Provident Investment Management Inc. Grows Position in NVIDIA Co. (NASDAQ:NVDA)

Provident Investment Management Inc. boosted its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,603 shares of the computer hardware maker’s stock after purchasing an additional 203 shares during the period. Provident Investment Management Inc.’s holdings in NVIDIA were worth $1,021,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hickory Point Bank & Trust acquired a new position in NVIDIA during the 4th quarter worth approximately $2,272,000. Capital Performance Advisors LLP raised its stake in shares of NVIDIA by 59.3% during the fourth quarter. Capital Performance Advisors LLP now owns 26,700 shares of the computer hardware maker’s stock valued at $3,586,000 after purchasing an additional 9,944 shares during the period. Ethos Financial Group LLC lifted its position in shares of NVIDIA by 24.1% during the fourth quarter. Ethos Financial Group LLC now owns 32,092 shares of the computer hardware maker’s stock worth $4,312,000 after purchasing an additional 6,241 shares in the last quarter. Metis Global Partners LLC boosted its stake in shares of NVIDIA by 3.6% in the fourth quarter. Metis Global Partners LLC now owns 1,464,826 shares of the computer hardware maker’s stock valued at $196,711,000 after purchasing an additional 50,978 shares during the period. Finally, Candriam S.C.A. increased its stake in NVIDIA by 0.5% during the 4th quarter. Candriam S.C.A. now owns 7,061,058 shares of the computer hardware maker’s stock worth $948,229,000 after buying an additional 35,684 shares during the period. Institutional investors and hedge funds own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NVDA. Bank of America cut their target price on NVIDIA from $200.00 to $160.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley decreased their price objective on shares of NVIDIA from $162.00 to $160.00 and set an “overweight” rating for the company in a report on Friday, April 25th. Benchmark restated a “buy” rating and issued a $190.00 target price on shares of NVIDIA in a research note on Wednesday, March 19th. Susquehanna reiterated a “positive” rating and issued a $180.00 price target on shares of NVIDIA in a research note on Wednesday, March 19th. Finally, Hsbc Global Res cut NVIDIA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $164.96.

Insider Buying and Selling

In other news, Director John Dabiri sold 2,663 shares of NVIDIA stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $110.00, for a total value of $292,930.00. Following the transaction, the director now directly owns 17,279 shares of the company’s stock, valued at $1,900,690. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $116.80, for a total transaction of $525,600.00. Following the completion of the sale, the insider now owns 479,428 shares of the company’s stock, valued at approximately $55,997,190.40. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,147 shares of company stock valued at $17,133,207. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $113.82 on Tuesday. NVIDIA Co. has a twelve month low of $86.62 and a twelve month high of $195.95. The firm has a market cap of $2.78 trillion, a price-to-earnings ratio of 44.79, a price-to-earnings-growth ratio of 1.76 and a beta of 2.11. The company has a 50-day moving average of $110.50 and a 200-day moving average of $127.91. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings data on Wednesday, February 26th. The computer hardware maker reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.05. The company had revenue of $39.33 billion during the quarter, compared to the consensus estimate of $38.16 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. Analysts forecast that NVIDIA Co. will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th were given a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. NVIDIA’s dividend payout ratio (DPR) is 1.36%.

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.