NVIDIA Co. (NASDAQ:NVDA) Shares Sold by Essex Savings Bank

Essex Savings Bank reduced its holdings in NVIDIA Co. (NASDAQ:NVDA) by 16.6% during the 3rd quarter, Holdings Channel reports. The fund owned 47,633 shares of the computer hardware maker’s stock after selling 9,494 shares during the quarter. NVIDIA comprises 1.4% of Essex Savings Bank’s portfolio, making the stock its 14th largest holding. Essex Savings Bank’s holdings in NVIDIA were worth $5,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. CGC Financial Services LLC bought a new position in shares of NVIDIA in the second quarter valued at approximately $26,000. Quest Partners LLC bought a new stake in NVIDIA during the second quarter worth approximately $27,000. Christopher J. Hasenberg Inc acquired a new stake in NVIDIA in the third quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. bought a new position in NVIDIA during the 2nd quarter valued at $31,000. Finally, FPC Investment Advisory Inc. increased its position in shares of NVIDIA by 900.0% during the 2nd quarter. FPC Investment Advisory Inc. now owns 290 shares of the computer hardware maker’s stock valued at $34,000 after purchasing an additional 261 shares during the period. Institutional investors own 65.27% of the company’s stock.

NVIDIA Price Performance

Shares of NVDA opened at $140.22 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. The firm has a market cap of $3.43 trillion, a PE ratio of 55.18, a PEG ratio of 2.43 and a beta of 1.63. The firm’s 50 day moving average price is $139.66 and its 200 day moving average price is $127.49. NVIDIA Co. has a twelve month low of $47.32 and a twelve month high of $152.89.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $35.08 billion for 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 for the quarter was up 93.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. As a group, research analysts expect that NVIDIA Co. will post 2.78 EPS for the current fiscal year.

NVIDIA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be paid a dividend of $0.01 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Mizuho lifted their target price on NVIDIA from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of NVIDIA from $115.00 to $140.00 and gave the stock a “hold” rating in a research note on Thursday, November 21st. William Blair initiated coverage on shares of NVIDIA in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Raymond James upped their price target on NVIDIA from $140.00 to $170.00 and gave the company a “strong-buy” rating in a report on Thursday, November 14th. Finally, Westpark Capital raised their price objective on NVIDIA from $127.50 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Four equities research analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $164.15.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $131.26, for a total transaction of $131,260,000.00. Following the completion of the sale, the director now directly owns 28,671,360 shares of the company’s stock, valued at approximately $3,763,402,713.60. This represents a 3.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the completion of the transaction, the chief financial officer now owns 3,351,572 shares in the company, valued at $453,802,848.80. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,391,886 shares of company stock valued at $181,666,050. 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.