Pitti Group Wealth Management LLC Sells 588 Shares of NVIDIA Co. (NASDAQ:NVDA)

Pitti Group Wealth Management LLC lessened its stake in NVIDIA Co. (NASDAQ:NVDA) by 21.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,193 shares of the computer hardware maker’s stock after selling 588 shares during the period. NVIDIA comprises about 1.2% of Pitti Group Wealth Management LLC’s portfolio, making the stock its 24th biggest position. Pitti Group Wealth Management LLC’s holdings in NVIDIA were worth $1,086,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in NVDA. Vanguard Group Inc. boosted its position in shares of NVIDIA by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 203,680,199 shares of the computer hardware maker’s stock valued at $88,598,850,000 after purchasing an additional 2,287,471 shares in the last quarter. Northern Trust Corp boosted its position in shares of NVIDIA by 3.6% during the 3rd quarter. Northern Trust Corp now owns 26,311,434 shares of the computer hardware maker’s stock valued at $11,445,211,000 after purchasing an additional 910,009 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of NVIDIA by 54,019.5% during the 4th quarter. International Assets Investment Management LLC now owns 16,866,869 shares of the computer hardware maker’s stock valued at $8,352,811,000 after purchasing an additional 16,835,703 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of NVIDIA by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,197,744 shares of the computer hardware maker’s stock valued at $5,740,887,000 after purchasing an additional 77,089 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of NVIDIA by 2.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,544,759 shares of the computer hardware maker’s stock valued at $4,586,865,000 after purchasing an additional 209,085 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

Analyst Ratings Changes

NVDA has been the topic of several recent research reports. Raymond James increased their price target on NVIDIA from $850.00 to $1,100.00 and gave the stock a “strong-buy” rating in a report on Thursday, April 11th. Loop Capital began coverage on NVIDIA in a research note on Friday, February 16th. They issued a “buy” rating and a $1,200.00 price objective for the company. UBS Group raised their price objective on NVIDIA from $1,100.00 to $1,150.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. DA Davidson raised their price objective on NVIDIA from $410.00 to $620.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $900.00 price objective on shares of NVIDIA in a research note on Monday, March 4th. Four analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $941.55.

Insider Activity

In other news, Director Mark A. Stevens sold 5,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $800.74, for a total transaction of $4,003,700.00. Following the transaction, the director now directly owns 1,119,583 shares in the company, valued at approximately $896,494,891.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mark A. Stevens sold 5,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $800.74, for a total transaction of $4,003,700.00. Following the completion of the sale, the director now directly owns 1,119,583 shares in the company, valued at approximately $896,494,891.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark A. Stevens sold 10,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $797.57, for a total value of $7,975,700.00. Following the sale, the director now owns 1,124,583 shares of the company’s stock, valued at $896,933,663.31. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,278 shares of company stock worth $52,689,898. 3.99% of the stock is currently owned by insiders.

NVIDIA Price Performance

NVIDIA stock opened at $921.40 on Tuesday. The company has a quick ratio of 3.67, a current ratio of 4.17 and a debt-to-equity ratio of 0.20. The stock has a market cap of $2.30 trillion, a price-to-earnings ratio of 77.17, a PEG ratio of 1.27 and a beta of 1.75. The business has a 50-day simple moving average of $869.99 and a 200 day simple moving average of $655.88. NVIDIA Co. has a 52 week low of $280.46 and a 52 week high of $974.00.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, February 21st. The computer hardware maker reported $5.16 EPS for the quarter, beating the consensus estimate of $4.21 by $0.95. The firm had revenue of $22.10 billion for the quarter, compared to analyst estimates of $20.40 billion. NVIDIA had a return on equity of 93.61% and a net margin of 48.85%. The company’s revenue was up 265.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 EPS. On average, research analysts forecast that NVIDIA Co. will post 22.55 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $0.16 annualized dividend and a dividend yield of 0.02%. NVIDIA’s dividend payout ratio (DPR) is presently 1.34%.

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.