NVIDIA Co. (NASDAQ:NVDA) Position Lowered by Grassi Investment Management

Grassi Investment Management reduced its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,660,400 shares of the computer hardware maker’s stock after selling 2,395 shares during the quarter. NVIDIA accounts for approximately 16.6% of Grassi Investment Management’s holdings, making the stock its largest holding. Grassi Investment Management’s holdings in NVIDIA were worth $179,954,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FMR LLC grew its stake in NVIDIA by 0.7% during the 4th quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker’s stock valued at $134,877,735,000 after purchasing an additional 6,665,252 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of NVIDIA by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker’s stock worth $74,439,273,000 after purchasing an additional 9,468,786 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of NVIDIA by 0.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker’s stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares during the last quarter. Norges Bank bought a new stake in NVIDIA during the 4th quarter valued at $43,515,504,000. Finally, Northern Trust Corp raised its stake in NVIDIA by 15.8% during the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock valued at $35,782,134,000 after acquiring an additional 36,266,817 shares in the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total value of $142,800,000.00. Following the completion of the transaction, the director now owns 26,671,360 shares in the company, valued at $3,808,670,208. This trade represents a 3.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark A. Stevens sold 190,000 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $142.51, for a total value of $27,076,900.00. Following the completion of the transaction, the director now owns 8,855,848 shares of the company’s stock, valued at $1,262,046,898.48. The trade was a 2.10% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,560,845 shares of company stock worth $360,351,849. Corporate insiders own 4.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NVDA. Bank of America boosted their price objective on NVIDIA from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, May 14th. Benchmark restated a “buy” rating and issued a $190.00 target price on shares of NVIDIA in a research note on Thursday, May 29th. Citigroup restated a “buy” rating and issued a $180.00 target price (up previously from $150.00) on shares of NVIDIA in a research note on Thursday, May 29th. Truist Financial boosted their price target on NVIDIA from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Finally, Stifel Nicolaus set a $180.00 price target on NVIDIA in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-five have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $172.24.

NVIDIA Stock Down 2.1%

NASDAQ:NVDA opened at $141.97 on Monday. The stock’s fifty day moving average price is $122.77 and its two-hundred day moving average price is $126.32. NVIDIA Co. has a 52-week low of $86.62 and a 52-week high of $153.13. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. The company has a market cap of $3.46 trillion, a price-to-earnings ratio of 55.87, a P/E/G ratio of 1.76 and a beta of 2.12.

NVIDIA (NASDAQ:NVDA) last posted 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). The company had revenue of $44.06 billion during the quarter, compared to analyst estimates of $43.09 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. The business’s revenue for the quarter was up 69.2% compared to the same quarter last year. During the same period last year, the company earned $0.61 EPS. On average, analysts anticipate that NVIDIA Co. will post 2.77 EPS for the current year.

NVIDIA Dividend Announcement

The firm 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 payout ratio 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.