Parnassus Investments LLC reduced its stake in NVIDIA Co. (NASDAQ:NVDA – Free Report) by 24.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,406,394 shares of the computer hardware maker’s stock after selling 463,761 shares during the period. Parnassus Investments LLC owned 0.06% of NVIDIA worth $390,654,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the stock. Contravisory Investment Management Inc. purchased a new position in shares of NVIDIA during the first quarter worth approximately $28,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in shares of NVIDIA during the fourth quarter worth approximately $34,000. Financial Connections Group Inc. grew its position in shares of NVIDIA by 605.7% during the fourth quarter. Financial Connections Group Inc. now owns 247 shares of the computer hardware maker’s stock worth $36,000 after acquiring an additional 212 shares during the last quarter. Chelsea Counsel Co. purchased a new position in shares of NVIDIA during the fourth quarter worth approximately $37,000. Finally, NewSquare Capital LLC purchased a new position in shares of NVIDIA during the fourth quarter worth approximately $37,000. 64.00% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on NVDA. Needham & Company LLC raised their target price on shares of NVIDIA from $300.00 to $460.00 in a research report on Thursday, May 25th. Bank of America increased their price target on NVIDIA from $500.00 to $550.00 in a report on Tuesday, July 18th. Robert W. Baird raised NVIDIA from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $300.00 to $475.00 in a report on Thursday, May 25th. Wolfe Research initiated coverage on NVIDIA in a report on Wednesday, July 19th. They set an “outperform” rating and a $570.00 price target for the company. Finally, Stifel Nicolaus increased their price target on NVIDIA from $225.00 to $300.00 in a report on Tuesday, May 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $421.58.
NVIDIA Stock Down 2.7 %
NVIDIA (NASDAQ:NVDA – Get Free Report) last posted its quarterly earnings results on Wednesday, May 24th. The computer hardware maker reported $1.09 EPS for the quarter, beating the consensus estimate of $0.92 by $0.17. The company had revenue of $7.19 billion during the quarter, compared to analysts’ expectations of $6.52 billion. NVIDIA had a return on equity of 23.63% and a net margin of 18.52%. The firm’s revenue was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.18 EPS. On average, research analysts expect that NVIDIA Co. will post 6.43 earnings per share for the current year.
NVIDIA Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 8th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend was Wednesday, June 7th. NVIDIA’s dividend payout ratio is currently 8.33%.
Insider Activity
In other news, EVP Debora Shoquist sold 23,084 shares of NVIDIA stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $305.00, for a total value of $7,040,620.00. Following the transaction, the executive vice president now directly owns 139,860 shares of the company’s stock, valued at approximately $42,657,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Debora Shoquist sold 23,084 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $305.00, for a total transaction of $7,040,620.00. Following the transaction, the executive vice president now directly owns 139,860 shares of the company’s stock, valued at approximately $42,657,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the director now directly owns 2,401 shares in the company, valued at $1,019,296.53. The disclosure for this sale can be found here. Insiders have sold 368,271 shares of company stock valued at $147,115,953 in the last three months. Corporate insiders own 3.99% of the company’s stock.
About NVIDIA
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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