NVIDIA Corporation (NASDAQ:NVDA) Stock Position Lifted by Riverbend Wealth Management LLC

Riverbend Wealth Management LLC boosted its stake in shares of NVIDIA Corporation (NASDAQ:NVDA) by 4.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,441 shares of the computer hardware maker’s stock after purchasing an additional 836 shares during the period. NVIDIA comprises approximately 1.8% of Riverbend Wealth Management LLC’s holdings, making the stock its 13th largest position. Riverbend Wealth Management LLC’s holdings in NVIDIA were worth $1,999,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tacita Capital Inc purchased a new position in NVIDIA during the fourth quarter valued at approximately $28,000. Vision Financial Markets LLC purchased a new position in NVIDIA during the fourth quarter valued at approximately $38,000. Copia Wealth Management purchased a new position in NVIDIA during the fourth quarter valued at approximately $50,000. Bruce G. Allen Investments LLC grew its position in NVIDIA by 198.2% during the first quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker’s stock valued at $53,000 after purchasing an additional 327 shares in the last quarter. Finally, LSV Asset Management purchased a new position in NVIDIA during the fourth quarter valued at approximately $54,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $142.80, for a total transaction of $142,800,000.00. Following the completion of the transaction, the director directly owned 26,671,360 shares of the company’s stock, valued at $3,808,670,208. This trade represents a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ajay K. Puri sold 168,195 shares of NVIDIA stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total transaction of $25,673,284.80. Following the transaction, the executive vice president directly owned 4,018,547 shares of the company’s stock, valued at $613,391,014.08. This represents a 4.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,767,150 shares of company stock valued at $701,030,045. Company insiders own 4.17% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group assumed coverage on shares of NVIDIA in a research report on Thursday, July 10th. They issued a “buy” rating and a $185.00 target price for the company. Stifel Nicolaus set a $180.00 target price on shares of NVIDIA in a research report on Wednesday, March 19th. UBS Group reissued a “buy” rating on shares of NVIDIA in a research report on Friday, May 23rd. Piper Sandler reissued an “overweight” rating and issued a $180.00 target price (up from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. Finally, Needham & Company LLC boosted their target price on shares of NVIDIA from $160.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirty-four have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $181.22.

NVIDIA Trading Up 0.4%

Shares of NVDA stock opened at $171.37 on Thursday. NVIDIA Corporation has a 52-week low of $86.62 and a 52-week high of $172.40. The stock has a market cap of $4.18 trillion, a price-to-earnings ratio of 55.28, a P/E/G ratio of 1.51 and a beta of 2.13. The firm has a fifty day moving average of $144.76 and a 200-day moving average of $129.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39.

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 firm 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 business earned $0.61 earnings per share. The company’s revenue for the quarter was up 69.2% on a year-over-year basis. On average, equities research analysts forecast that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Wednesday, June 11th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date was Wednesday, June 11th. NVIDIA’s dividend payout ratio is currently 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.