Fortress Wealth Management Inc. Sells 977 Shares of NVIDIA Co. (NASDAQ:NVDA)

Fortress Wealth Management Inc. cut its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 32.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,009 shares of the computer hardware maker’s stock after selling 977 shares during the quarter. Fortress Wealth Management Inc.’s holdings in NVIDIA were worth $244,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NVDA. Vanguard Group Inc. raised its stake in shares of NVIDIA by 4.3% during the first quarter. Vanguard Group Inc. now owns 213,335,626 shares of the computer hardware maker’s stock worth $192,761,538,000 after acquiring an additional 8,828,050 shares in the last quarter. Legal & General Group Plc raised its position in NVIDIA by 884.0% in the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker’s stock worth $26,329,751,000 after purchasing an additional 191,469,114 shares during the period. Bank of New York Mellon Corp lifted its stake in NVIDIA by 854.1% in the second quarter. Bank of New York Mellon Corp now owns 182,622,629 shares of the computer hardware maker’s stock worth $22,561,200,000 after purchasing an additional 163,482,580 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in NVIDIA by 870.3% in the second quarter. Ameriprise Financial Inc. now owns 102,422,225 shares of the computer hardware maker’s stock worth $12,658,922,000 after purchasing an additional 91,867,031 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in NVIDIA by 1,123.2% during the second quarter. Dimensional Fund Advisors LP now owns 92,039,713 shares of the computer hardware maker’s stock valued at $11,371,255,000 after buying an additional 84,515,429 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at NVIDIA

In other NVIDIA news, CFO Colette Kress sold 66,670 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares of the company’s stock, valued at approximately $577,611,810.26. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $132.27, for a total value of $20,501,850.00. Following the sale, the director now owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. This represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,156,270 shares of company stock worth $254,784,327 over the last three months. 4.23% of the stock is currently owned by company insiders.

NVIDIA Price Performance

Shares of NVDA opened at $136.02 on Tuesday. The company has a market capitalization of $3.33 trillion, a P/E ratio of 53.53, a price-to-earnings-growth ratio of 2.60 and a beta of 1.66. NVIDIA Co. has a twelve month low of $45.01 and a twelve month high of $152.89. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $134.39 and a 200 day moving average of $122.84.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm had revenue of $35.08 billion during the quarter, compared to analysts’ expectations of $33.15 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 93.6% on a year-over-year basis. As a group, equities research analysts anticipate that NVIDIA Co. will post 2.73 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has authorized a stock buyback program on Wednesday, August 28th that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, December 5th. NVIDIA’s payout ratio is presently 1.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NVDA. Robert W. Baird lifted their price objective on NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Truist Financial lifted their price target on NVIDIA from $148.00 to $167.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Mizuho increased their price objective on NVIDIA from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday, November 21st. Raymond James raised their target price on shares of NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 14th. Finally, Redburn Atlantic initiated coverage on shares of NVIDIA in a report on Tuesday, November 12th. They set a “buy” rating and a $178.00 price target for the company. Four analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.

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.