Parnassus Investments LLC Sells 853,784 Shares of NVIDIA Co. (NASDAQ:NVDA)

Parnassus Investments LLC reduced its holdings in shares of NVIDIA Co. (NASDAQ:NVDAGet Rating) by 24.1% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,686,446 shares of the computer hardware maker’s stock after selling 853,784 shares during the quarter. NVIDIA comprises approximately 1.5% of Parnassus Investments LLC’s holdings, making the stock its 22nd biggest position. Parnassus Investments LLC’s holdings in NVIDIA were worth $733,024,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Duff & Phelps Investment Management Co. boosted its stake in NVIDIA by 0.8% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 26,280 shares of the computer hardware maker’s stock valued at $7,729,000 after purchasing an additional 197 shares during the period. North Star Asset Management Inc. raised its holdings in NVIDIA by 28.5% in the 4th quarter. North Star Asset Management Inc. now owns 19,499 shares of the computer hardware maker’s stock valued at $5,735,000 after acquiring an additional 4,328 shares in the last quarter. M&T Bank Corp raised its holdings in shares of NVIDIA by 0.3% during the 4th quarter. M&T Bank Corp now owns 169,687 shares of the computer hardware maker’s stock worth $49,907,000 after buying an additional 468 shares in the last quarter. McGinn Investment Management Inc. acquired a new position in shares of NVIDIA during the 4th quarter worth $382,000. Finally, American Century Companies Inc. raised its holdings in shares of NVIDIA by 16.6% during the 4th quarter. American Century Companies Inc. now owns 4,010,076 shares of the computer hardware maker’s stock worth $1,179,404,000 after buying an additional 569,479 shares in the last quarter. 55.19% of the stock is currently owned by institutional investors.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 113,850 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $158.03, for a total value of $17,991,715.50. Following the completion of the transaction, the director now directly owns 2,596,493 shares of the company’s stock, valued at $410,323,788.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Mark A. Stevens sold 113,850 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $158.03, for a total value of $17,991,715.50. Following the completion of the transaction, the director now directly owns 2,596,493 shares of the company’s stock, valued at $410,323,788.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Debora Shoquist sold 23,644 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $188.23, for a total value of $4,450,510.12. Following the completion of the transaction, the executive vice president now directly owns 186,476 shares of the company’s stock, valued at $35,100,377.48. The disclosure for this sale can be found here. Insiders sold 139,694 shares of company stock valued at $22,850,524 over the last three months. Company insiders own 4.04% of the company’s stock.

NVIDIA Stock Performance

NASDAQ NVDA traded down $8.79 on Friday, hitting $178.94. 790,658 shares of the stock traded hands, compared to its average volume of 51,123,356. The business’s fifty day moving average is $168.40 and its two-hundred day moving average is $202.47. NVIDIA Co. has a 12 month low of $140.55 and a 12 month high of $346.47. The firm has a market capitalization of $447.35 billion, a price-to-earnings ratio of 48.08, a PEG ratio of 4.43 and a beta of 1.65. The company has a debt-to-equity ratio of 0.42, a quick ratio of 4.75 and a current ratio of 5.32.

NVIDIA (NASDAQ:NVDAGet Rating) last announced its quarterly earnings data on Wednesday, May 25th. The computer hardware maker reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.09. NVIDIA had a return on equity of 43.81% and a net margin of 32.02%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the company earned $0.78 earnings per share. NVIDIA’s revenue was up 46.4% compared to the same quarter last year. As a group, equities analysts anticipate that NVIDIA Co. will post 3.16 EPS for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Thursday, June 9th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.09%. The ex-dividend date was Wednesday, June 8th. NVIDIA’s dividend payout ratio (DPR) is 4.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Atlantic Securities lowered their target price on NVIDIA to $205.00 in a report on Thursday, May 26th. KeyCorp cut their target price on NVIDIA from $250.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. JPMorgan Chase & Co. dropped their price target on NVIDIA from $350.00 to $285.00 in a research note on Thursday, May 26th. Robert W. Baird dropped their price target on NVIDIA from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Thursday, July 14th. Finally, Cowen dropped their price target on NVIDIA from $350.00 to $265.00 and set an “outperform” rating on the stock in a research note on Thursday, May 26th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $243.03.

About NVIDIA

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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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Institutional Ownership by Quarter for NVIDIA (NASDAQ:NVDA)

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