Allspring Global Investments Holdings LLC Has $1.23 Billion Holdings in NVIDIA Co. (NASDAQ:NVDA)

Allspring Global Investments Holdings LLC cut its position in shares of NVIDIA Co. (NASDAQ:NVDA) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,136,951 shares of the computer hardware maker’s stock after selling 319,220 shares during the quarter. NVIDIA makes up about 1.9% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 2nd largest position. Allspring Global Investments Holdings LLC’s holdings in NVIDIA were worth $1,231,031,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in NVIDIA by 52.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock valued at $34,597,000 after purchasing an additional 13,135 shares during the last quarter. D Orazio & Associates Inc. increased its stake in shares of NVIDIA by 9.4% in the first quarter. D Orazio & Associates Inc. now owns 3,468 shares of the computer hardware maker’s stock worth $3,134,000 after buying an additional 298 shares during the period. TBH Global Asset Management LLC raised its holdings in NVIDIA by 23.0% during the 1st quarter. TBH Global Asset Management LLC now owns 1,114 shares of the computer hardware maker’s stock valued at $1,007,000 after buying an additional 208 shares during the last quarter. Planning Directions Inc. increased its position in shares of NVIDIA by 3.0% in the first quarter. Planning Directions Inc. now owns 935 shares of the computer hardware maker’s stock valued at $844,000 after acquiring an additional 27 shares during the period. Finally, Ledyard National Bank increased its position in shares of NVIDIA by 14.5% in the first quarter. Ledyard National Bank now owns 2,323 shares of the computer hardware maker’s stock valued at $2,099,000 after acquiring an additional 295 shares during the period. 65.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Thursday, November 21st. Evercore ISI boosted their price objective on shares of NVIDIA from $189.00 to $190.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Morgan Stanley raised their target price on shares of NVIDIA from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. New Street Research upgraded shares of NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Redburn Atlantic began coverage on NVIDIA in a research report on Tuesday, November 12th. They set a “buy” rating and a $178.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NVIDIA has an average rating of “Moderate Buy” and an average target price of $164.15.

NVIDIA Stock Up 0.7 %

NVIDIA stock opened at $136.92 on Wednesday. NVIDIA Co. has a twelve month low of $45.01 and a twelve month high of $152.89. The business has a fifty day moving average of $134.82 and a two-hundred day moving average of $123.17. The firm has a market cap of $3.35 trillion, a P/E ratio of 53.88, a P/E/G ratio of 2.60 and a beta of 1.66. The company has a quick ratio of 3.64, a current ratio of 4.10 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $35.08 billion for the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The firm’s revenue for the quarter was up 93.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 earnings per share. On average, analysts forecast that NVIDIA Co. will post 2.73 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.57%.

NVIDIA announced that its board has approved a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at NVIDIA

In related news, Director Mark A. Stevens sold 155,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This represents a 1.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now owns 5,852,480 shares in the company, valued at $698,025,289.60. The trade was a 14.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,156,270 shares of company stock valued at $254,784,327 over the last 90 days. Insiders own 4.23% 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.