Summit Asset Management LLC Acquires 1,945 Shares of NVIDIA Co. (NASDAQ:NVDA)

Summit Asset Management LLC boosted its position in NVIDIA Co. (NASDAQ:NVDA) by 3.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 59,251 shares of the computer hardware maker’s stock after acquiring an additional 1,945 shares during the quarter. NVIDIA comprises approximately 1.4% of Summit Asset Management LLC’s portfolio, making the stock its 19th largest holding. Summit Asset Management LLC’s holdings in NVIDIA were worth $7,195,000 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 business. Quest Partners LLC purchased a new position in shares of NVIDIA in the 2nd quarter worth approximately $27,000. Christopher J. Hasenberg Inc bought a new position in shares of NVIDIA in the 3rd quarter worth $27,000. University of Texas Texas AM Investment Management Co. bought a new position in NVIDIA during the second quarter valued at approximately $31,000. FPC Investment Advisory Inc. grew its position in NVIDIA by 900.0% during the 2nd quarter. FPC Investment Advisory Inc. now owns 290 shares of the computer hardware maker’s stock worth $34,000 after acquiring an additional 261 shares during the last quarter. Finally, West Financial Advisors LLC purchased a new stake in shares of NVIDIA during the third quarter worth about $36,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NVDA shares. Stifel Nicolaus boosted their price objective on shares of NVIDIA from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. UBS Group increased their target price on NVIDIA from $150.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Mizuho lifted their price objective on shares of NVIDIA from $165.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Melius Research increased their price target on NVIDIA from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Piper Sandler increased their target price on shares of NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Four investment analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.

NVIDIA Trading Up 0.4 %

Shares of NASDAQ:NVDA opened at $137.49 on Tuesday. The business’s 50 day moving average price is $139.84 and its 200-day moving average price is $128.03. NVIDIA Co. has a 1 year low of $47.32 and a 1 year high of $152.89. The firm has a market capitalization of $3.37 trillion, a price-to-earnings ratio of 54.11, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 93.6% compared to the same quarter last year. On average, equities research analysts forecast that NVIDIA Co. will post 2.78 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.57%.

Insider Activity

In related news, Director John Dabiri sold 716 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $142.00, for a total transaction of $101,672.00. Following the completion of the transaction, the director now directly owns 19,942 shares of the company’s stock, valued at $2,831,764. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark A. Stevens sold 125,000 shares of NVIDIA stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $122.61, for a total transaction of $15,326,250.00. Following the completion of the transaction, the director now owns 8,255,117 shares of the company’s stock, valued at $1,012,159,895.37. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,351,886 shares of company stock valued at $176,825,650 in the last quarter. Insiders own 4.23% of the company’s stock.

NVIDIA Profile

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The 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; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.