Lake Street Financial LLC Reduces Stake in NVIDIA Co. (NASDAQ:NVDA)

Posted by Defense World Staff on Oct 2nd, 2023

Lake Street Financial LLC cut its holdings in shares of NVIDIA Co. (NASDAQ:NVDA – Free Report) by 11.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,578 shares of the computer hardware maker’s stock after selling 4,672 shares during the period. NVIDIA accounts for 2.6% of Lake Street Financial LLC’s holdings, making the stock its 4th biggest holding. Lake Street Financial LLC’s holdings in NVIDIA were worth $15,050,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NVDA. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 valued at $8,323,694,000 after purchasing an additional 5,043,685 shares during the last quarter. Geode Capital Management LLC raised its stake in NVIDIA by 0.6% in the first quarter. Geode Capital Management LLC now owns 46,056,013 shares of the computer hardware maker’s stock valued at $12,763,663,000 after buying an additional 267,061 shares during the last quarter. Morgan Stanley boosted its holdings in NVIDIA by 20.2% in the fourth quarter. Morgan Stanley now owns 27,533,756 shares of the computer hardware maker’s stock worth $4,023,783,000 after acquiring an additional 4,621,002 shares in the last quarter. Norges Bank purchased a new stake in shares of NVIDIA during the fourth quarter worth about $3,900,874,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of NVIDIA by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 21,702,416 shares of the computer hardware maker’s stock valued at $6,028,280,000 after acquiring an additional 322,662 shares in the last quarter. Hedge funds and other institutional investors own 64.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Raymond James upped their price target on shares of NVIDIA from $500.00 to $600.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 24th. Evercore ISI upped their target price on NVIDIA to $600.00 in a research report on Thursday, August 24th. Wedbush raised their price objective on NVIDIA from $490.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, August 24th. Wolfe Research increased their price target on shares of NVIDIA from $570.00 to $630.00 and gave the stock an “outperform” rating in a report on Thursday, August 24th. Finally, Mizuho lifted their price objective on shares of NVIDIA from $530.00 to $590.00 and gave the company a “buy” rating in a research note on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $555.70.

Check Out Our Latest Stock Analysis on NVDA

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 29,688 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $471.55, for a total value of $13,999,376.40. Following the completion of the transaction, the chief executive officer now owns 7,800,125 shares of the company’s stock, valued at approximately $3,678,148,943.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Jen Hsun Huang sold 29,688 shares of NVIDIA stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $471.55, for a total value of $13,999,376.40. Following the completion of the transaction, the chief executive officer now directly owns 7,800,125 shares in the company, valued at $3,678,148,943.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark A. Stevens sold 21,500 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $468.08, for a total transaction of $10,063,720.00. Following the completion of the sale, the director now directly owns 1,030,786 shares in the company, valued at approximately $482,490,310.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 145,232 shares of company stock worth $67,606,089. Corporate insiders own 3.99% of the company’s stock.

NVIDIA Stock Performance

NASDAQ NVDA opened at $434.99 on Monday. The stock has a market cap of $1.07 trillion, a PE ratio of 105.07, a P/E/G ratio of 3.40 and a beta of 1.76. NVIDIA Co. has a twelve month low of $108.13 and a twelve month high of $502.66. The stock has a fifty day simple moving average of $450.19 and a 200-day simple moving average of $380.25. The company has a current ratio of 2.79, a quick ratio of 2.37 and a debt-to-equity ratio of 0.31.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its quarterly earnings results on Wednesday, August 23rd. The computer hardware maker reported $2.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.62. NVIDIA had a net margin of 31.59% and a return on equity of 45.50%. The business had revenue of $13.51 billion for the quarter, compared to the consensus estimate of $11.19 billion. During the same period in the previous year, the firm earned $0.32 EPS. The business’s revenue was up 101.5% on a year-over-year basis. Equities analysts anticipate that NVIDIA Co. will post 9.46 earnings per share for the current year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 7th 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, September 6th. NVIDIA’s payout ratio is 3.86%.

NVIDIA Company Profile

(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.