Baker Avenue Asset Management LP Purchases 214,251 Shares of NVIDIA Co. (NASDAQ:NVDA)

Baker Avenue Asset Management LP raised its stake in NVIDIA Co. (NASDAQ:NVDA) by 48.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 656,057 shares of the computer hardware maker’s stock after buying an additional 214,251 shares during the period. NVIDIA accounts for 2.7% of Baker Avenue Asset Management LP’s holdings, making the stock its 5th largest holding. Baker Avenue Asset Management LP’s holdings in NVIDIA were worth $88,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in NVDA. Tacita Capital Inc acquired a new stake in NVIDIA in the fourth quarter valued at approximately $28,000. Legend Financial Advisors Inc. acquired a new stake in NVIDIA in the fourth quarter valued at approximately $34,000. Vision Financial Markets LLC bought a new position in shares of NVIDIA during the fourth quarter valued at $38,000. Luken Investment Analytics LLC bought a new position in shares of NVIDIA during the fourth quarter valued at $40,000. Finally, Lowe Wealth Advisors LLC bought a new position in shares of NVIDIA during the fourth quarter valued at $46,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Analyst Ratings Changes

NVDA has been the subject of several analyst reports. Bank of America raised their price target on shares of NVIDIA from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, May 14th. Raymond James reaffirmed a “strong-buy” rating on shares of NVIDIA in a research note on Wednesday, April 16th. Summit Insights downgraded shares of NVIDIA from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. DA Davidson dropped their price target on shares of NVIDIA from $125.00 to $120.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Barclays dropped their price target on shares of NVIDIA from $175.00 to $155.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-three have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.86.

NVIDIA Stock Down 1.2%

Shares of NASDAQ NVDA opened at $131.29 on Friday. The stock has a market capitalization of $3.21 trillion, a P/E ratio of 51.67, a P/E/G ratio of 1.76 and a beta of 2.11. The company has a 50-day moving average price of $113.89 and a 200-day moving average price of $126.94. NVIDIA Co. has a 1 year low of $86.62 and a 1 year high of $195.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64.

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

NVIDIA Dividend Announcement

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

Insider Buying and Selling

In related news, Director Robert K. Burgess sold 53,324 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $115.49, for a total transaction of $6,158,388.76. Following the completion of the transaction, the director now owns 251,044 shares in the company, valued at approximately $28,993,071.56. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Colette Kress sold 66,660 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $116.83, for a total transaction of $7,787,887.80. Following the transaction, the chief financial officer now owns 3,085,765 shares of the company’s stock, valued at approximately $360,509,924.95. The trade was a 2.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,147 shares of company stock worth $17,133,207. 4.23% of the stock is owned by insiders.

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.