Summit Global Investments Sells 105,861 Shares of NVIDIA Co. (NASDAQ:NVDA)

Summit Global Investments lowered its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 83.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 20,415 shares of the computer hardware maker’s stock after selling 105,861 shares during the period. Summit Global Investments’ holdings in NVIDIA were worth $2,213,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tacita Capital Inc bought a new stake in shares of NVIDIA in the fourth quarter valued at approximately $28,000. Vision Financial Markets LLC acquired a new position in shares of NVIDIA during the fourth quarter worth $38,000. Luken Investment Analytics LLC acquired a new position in shares of NVIDIA during the fourth quarter worth $40,000. Copia Wealth Management acquired a new stake in NVIDIA in the fourth quarter valued at $50,000. Finally, LSV Asset Management acquired a new stake in NVIDIA in the fourth quarter valued at $54,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

Insider Buying and Selling

In other news, CFO Colette Kress sold 66,660 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 3,085,765 shares of the company’s stock, valued at approximately $360,509,924.95. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert K. Burgess sold 53,324 shares of NVIDIA stock in a transaction dated 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 transaction, the director now directly owns 251,044 shares in the company, valued at approximately $28,993,071.56. The trade was a 17.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,255,320 shares of company stock worth $172,680,419 over the last ninety days. 4.17% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NVDA has been the subject of a number of recent analyst reports. Summit Insights upgraded NVIDIA from a “hold” rating to a “buy” rating in a report on Thursday, May 29th. DA Davidson upped their target price on shares of NVIDIA from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. KeyCorp set a $190.00 target price on NVIDIA in a research report on Wednesday, March 19th. Benchmark restated a “buy” rating and set a $190.00 price target on shares of NVIDIA in a research note on Thursday, May 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of NVIDIA in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-six have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has a consensus rating of “Moderate Buy” and an average target price of $171.66.

NVIDIA Stock Up 0.6%

Shares of NASDAQ:NVDA opened at $142.63 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. NVIDIA Co. has a 1 year low of $86.62 and a 1 year high of $195.95. The stock has a market capitalization of $3.48 trillion, a P/E ratio of 56.13, a PEG ratio of 1.76 and a beta of 2.12. The stock has a 50-day simple moving average of $119.10 and a 200-day simple moving average of $126.11.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The company had revenue of $44.06 billion during the quarter, compared to analysts’ expectations of $43.09 billion. During the same quarter in the prior year, the company earned $0.61 EPS. The firm’s revenue was up 69.2% compared to the same quarter last year. Equities analysts forecast that NVIDIA Co. will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date is Wednesday, June 11th. NVIDIA’s dividend payout ratio (DPR) is presently 1.29%.

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.