Legacy Wealth Asset Management LLC Trims Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Jul 10th, 2023

Legacy Wealth Asset Management LLC decreased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 2.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,780 shares of the computer hardware maker’s stock after selling 234 shares during the period. NVIDIA accounts for about 1.0% of Legacy Wealth Asset Management LLC’s portfolio, making the stock its 10th biggest position. Legacy Wealth Asset Management LLC’s holdings in NVIDIA were worth $2,717,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NVDA. Norges Bank bought a new stake in shares of NVIDIA during the 4th quarter valued at about $3,900,874,000. Moneta Group Investment Advisors LLC raised its stake in NVIDIA by 160,446.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 19,586,643 shares of the computer hardware maker’s stock worth $2,862,392,000 after buying an additional 19,574,443 shares during the period. Jennison Associates LLC raised its stake in NVIDIA by 34.8% during the 4th quarter. Jennison Associates LLC now owns 23,299,291 shares of the computer hardware maker’s stock worth $3,404,958,000 after buying an additional 6,013,647 shares during the period. Price T Rowe Associates Inc. MD raised its stake in NVIDIA by 9.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,956,988 shares of the computer hardware maker’s stock worth $8,323,694,000 after buying an additional 5,043,685 shares during the period. Finally, Morgan Stanley raised its stake in NVIDIA by 20.2% during the 4th quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock worth $4,023,783,000 after buying an additional 4,621,002 shares during the period. Institutional investors own 64.00% of the company’s stock.

Insider Buying and Selling

In related news, Director John Dabiri sold 283 shares of the stock in a transaction 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 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 Securities & Exchange Commission, which is available at this link. In related news, Director John Dabiri sold 283 shares of the stock in a transaction 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 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 Securities & Exchange Commission, which is available at this link. Also, Director Tench Coxe sold 100,000 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $379.00, for a total value of $37,900,000.00. Following the completion of the sale, the director now owns 3,397,136 shares in the company, valued at approximately $1,287,514,544. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 368,271 shares of company stock worth $147,115,953. Corporate insiders own 3.99% of the company’s stock.

NVIDIA Price Performance

NVIDIA stock opened at $425.03 on Monday. NVIDIA Co. has a one year low of $108.13 and a one year high of $439.90. The business has a fifty day moving average price of $367.20 and a 200-day moving average price of $273.00. 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 $1.05 trillion, a P/E ratio of 221.37, a PEG ratio of 2.93 and a beta of 1.74.

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

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 8th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.04%. The ex-dividend date was Wednesday, June 7th. NVIDIA’s payout ratio is currently 8.33%.

Wall Street Analyst Weigh In

NVDA has been the topic of a number of research reports. Jefferies Financial Group upped their price target on NVIDIA from $472.00 to $500.00 in a research note on Tuesday, June 20th. JPMorgan Chase & Co. upped their price target on NVIDIA from $250.00 to $500.00 in a research note on Thursday, May 25th. Stifel Nicolaus upped their price target on NVIDIA from $225.00 to $300.00 in a research note on Tuesday, May 23rd. TheStreet raised NVIDIA from a “c+” rating to a “b-” rating in a research note on Monday, March 20th. Finally, KeyCorp increased their price objective on NVIDIA from $320.00 to $375.00 in a research note on Monday, May 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $399.19.

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.