Convergence Financial LLC Decreases Position in NVIDIA Corporation (NASDAQ:NVDA)

Convergence Financial LLC lessened its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,244 shares of the computer hardware maker’s stock after selling 2,069 shares during the period. NVIDIA makes up about 1.6% of Convergence Financial LLC’s portfolio, making the stock its 20th biggest holding. Convergence Financial LLC’s holdings in NVIDIA were worth $7,938,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of NVIDIA during the 4th quarter valued at about $43,515,504,000. GAMMA Investing LLC boosted its holdings in NVIDIA by 12,173.2% in the 1st quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker’s stock worth $5,293,039,000 after buying an additional 48,439,859 shares during the last quarter. Northern Trust Corp boosted its holdings in NVIDIA by 15.8% in the 4th quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock worth $35,782,134,000 after buying an additional 36,266,817 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in NVIDIA by 14,641.2% in the 4th quarter. Proficio Capital Partners LLC now owns 34,676,316 shares of the computer hardware maker’s stock worth $4,656,682,000 after buying an additional 34,441,082 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in NVIDIA by 204.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 35,652,571 shares of the computer hardware maker’s stock worth $3,864,026,000 after buying an additional 23,948,733 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insiders Place Their Bets

In other NVIDIA news, CEO Jen Hsun Huang sold 75,000 shares of the business’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $172.52, for a total transaction of $12,939,000.00. Following the sale, the chief executive officer directly owned 74,348,225 shares in the company, valued at approximately $12,826,555,777. The trade was a 0.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director A Brooke Seawell sold 48,792 shares of the business’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $163.96, for a total transaction of $7,999,936.32. Following the completion of the sale, the director owned 1,729,478 shares in the company, valued at $283,565,212.88. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,964,800 shares of company stock worth $734,906,003. 4.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NVDA shares. Citigroup raised their target price on shares of NVIDIA from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Arete Research raised shares of NVIDIA to a “strong-buy” rating in a research note on Wednesday, May 21st. Barclays lifted their price target on shares of NVIDIA from $170.00 to $200.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. Piper Sandler reaffirmed an “overweight” rating and set a $180.00 price target (up previously from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. Finally, Oppenheimer lifted their price target on shares of NVIDIA from $175.00 to $200.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.22.

NVIDIA Stock Performance

Shares of NVDA stock opened at $171.38 on Tuesday. The company’s fifty day simple moving average is $146.99 and its 200-day simple moving average is $129.81. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $174.25. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10. The company has a market cap of $4.18 trillion, a PE ratio of 55.28, a P/E/G ratio of 1.52 and a beta of 2.13.

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

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.02%. The ex-dividend date of this dividend was 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.