Summit Global Investments Trims Stake in NVIDIA Co. (NASDAQ:NVDA)

Summit Global Investments lessened its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 36.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 151,480 shares of the computer hardware maker’s stock after selling 85,055 shares during the period. NVIDIA makes up approximately 1.2% of Summit Global Investments’ portfolio, making the stock its 12th largest position. Summit Global Investments’ holdings in NVIDIA were worth $18,396,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of NVDA. Lantz Financial LLC increased its stake in shares of NVIDIA by 833.1% during the second 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 in the last quarter. Vigilare Wealth Management increased its stake in NVIDIA by 924.1% during the 2nd quarter. Vigilare Wealth Management now owns 11,705 shares of the computer hardware maker’s stock worth $1,446,000 after buying an additional 10,562 shares in the last quarter. Bridge Creek Capital Management LLC raised its holdings in shares of NVIDIA by 821.9% during the second quarter. Bridge Creek Capital Management LLC now owns 30,680 shares of the computer hardware maker’s stock valued at $3,790,000 after acquiring an additional 27,352 shares during the last quarter. Delta Financial Group Inc. boosted its stake in shares of NVIDIA by 954.6% in the second quarter. Delta Financial Group Inc. now owns 40,043 shares of the computer hardware maker’s stock worth $4,947,000 after acquiring an additional 36,246 shares during the last quarter. Finally, PFG Private Wealth Management LLC increased its position in shares of NVIDIA by 872.4% during the second quarter. PFG Private Wealth Management LLC now owns 8,421 shares of the computer hardware maker’s stock worth $1,040,000 after purchasing an additional 7,555 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of NVIDIA from $115.00 to $140.00 and gave the company a “hold” rating in a research note on Thursday, November 21st. Mizuho upped their target price on NVIDIA from $165.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, November 21st. Susquehanna boosted their price target on shares of NVIDIA from $160.00 to $180.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. Loop Capital reissued a “buy” rating and issued a $175.00 price objective on shares of NVIDIA in a report on Wednesday, November 20th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $200.00 target price on shares of NVIDIA in a report on Monday, November 18th. Four equities research 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. According to data from MarketBeat.com, NVIDIA has a consensus rating of “Moderate Buy” and a consensus target price of $164.15.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $131.26, for a total value of $131,260,000.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Dabiri sold 716 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $142.00, for a total value of $101,672.00. Following the transaction, the director now directly owns 19,942 shares of the company’s stock, valued at $2,831,764. This trade represents a 3.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,556,986 shares of company stock worth $201,687,727 over the last quarter. 4.23% of the stock is currently owned by company insiders.

NVIDIA Trading Up 3.1 %

NVDA stock opened at $134.70 on Monday. The company has a market cap of $3.30 trillion, a P/E ratio of 53.01, a PEG 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 twelve month low of $47.32 and a twelve month high of $152.89. The business has a fifty day moving average of $139.63 and a 200-day moving average of $127.32.

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

NVIDIA Announces Dividend

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

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

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.