MainStreet Investment Advisors LLC Acquires 1,894 Shares of NVIDIA Corporation (NASDAQ:NVDA)

MainStreet Investment Advisors LLC raised its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA) by 2.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 81,072 shares of the computer hardware maker’s stock after acquiring an additional 1,894 shares during the quarter. NVIDIA makes up approximately 1.3% of MainStreet Investment Advisors LLC’s holdings, making the stock its 25th biggest position. MainStreet Investment Advisors LLC’s holdings in NVIDIA were worth $8,787,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in shares of NVIDIA in the fourth quarter valued at $43,515,504,000. GAMMA Investing LLC boosted its position in NVIDIA by 12,173.2% during the first quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker’s stock worth $5,293,039,000 after purchasing an additional 48,439,859 shares during the period. Northern Trust Corp boosted its position in NVIDIA by 15.8% during the fourth quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock worth $35,782,134,000 after purchasing an additional 36,266,817 shares during the period. Assenagon Asset Management S.A. boosted its position in NVIDIA by 204.6% during the first 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 purchasing an additional 23,948,733 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in NVIDIA during the fourth quarter worth $2,987,733,000. 65.27% of the stock is owned by institutional investors.

Insider Transactions at NVIDIA

In related news, Director A Brooke Seawell sold 48,792 shares of the company’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 value of $7,999,936.32. Following the sale, the director directly owned 1,729,478 shares in the company, valued at $283,565,212.88. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Colette Kress sold 27,650 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $170.89, for a total value of $4,725,108.50. Following the completion of the sale, the chief financial officer owned 2,984,516 shares in the company, valued at $510,023,939.24. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,339,800 shares of company stock worth $800,141,003. Insiders own 4.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $180.00 price objective (up from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. Wedbush reaffirmed an “outperform” rating on shares of NVIDIA in a research report on Thursday, May 29th. Bank of America lifted their price objective on shares of NVIDIA from $180.00 to $220.00 in a research report on Wednesday, July 16th. Summit Insights raised shares of NVIDIA from a “hold” rating to a “buy” rating in a research report on Thursday, May 29th. Finally, Citigroup lifted their price objective on shares of NVIDIA from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-three have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $182.03.

NVIDIA Stock Performance

NASDAQ:NVDA opened at $180.00 on Tuesday. The stock has a market cap of $4.39 trillion, a P/E ratio of 58.06, a price-to-earnings-growth ratio of 1.53 and a beta of 2.14. 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 stock’s 50-day moving average is $156.27 and its 200-day moving average is $132.58. NVIDIA Corporation has a 1-year low of $86.62 and a 1-year high of $183.30.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results 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 firm had revenue of $44.06 billion for the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The business’s revenue for the quarter was up 69.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.61 earnings per share. Equities research analysts anticipate that NVIDIA Corporation will post 2.77 earnings per share for the current year.

NVIDIA Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date 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.