Parnassus Investments LLC Buys 382,336 Shares of NVIDIA Co. (NASDAQ:NVDA)

Parnassus Investments LLC boosted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 1.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 20,432,629 shares of the computer hardware maker’s stock after purchasing an additional 382,336 shares during the quarter. NVIDIA makes up approximately 5.3% of Parnassus Investments LLC’s portfolio, making the stock its 2nd biggest holding. Parnassus Investments LLC’s holdings in NVIDIA were worth $2,481,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NVDA. Lantz Financial LLC increased its holdings in NVIDIA by 833.1% during the 2nd quarter. Lantz Financial LLC now owns 41,188 shares of the computer hardware maker’s stock worth $5,088,000 after purchasing an additional 36,774 shares during the last quarter. Ironwood Wealth Management LLC. increased its holdings in shares of NVIDIA by 896.9% in the 2nd quarter. Ironwood Wealth Management LLC. now owns 6,330 shares of the computer hardware maker’s stock valued at $782,000 after acquiring an additional 5,695 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of NVIDIA in the 2nd quarter valued at approximately $6,663,000. Ninety One UK Ltd increased its holdings in shares of NVIDIA by 806.8% in the 2nd quarter. Ninety One UK Ltd now owns 9,847,094 shares of the computer hardware maker’s stock valued at $1,216,510,000 after acquiring an additional 8,761,183 shares during the last quarter. Finally, Ninety One SA PTY Ltd increased its holdings in shares of NVIDIA by 846.1% in the 2nd quarter. Ninety One SA PTY Ltd now owns 173,864 shares of the computer hardware maker’s stock valued at $21,697,000 after acquiring an additional 155,487 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NVDA has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their price target on NVIDIA from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Robert W. Baird boosted their price objective on NVIDIA from $150.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. DA Davidson boosted their price objective on NVIDIA from $90.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Piper Sandler boosted their price objective on NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Finally, Truist Financial boosted their price target on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Four analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

Insiders Place Their Bets

In other news, CFO Colette Kress sold 66,670 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the completion of the sale, the chief financial officer now owns 3,351,572 shares in the company, valued at approximately $453,802,848.80. This represents a 1.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $131.26, for a total value of $131,260,000.00. Following the sale, the director now owns 28,671,360 shares of the company’s stock, valued at approximately $3,763,402,713.60. This trade represents a 3.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,226,886 shares of company stock valued at $161,499,400 in the last three months. Insiders own 4.23% of the company’s stock.

NVIDIA Stock Up 4.5 %

Shares of NVIDIA stock opened at $144.47 on Monday. The stock’s fifty day moving average is $139.57 and its 200-day moving average is $128.15. The firm has a market capitalization of $3.54 trillion, a PE ratio of 56.86, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. NVIDIA Co. has a 12-month low of $47.51 and a 12-month high of $152.89.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. The firm had revenue of $35.08 billion for the quarter, compared to analyst estimates of $33.15 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. NVIDIA’s quarterly revenue was up 93.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. Equities analysts anticipate that NVIDIA Co. will post 2.78 earnings per share for the current year.

NVIDIA Dividend Announcement

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

About NVIDIA

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.