Red Wave Investments LLC Grows Holdings in NVIDIA Co. (NASDAQ:NVDA)

Red Wave Investments LLC raised its position in NVIDIA Co. (NASDAQ:NVDA) by 78.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,842 shares of the computer hardware maker’s stock after buying an additional 2,132 shares during the period. NVIDIA accounts for 0.9% of Red Wave Investments LLC’s investment portfolio, making the stock its 26th biggest holding. Red Wave Investments LLC’s holdings in NVIDIA were worth $2,398,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NVDA. Moody Lynn & Lieberson LLC raised its holdings in shares of NVIDIA by 7.2% in the 3rd quarter. Moody Lynn & Lieberson LLC now owns 89,053 shares of the computer hardware maker’s stock worth $38,737,000 after purchasing an additional 5,998 shares during the period. TrueMark Investments LLC purchased a new position in shares of NVIDIA during the 4th quarter valued at $2,639,000. McLean Asset Management Corp grew its stake in shares of NVIDIA by 11.7% during the 4th quarter. McLean Asset Management Corp now owns 1,773 shares of the computer hardware maker’s stock worth $871,000 after acquiring an additional 186 shares during the period. Cornercap Investment Counsel Inc. increased its holdings in NVIDIA by 5.7% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 3,900 shares of the computer hardware maker’s stock worth $1,931,000 after acquiring an additional 209 shares during the last quarter. Finally, Shilanski & Associates Inc. raised its stake in NVIDIA by 15.9% in the 4th quarter. Shilanski & Associates Inc. now owns 2,983 shares of the computer hardware maker’s stock valued at $1,477,000 after acquiring an additional 410 shares during the period. Institutional investors own 65.27% of the company’s stock.

Analysts Set New Price Targets

NVDA has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of NVIDIA from $850.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group lifted their price objective on shares of NVIDIA from $1,000.00 to $1,100.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup increased their target price on NVIDIA from $820.00 to $1,030.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Stifel Nicolaus reiterated a “buy” rating and issued a $910.00 price target on shares of NVIDIA in a research report on Wednesday, March 20th. Finally, Bank of America increased their price objective on NVIDIA from $925.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $944.05.

NVIDIA Stock Down 1.7 %

NASDAQ NVDA opened at $905.54 on Wednesday. The business’s 50-day moving average is $872.36 and its 200 day moving average is $659.34. The stock has a market capitalization of $2.26 trillion, a PE ratio of 75.84, a PEG ratio of 1.27 and a beta of 1.75. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.17 and a quick ratio of 3.67. NVIDIA Co. has a 1 year low of $280.46 and a 1 year high of $974.00.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, February 21st. The computer hardware maker reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.21 by $0.95. The firm had revenue of $22.10 billion for the quarter, compared to analyst estimates of $20.40 billion. NVIDIA had a return on equity of 93.61% and a net margin of 48.85%. The business’s quarterly revenue was up 265.3% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. Sell-side analysts forecast that NVIDIA Co. will post 22.55 earnings per share for the current year.

NVIDIA Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Wednesday, March 6th were issued a $0.04 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $0.16 annualized dividend and a yield of 0.02%. NVIDIA’s dividend payout ratio (DPR) is presently 1.34%.

Insider Transactions at NVIDIA

In related news, Director Mark A. Stevens sold 22,700 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $879.97, for a total transaction of $19,975,319.00. Following the transaction, the director now owns 1,052,133 shares in the company, valued at $925,845,476.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other NVIDIA news, Director Mark A. Stevens sold 22,700 shares of NVIDIA stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $879.97, for a total transaction of $19,975,319.00. Following the sale, the director now directly owns 1,052,133 shares of the company’s stock, valued at approximately $925,845,476.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark A. Stevens sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $797.57, for a total value of $7,975,700.00. Following the transaction, the director now owns 1,124,583 shares in the company, valued at approximately $896,933,663.31. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,278 shares of company stock valued at $52,689,898. Company insiders own 3.99% of the company’s stock.

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.