Sovereign Financial Group Inc. Has $3.73 Million Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Sovereign Financial Group Inc. cut its position in NVIDIA Corporation (NASDAQ:NVDA) by 13.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,452 shares of the computer hardware maker’s stock after selling 5,473 shares during the period. NVIDIA accounts for about 0.9% of Sovereign Financial Group Inc.’s investment portfolio, making the stock its 24th biggest position. Sovereign Financial Group Inc.’s holdings in NVIDIA were worth $3,734,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tacita Capital Inc acquired a new position in shares of NVIDIA during the fourth quarter worth approximately $28,000. Vision Financial Markets LLC acquired a new position in shares of NVIDIA during the fourth quarter worth approximately $38,000. Luken Investment Analytics LLC acquired a new position in shares of NVIDIA during the fourth quarter worth approximately $40,000. Copia Wealth Management acquired a new position in shares of NVIDIA during the fourth quarter worth approximately $50,000. Finally, LSV Asset Management acquired a new position in NVIDIA in the fourth quarter valued at approximately $54,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $116.80, for a total transaction of $525,600.00. Following the completion of the transaction, the insider now owns 479,428 shares in the company, valued at approximately $55,997,190.40. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Colette Kress sold 66,660 shares of the 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 owns 3,085,765 shares of the company’s stock, valued at $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 90 days, insiders sold 2,540,845 shares of company stock worth $357,983,449. 4.17% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on NVDA shares. DA Davidson increased their price objective on shares of NVIDIA from $120.00 to $135.00 and gave the company a “neutral” rating in a report on Thursday, May 29th. Truist Financial increased their price objective on shares of NVIDIA from $205.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Raymond James Financial increased their price objective on shares of NVIDIA from $150.00 to $165.00 and gave the company a “strong-buy” rating in a report on Thursday, May 29th. Rosenblatt Securities increased their price objective on shares of NVIDIA from $178.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Finally, Morgan Stanley restated an “overweight” rating and issued a $170.00 price objective (up from $160.00) on shares of NVIDIA in a report on Thursday, May 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and a consensus target price of $173.05.

NVIDIA Stock Up 0.9%

Shares of NVDA stock opened at $145.48 on Thursday. The firm has a fifty day moving average of $124.96 and a 200-day moving average of $126.62. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10. NVIDIA Corporation has a 12-month low of $86.62 and a 12-month high of $153.13. The company has a market capitalization of $3.55 trillion, a price-to-earnings ratio of 46.93, a P/E/G ratio of 1.27 and a beta of 2.12.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The company had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. During the same period in the prior year, the company earned $0.61 EPS. The firm’s revenue was up 69.2% on a year-over-year basis. As a group, equities research analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th will be issued 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 1.29%.

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.