Castle Rock Wealth Management LLC Sells 71,531 Shares of NVIDIA Co. (NASDAQ:NVDA)

Castle Rock Wealth Management LLC cut its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 36.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 126,380 shares of the computer hardware maker’s stock after selling 71,531 shares during the quarter. NVIDIA makes up approximately 3.9% of Castle Rock Wealth Management LLC’s portfolio, making the stock its 2nd biggest position. Castle Rock Wealth Management LLC’s holdings in NVIDIA were worth $16,253,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NVDA. China Universal Asset Management Co. Ltd. lifted its position in shares of NVIDIA by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after buying an additional 13,135 shares during the last quarter. Avior Wealth Management LLC lifted its position in NVIDIA by 24.3% in the first quarter. Avior Wealth Management LLC now owns 27,179 shares of the computer hardware maker’s stock valued at $24,558,000 after acquiring an additional 5,309 shares during the last quarter. Prosperity Consulting Group LLC boosted its stake in NVIDIA by 35.2% in the first quarter. Prosperity Consulting Group LLC now owns 5,533 shares of the computer hardware maker’s stock valued at $4,999,000 after acquiring an additional 1,440 shares in the last quarter. Financial Guidance Group Inc. acquired a new position in NVIDIA in the first quarter valued at $325,000. Finally, BOK Financial Private Wealth Inc. grew its holdings in shares of NVIDIA by 28.1% during the first quarter. BOK Financial Private Wealth Inc. now owns 551 shares of the computer hardware maker’s stock worth $498,000 after purchasing an additional 121 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NVDA shares. Loop Capital reissued a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a research report on Monday, August 26th. Melius Research increased their price objective on NVIDIA from $165.00 to $185.00 and gave the company a “buy” rating in a report on Monday. Wedbush reiterated an “outperform” rating and issued a $138.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Westpark Capital raised their price objective on shares of NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein lifted their price objective on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $148.29 on Wednesday. The firm has a 50-day moving average of $127.79 and a two-hundred day moving average of $118.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The stock has a market cap of $3.64 trillion, a P/E ratio of 69.62, a PEG ratio of 1.56 and a beta of 1.66. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $149.77.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. The company had revenue of $30.04 billion during the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business’s revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. On average, research analysts expect that NVIDIA Co. will post 2.66 earnings per share for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date was Thursday, September 12th. NVIDIA’s payout ratio is currently 1.88%.

NVIDIA declared that its board has initiated a stock buyback program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark A. Stevens sold 125,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $122.61, for a total value of $15,326,250.00. Following the completion of the sale, the director now owns 8,255,117 shares in the company, valued at $1,012,159,895.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,156,270 shares of company stock valued at $254,784,327 in the last quarter. Insiders own 4.23% of the company’s stock.

NVIDIA Company 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.