Tower Bridge Advisors increased its stake in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 3.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 23,098 shares of the computer hardware maker’s stock after purchasing an additional 735 shares during the period. Tower Bridge Advisors’ holdings in NVIDIA were worth $6,416,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Opal Wealth Advisors LLC boosted its position in shares of NVIDIA by 1.8% during the 1st quarter. Opal Wealth Advisors LLC now owns 2,103 shares of the computer hardware maker’s stock worth $584,000 after purchasing an additional 37 shares during the period. Westhampton Capital LLC lifted its holdings in NVIDIA by 0.7% during the 1st quarter. Westhampton Capital LLC now owns 5,545 shares of the computer hardware maker’s stock worth $1,540,000 after buying an additional 40 shares in the last quarter. Naples Global Advisors LLC lifted its holdings in NVIDIA by 1.0% during the 1st quarter. Naples Global Advisors LLC now owns 4,309 shares of the computer hardware maker’s stock worth $1,197,000 after buying an additional 42 shares in the last quarter. Tradewinds Capital Management LLC lifted its holdings in NVIDIA by 15.8% during the 1st quarter. Tradewinds Capital Management LLC now owns 329 shares of the computer hardware maker’s stock worth $91,000 after buying an additional 45 shares in the last quarter. Finally, Northstar Asset Management LLC lifted its holdings in NVIDIA by 0.9% during the 1st quarter. Northstar Asset Management LLC now owns 5,225 shares of the computer hardware maker’s stock worth $1,451,000 after buying an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 64.00% of the company’s stock.
Insider Transactions at NVIDIA
In other news, Director Harvey C. Jones sold 119,795 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $403.17, for a total value of $48,297,750.15. Following the completion of the sale, the director now owns 676,396 shares of the company’s stock, valued at $272,702,575.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Colette Kress sold 6,124 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $406.51, for a total transaction of $2,489,467.24. Following the completion of the sale, the chief financial officer now directly owns 538,745 shares of the company’s stock, valued at approximately $219,005,229.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harvey C. Jones sold 119,795 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $403.17, for a total transaction of $48,297,750.15. Following the sale, the director now directly owns 676,396 shares of the company’s stock, valued at $272,702,575.32. The disclosure for this sale can be found here. Insiders sold 368,271 shares of company stock valued at $147,115,953 over the last 90 days. Corporate insiders own 3.99% of the company’s stock.
NVIDIA Stock Performance
NVIDIA (NASDAQ:NVDA – Get Free Report) last posted its quarterly earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.17. The company had revenue of $7.19 billion for the quarter, compared to the consensus estimate of $6.52 billion. NVIDIA had a net margin of 18.52% and a return on equity of 23.63%. NVIDIA’s revenue was down 13.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. Analysts expect that NVIDIA Co. will post 6.33 EPS for the current year.
NVIDIA Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 8th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.04%. The ex-dividend date was Wednesday, June 7th. NVIDIA’s payout ratio is currently 8.33%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of NVIDIA from $440.00 to $450.00 in a report on Thursday, June 29th. Needham & Company LLC lifted their price objective on shares of NVIDIA from $300.00 to $460.00 in a research report on Thursday, May 25th. Daiwa Capital Markets raised shares of NVIDIA from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $408.00 to $475.00 in a research report on Thursday, June 29th. Evercore ISI lifted their price objective on shares of NVIDIA from $320.00 to $500.00 in a research note on Thursday, May 25th. Finally, Barclays lifted their price objective on shares of NVIDIA from $275.00 to $500.00 in a research note on Thursday, May 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $407.43.
NVIDIA Company Profile
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.
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