Palestra Capital Management LLC Sells 77,225 Shares of NVIDIA Co. (NASDAQ:NVDA)

Palestra Capital Management LLC lessened its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 22.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 261,777 shares of the computer hardware maker’s stock after selling 77,225 shares during the period. Palestra Capital Management LLC’s holdings in NVIDIA were worth $35,154,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. SOA Wealth Advisors LLC. grew its position in NVIDIA by 0.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 120,634 shares of the computer hardware maker’s stock valued at $14,650,000 after purchasing an additional 350 shares during the last quarter. Principal Financial Group Inc. grew its position in NVIDIA by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 35,627,274 shares of the computer hardware maker’s stock valued at $4,326,576,000 after purchasing an additional 1,285,897 shares during the last quarter. Morse Asset Management Inc grew its position in NVIDIA by 0.7% during the 3rd quarter. Morse Asset Management Inc now owns 202,054 shares of the computer hardware maker’s stock valued at $24,537,000 after purchasing an additional 1,374 shares during the last quarter. Tri Ri Asset Management Corp purchased a new stake in NVIDIA during the 3rd quarter valued at about $1,245,000. Finally, SkyView Investment Advisors LLC grew its position in NVIDIA by 0.5% during the 3rd quarter. SkyView Investment Advisors LLC now owns 130,903 shares of the computer hardware maker’s stock valued at $15,897,000 after purchasing an additional 634 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

Insider Buying and Selling

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

NVIDIA Trading Up 0.8%

NVIDIA stock opened at $132.83 on Friday. The firm has a 50 day moving average of $113.57 and a 200 day moving average of $126.99. The firm has a market capitalization of $3.25 trillion, a price-to-earnings ratio of 52.27, a P/E/G ratio of 1.76 and a beta of 2.11. NVIDIA Co. has a 12-month low of $86.62 and a 12-month high of $195.95. 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 released its earnings results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.05. The company had revenue of $39.33 billion during the quarter, compared to analyst estimates of $38.16 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. As a group, research analysts predict that NVIDIA Co. will post 2.77 earnings per share for the current year.

NVIDIA Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend was Wednesday, March 12th. NVIDIA’s dividend payout ratio is 1.36%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NVDA. Mizuho cut their price objective on shares of NVIDIA from $175.00 to $168.00 and set an “outperform” rating on the stock in a research report on Friday, March 14th. Hsbc Global Res downgraded shares of NVIDIA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 3rd. DZ Bank upgraded shares of NVIDIA from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 28th. TD Cowen lowered their target price on shares of NVIDIA from $175.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Finally, William Blair restated an “outperform” rating on shares of NVIDIA in a research note on Thursday, March 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, NVIDIA currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.84.

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.