Profit Investment Management LLC Reduces Stock Position in NVIDIA Co. (NASDAQ:NVDA)

Profit Investment Management LLC cut its stake in NVIDIA Co. (NASDAQ:NVDA) by 9.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 13,726 shares of the computer hardware maker’s stock after selling 1,482 shares during the quarter. Profit Investment Management LLC’s holdings in NVIDIA were worth $1,488,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of NVIDIA by 0.7% during the 4th quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker’s stock worth $134,877,735,000 after purchasing an additional 6,665,252 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of NVIDIA by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker’s stock worth $74,439,273,000 after purchasing an additional 9,468,786 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of NVIDIA by 0.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker’s stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares in the last quarter. Norges Bank purchased a new stake in NVIDIA in the 4th quarter worth approximately $43,515,504,000. Finally, Northern Trust Corp grew its stake 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 acquiring an additional 36,266,817 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on NVDA shares. Truist Financial lifted their target price on shares of NVIDIA from $205.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. Stifel Nicolaus set a $180.00 target price on shares of NVIDIA in a research note on Wednesday, March 19th. Benchmark reaffirmed a “buy” rating and issued a $190.00 target price on shares of NVIDIA in a research note on Thursday, May 29th. Morgan Stanley reaffirmed an “overweight” rating and issued a $170.00 target price (up from $160.00) on shares of NVIDIA in a research note on Thursday, May 29th. Finally, William Blair reissued an “outperform” rating on shares of NVIDIA in a research note on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-five have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $172.24.

NVIDIA Stock Performance

Shares of NVDA stock opened at $142.83 on Thursday. NVIDIA Co. has a 12 month low of $86.62 and a 12 month high of $153.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. The firm has a market capitalization of $3.49 trillion, a P/E ratio of 56.21, a P/E/G ratio of 1.76 and a beta of 2.12. The company’s fifty day moving average price is $120.91 and its two-hundred day moving average price is $126.34.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm had revenue of $44.06 billion during the quarter, compared to analyst estimates of $43.09 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. The business’s quarterly revenue was up 69.2% compared to the same quarter last year. On average, research analysts anticipate that NVIDIA Co. will post 2.77 earnings per share for the current fiscal year.

NVIDIA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.29%.

Insider Activity

In other news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $142.80, for a total value of $142,800,000.00. Following the sale, the director now owns 26,671,360 shares in the company, valued at approximately $3,808,670,208. This represents a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Aarti S. Shah sold 20,000 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $118.42, for a total transaction of $2,368,400.00. Following the completion of the sale, the director now owns 53,208 shares in the company, valued at approximately $6,300,891.36. This trade represents a 27.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,560,845 shares of company stock worth $360,351,849. 4.17% of the stock is currently owned by corporate insiders.

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.