Wedge Capital Management L L P NC reduced its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 11.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,509 shares of the computer hardware maker’s stock after selling 27,961 shares during the quarter. Wedge Capital Management L L P NC’s holdings in NVIDIA were worth $58,876,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in NVDA. Principal Financial Group Inc. raised its stake in NVIDIA by 5.6% during the first quarter. Principal Financial Group Inc. now owns 1,003,742 shares of the computer hardware maker’s stock worth $232,456,000 after acquiring an additional 53,672 shares in the last quarter. Brown Advisory Inc. raised its stake in NVIDIA by 152.5% during the first quarter. Brown Advisory Inc. now owns 7,473 shares of the computer hardware maker’s stock worth $1,730,000 after acquiring an additional 4,513 shares in the last quarter. New England Research & Management Inc. acquired a new position in NVIDIA during the second quarter worth $200,000. CenturyLink Investment Management Co acquired a new position in NVIDIA during the second quarter worth $693,000. Finally, Dorsey Wright & Associates raised its stake in NVIDIA by 4.3% during the second quarter. Dorsey Wright & Associates now owns 60,393 shares of the computer hardware maker’s stock worth $14,307,000 after acquiring an additional 2,493 shares in the last quarter. Hedge funds and other institutional investors own 65.80% of the company’s stock.
Shares of NVDA stock opened at $218.00 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 7.41 and a quick ratio of 6.66. The stock has a market capitalization of $123.42 billion, a P/E ratio of 46.68, a PEG ratio of 2.66 and a beta of 1.64. NVIDIA Co. has a 12 month low of $176.01 and a 12 month high of $292.76.
NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Thursday, August 16th. The computer hardware maker reported $1.94 EPS for the quarter, topping the Zacks’ consensus estimate of $1.66 by $0.28. The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.11 billion. NVIDIA had a return on equity of 54.18% and a net margin of 36.21%. The company’s revenue was up 40.0% on a year-over-year basis. During the same period last year, the company earned $1.01 earnings per share. Equities analysts anticipate that NVIDIA Co. will post 7.15 earnings per share for the current fiscal year.
In other NVIDIA news, insider Michael Byron sold 11,257 shares of the firm’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $263.94, for a total transaction of $2,971,172.58. Following the transaction, the insider now owns 81,414 shares in the company, valued at $21,488,411.16. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Ajay K. Puri sold 90,831 shares of the firm’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $289.35, for a total value of $26,281,949.85. Following the transaction, the executive vice president now owns 184,001 shares in the company, valued at approximately $53,240,689.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,707 shares of company stock valued at $32,347,973. Corporate insiders own 4.70% of the company’s stock.
Several research firms have issued reports on NVDA. Morgan Stanley upgraded NVIDIA from a “neutral” rating to an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. upgraded NVIDIA from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $265.00 to $255.00 in a research note on Tuesday. Bank of America dropped their price objective on NVIDIA from $360.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. BidaskClub lowered NVIDIA from a “buy” rating to a “hold” rating in a research note on Wednesday, October 24th. Finally, UBS Group lowered their target price on NVIDIA from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Tuesday, October 23rd. Eleven research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $290.21.
NVIDIA Company Profile
NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.
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