research note on Wednesday, May 21st. Summit Insights upgraded NVIDIA from a "hold" rating to a "buy" rating in a research note on Thursday, May 29th. Needham & Company LLC lifted their target price on NVIDIA from $160.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Loop Capital lifted their target price on NVIDIA from $175.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Finally, Morgan Stanley lifted their target price on NVIDIA from $170.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-three have assigned a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, NVIDIA currently has an average rating of "Moderate Buy" and a consensus price target of $182.03.

Check Out Our Latest Research Report on NVDA

Insiders Place Their Bets

In other news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on Monday, June 9th. The stock was 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 in the company, valued at approximately $3,808,670,208. This trade represents a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 75,000 shares of NVIDIA stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $152.54, for a total value of $11,440,500.00. Following the completion of the transaction, the chief executive officer owned 75,548,225 shares in the company, valued at approximately $11,524,126,241.50. The trade was a 0.10% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,339,800 shares of company stock worth $800,141,003. 4.17% of the stock is currently owned by company insiders.

NVIDIA Trading Down 2.3%

Shares of NVDA opened at $173.72 on Friday. NVIDIA Corporation has a 52-week low of $86.62 and a 52-week high of $183.30. The business's fifty day moving average is $155.30 and its 200-day moving average is $132.32. 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 firm has a market cap of $4.24 trillion, a price-to-earnings ratio of 56.04, a PEG ratio of 1.57 and a beta of 2.14.

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

NVIDIA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were paid a $0.01 dividend. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. NVIDIA's dividend payout ratio (DPR) is presently 1.29%.

About NVIDIA

(Free Report)

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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Institutional Ownership by Quarter for NVIDIA (NASDAQ:NVDA)

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.

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