Affinity Wealth Management LLC Reduces Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Affinity Wealth Management LLC reduced its position in shares of NVIDIA Co. (NASDAQ:NVDAFree Report) by 0.5% in the third quarter, HoldingsChannel reports. The firm owned 134,604 shares of the computer hardware maker’s stock after selling 701 shares during the quarter. NVIDIA makes up 2.9% of Affinity Wealth Management LLC’s investment portfolio, making the stock its 13th largest position. Affinity Wealth Management LLC’s holdings in NVIDIA were worth $16,346,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its stake in shares of NVIDIA by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after purchasing an additional 13,135 shares in the last quarter. Pegasus Asset Management Inc. lifted its stake in shares of NVIDIA by 0.3% during the 1st quarter. Pegasus Asset Management Inc. now owns 7,872 shares of the computer hardware maker’s stock valued at $7,113,000 after buying an additional 22 shares in the last quarter. RiverFront Investment Group LLC boosted its holdings in NVIDIA by 27.0% in the 1st quarter. RiverFront Investment Group LLC now owns 517 shares of the computer hardware maker’s stock worth $467,000 after buying an additional 110 shares during the period. Salomon & Ludwin LLC raised its holdings in NVIDIA by 154.1% during the first quarter. Salomon & Ludwin LLC now owns 188 shares of the computer hardware maker’s stock valued at $170,000 after acquiring an additional 114 shares during the period. Finally, Smart Money Group LLC lifted its position in shares of NVIDIA by 13.1% in the first quarter. Smart Money Group LLC now owns 1,462 shares of the computer hardware maker’s stock valued at $1,263,000 after acquiring an additional 169 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NVDA shares. HSBC increased their price objective on shares of NVIDIA from $145.00 to $200.00 and gave the company a “buy” rating in a report on Thursday. UBS Group lifted their target price on NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, November 11th. New Street Research upgraded NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Tuesday, August 6th. Citigroup increased their target price on NVIDIA from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Raymond James increased their price objective on NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $152.40.

Read Our Latest Report on NVDA

Insider Transactions at NVIDIA

In related news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. This trade represents a 14.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jen Hsun Huang sold 120,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the sale, the chief executive officer now owns 75,895,836 shares in the company, valued at approximately $7,994,108,405.88. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,156,270 shares of company stock valued at $254,784,327. Corporate insiders own 4.23% of the company’s stock.

NVIDIA Stock Down 3.3 %

NVIDIA stock opened at $141.98 on Friday. The stock has a 50-day simple moving average of $130.97 and a 200-day simple moving average of $120.08. The company has a market capitalization of $3.48 trillion, a P/E ratio of 66.66, a PEG ratio of 1.54 and a beta of 1.66. NVIDIA Co. has a fifty-two week low of $45.01 and a fifty-two week high of $149.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDAGet Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion during the quarter, compared to the consensus estimate of $28.74 billion. During the same period last year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was up 122.4% on a year-over-year basis. Equities research analysts expect that NVIDIA Co. will post 2.66 earnings per share for the current year.

NVIDIA Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is 1.88%.

NVIDIA announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

NVIDIA Company Profile

(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)

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