Summit Investment Advisory Services LLC Has $341,000 Stock Holdings in NVIDIA Corporation (NASDAQ:NVDA)

Summit Investment Advisory Services LLC lifted its position in NVIDIA Corporation (NASDAQ:NVDA) by 84.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,142 shares of the computer hardware maker’s stock after acquiring an additional 1,434 shares during the period. Summit Investment Advisory Services LLC’s holdings in NVIDIA were worth $341,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Tacita Capital Inc bought a new stake in NVIDIA during the 4th quarter worth approximately $28,000. Vision Financial Markets LLC bought a new stake in NVIDIA during the 4th quarter worth approximately $38,000. Luken Investment Analytics LLC bought a new stake in NVIDIA during the 4th quarter worth approximately $40,000. Copia Wealth Management bought a new stake in NVIDIA during the 4th quarter worth approximately $50,000. Finally, LSV Asset Management bought a new stake in NVIDIA during the 4th quarter worth approximately $54,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NVIDIA

In other news, Director Mark A. Stevens sold 190,000 shares of NVIDIA stock in a transaction on Monday, June 9th. The stock was sold at an average price of $142.51, for a total transaction of $27,076,900.00. Following the completion of the sale, the director now owns 8,855,848 shares of the company’s stock, valued at approximately $1,262,046,898.48. This trade represents a 2.10% 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 hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction on 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 sale, the director now directly owns 26,671,360 shares of the company’s stock, valued at $3,808,670,208. This represents a 3.61% 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 valued at $357,983,449. 4.17% of the stock is currently owned by corporate insiders.

NVIDIA Trading Up 0.9%

Shares of NVIDIA stock opened at $145.48 on Thursday. The business has a fifty day simple moving average of $124.96 and a two-hundred day simple moving average of $126.62. NVIDIA Corporation has a 1 year low of $86.62 and a 1 year 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. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.39 and a quick ratio of 2.96.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results 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 net margin of 51.69% and a return on equity of 105.09%. The business had revenue of $44.06 billion for the quarter, compared to analyst estimates of $43.09 billion. During the same period in the prior year, the business earned $0.61 EPS. The company’s revenue for the quarter was up 69.2% compared to the same quarter last year. Research analysts forecast that NVIDIA Corporation will post 2.77 EPS for the current year.

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th will be 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 is Wednesday, June 11th. NVIDIA’s dividend payout ratio is currently 1.29%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NVDA. TD Cowen increased their target price on NVIDIA from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. Susquehanna reaffirmed a “positive” rating and set a $180.00 price target on shares of NVIDIA in a research note on Wednesday, March 19th. DA Davidson raised their price target on shares of NVIDIA from $120.00 to $135.00 and gave the stock a “neutral” rating in a research note on Thursday, May 29th. UBS Group reaffirmed a “buy” rating on shares of NVIDIA in a research note on Friday, May 23rd. Finally, Citigroup reaffirmed a “buy” rating and set a $180.00 price target (up from $150.00) on shares of NVIDIA in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, NVIDIA has an average rating of “Moderate Buy” and a consensus price target of $173.05.

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.