Fred Alger Management LLC Has $2 Billion Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Fred Alger Management LLC decreased its stake in NVIDIA Co. (NASDAQ:NVDA) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,874,449 shares of the computer hardware maker’s stock after selling 28,117 shares during the period. NVIDIA accounts for about 9.5% of Fred Alger Management LLC’s holdings, making the stock its biggest position. Fred Alger Management LLC owned about 0.06% of NVIDIA worth $1,997,490,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canandaigua National Trust Co of Florida lifted its position in shares of NVIDIA by 17.8% during the 4th quarter. Canandaigua National Trust Co of Florida now owns 14,200 shares of the computer hardware maker’s stock valued at $1,907,000 after buying an additional 2,148 shares during the last quarter. APEIRON CAPITAL Ltd raised its stake in NVIDIA by 46.1% in the 4th quarter. APEIRON CAPITAL Ltd now owns 284,100 shares of the computer hardware maker’s stock valued at $38,152,000 after acquiring an additional 89,650 shares during the period. Bangor Savings Bank lifted its holdings in NVIDIA by 60.5% during the fourth quarter. Bangor Savings Bank now owns 14,006 shares of the computer hardware maker’s stock valued at $1,881,000 after purchasing an additional 5,277 shares during the last quarter. Diversified Trust Co lifted its holdings in NVIDIA by 4.1% during the fourth quarter. Diversified Trust Co now owns 659,442 shares of the computer hardware maker’s stock valued at $88,557,000 after purchasing an additional 26,179 shares during the last quarter. Finally, Bank & Trust Co boosted its position in NVIDIA by 5.3% during the fourth quarter. Bank & Trust Co now owns 5,593 shares of the computer hardware maker’s stock worth $751,000 after purchasing an additional 279 shares during the period. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Colette Kress sold 66,660 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $116.83, for a total transaction of $7,787,887.80. Following the completion of the sale, the chief financial officer now directly owns 3,085,765 shares in the company, valued at $360,509,924.95. This represents a 2.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert K. Burgess sold 53,324 shares of NVIDIA stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $115.49, for a total value of $6,158,388.76. Following the completion of the transaction, the director now directly owns 251,044 shares in the company, valued at $28,993,071.56. This trade represents a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,147 shares of company stock valued at $17,133,207. 4.17% of the stock is currently owned by insiders.

NVIDIA Stock Down 1.2%

Shares of NASDAQ NVDA opened at $131.29 on Monday. NVIDIA Co. has a one year low of $86.62 and a one 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. The firm’s 50 day simple moving average is $113.89 and its two-hundred day simple moving average is $126.65. The stock has a market capitalization of $3.21 trillion, a P/E ratio of 51.67, a PEG ratio of 1.76 and a beta of 2.11.

NVIDIA (NASDAQ:NVDA) last announced 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. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The company had revenue of $39.33 billion during the quarter, compared to analysts’ expectations of $38.16 billion. As a group, analysts expect that NVIDIA Co. will post 2.77 EPS for the current fiscal year.

NVIDIA Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. TD Cowen lowered their price target on shares of NVIDIA from $175.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Benchmark reiterated a “buy” rating and issued a $190.00 price objective on shares of NVIDIA in a research note on Wednesday, March 19th. Needham & Company LLC restated a “buy” rating and set a $160.00 target price on shares of NVIDIA in a research report on Wednesday, March 19th. William Blair reaffirmed an “outperform” rating on shares of NVIDIA in a report on Thursday, March 20th. Finally, Stifel Nicolaus set a $180.00 price objective on NVIDIA in a research note on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $167.53.

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.