Allspring Global Investments Holdings LLC Sells 319,220 Shares of NVIDIA Co. (NASDAQ:NVDA)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,136,951 shares of the computer hardware maker’s stock after selling 319,220 shares during the period. NVIDIA makes up about 1.9% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 2nd biggest position. Allspring Global Investments Holdings LLC’s holdings in NVIDIA were worth $1,231,031,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Compass Ion Advisors LLC lifted its holdings in NVIDIA by 863.9% in the third quarter. Compass Ion Advisors LLC now owns 100,337 shares of the computer hardware maker’s stock valued at $12,185,000 after acquiring an additional 89,927 shares during the period. Vest Financial LLC lifted its stake in shares of NVIDIA by 191.9% in the 3rd quarter. Vest Financial LLC now owns 103,151 shares of the computer hardware maker’s stock valued at $12,527,000 after purchasing an additional 67,809 shares during the period. Lee Johnson Capital Management LLC boosted its holdings in NVIDIA by 1,574.1% during the third quarter. Lee Johnson Capital Management LLC now owns 40,764 shares of the computer hardware maker’s stock worth $4,950,000 after buying an additional 38,329 shares in the last quarter. Petix & Botte Co grew its position in NVIDIA by 3.8% during the third quarter. Petix & Botte Co now owns 10,674 shares of the computer hardware maker’s stock valued at $1,296,000 after buying an additional 394 shares during the period. Finally, Stegent Equity Advisors Inc. purchased a new position in NVIDIA in the third quarter valued at $403,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NVDA has been the topic of several recent analyst reports. Stifel Nicolaus increased their target price 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. Bank of America reissued a “buy” rating and issued a $190.00 price objective on shares of NVIDIA in a report on Thursday, November 21st. Morgan Stanley increased their target price on NVIDIA from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of NVIDIA from $115.00 to $140.00 and gave the stock a “hold” rating in a report on Thursday, November 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $175.00 target price on shares of NVIDIA in a research report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.

NVIDIA Price Performance

NVDA stock opened at $136.92 on Wednesday. The stock has a market capitalization of $3.35 trillion, a price-to-earnings ratio of 53.88, a price-to-earnings-growth ratio of 2.60 and a beta of 1.66. 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 52-week low of $45.01 and a 52-week high of $152.89. The stock’s fifty day simple moving average is $134.82 and its 200-day simple moving average is $123.17.

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, beating analysts’ consensus estimates of $0.69 by $0.12. The firm had revenue of $35.08 billion during the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. NVIDIA’s revenue was up 93.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. Equities research analysts expect that NVIDIA Co. will post 2.73 EPS for the current year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s payout ratio is currently 1.57%.

NVIDIA announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at NVIDIA

In related news, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. The trade was a 1.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is currently owned by corporate insiders.

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.