High Net Worth Advisory Group LLC Cuts Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 7th, 2023

High Net Worth Advisory Group LLC cut its holdings in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,022 shares of the computer hardware maker’s stock after selling 150 shares during the quarter. NVIDIA accounts for 1.2% of High Net Worth Advisory Group LLC’s investment portfolio, making the stock its 16th largest position. High Net Worth Advisory Group LLC’s holdings in NVIDIA were worth $3,062,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Contravisory Investment Management Inc. acquired a new position in NVIDIA in the 1st quarter valued at $28,000. GoalVest Advisory LLC raised its stake in NVIDIA by 124.1% in the 4th quarter. GoalVest Advisory LLC now owns 195 shares of the computer hardware maker’s stock valued at $28,000 after purchasing an additional 108 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in NVIDIA in the 4th quarter valued at $34,000. Financial Connections Group Inc. raised its stake in NVIDIA by 605.7% in the 4th quarter. Financial Connections Group Inc. now owns 247 shares of the computer hardware maker’s stock valued at $36,000 after purchasing an additional 212 shares during the last quarter. Finally, Chelsea Counsel Co. acquired a new position in NVIDIA in the 4th quarter valued at $37,000. 64.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John Dabiri sold 283 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $424.53, for a total transaction of $120,141.99. Following the completion of the sale, the director now owns 2,401 shares in the company, valued at $1,019,296.53. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other NVIDIA news, Director John Dabiri sold 283 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $424.53, for a total value of $120,141.99. Following the completion of the sale, the director now owns 2,401 shares in the company, valued at $1,019,296.53. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Colette Kress sold 6,124 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $406.51, for a total value of $2,489,467.24. Following the completion of the sale, the chief financial officer now owns 538,745 shares of the company’s stock, valued at approximately $219,005,229.95. The disclosure for this sale can be found here. Insiders sold a total of 368,271 shares of company stock worth $147,115,953 over the last 90 days. 3.99% of the stock is owned by insiders.

NVIDIA Price Performance

NVDA stock opened at $421.03 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.43 and a quick ratio of 2.79. The firm has a market capitalization of $1.04 trillion, a P/E ratio of 219.29, a P/E/G ratio of 2.91 and a beta of 1.74. The business’s 50-day moving average is $364.25 and its two-hundred day moving average is $269.65. NVIDIA Co. has a 1 year low of $108.13 and a 1 year high of $439.90.

NVIDIA (NASDAQ:NVDA – Free Report) last issued its earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.17. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The business’s quarterly revenue was down 13.2% on a year-over-year basis. During the same quarter last year, the company earned $1.18 EPS. Analysts anticipate that NVIDIA Co. will post 6.31 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 8th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.04%. The ex-dividend date of this dividend was Wednesday, June 7th. NVIDIA’s payout ratio is 8.33%.

Wall Street Analyst Weigh In

Several research analysts recently commented on NVDA shares. Oppenheimer raised their target price on NVIDIA from $350.00 to $420.00 in a research note on Thursday, May 25th. Credit Suisse Group set a $275.00 target price on NVIDIA in a research note on Wednesday, March 22nd. Bank of America raised their target price on NVIDIA from $450.00 to $500.00 in a research note on Wednesday, May 31st. BNP Paribas raised NVIDIA from an “underperform” rating to a “neutral” rating and set a $230.00 target price for the company in a research note on Tuesday, March 21st. Finally, UBS Group raised their target price on NVIDIA from $315.00 to $475.00 in a research note on Thursday, May 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $392.70.

About NVIDIA

(Free Report)

NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's 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; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds.