Confluence Wealth Services Inc. Trims Holdings in NVIDIA Co. (NASDAQ:NVDA)

Confluence Wealth Services Inc. reduced its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 11.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 54,342 shares of the computer hardware maker’s stock after selling 7,073 shares during the period. NVIDIA makes up approximately 0.5% of Confluence Wealth Services Inc.’s portfolio, making the stock its 27th biggest holding. Confluence Wealth Services Inc.’s holdings in NVIDIA were worth $6,599,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Cardinal Strategic Wealth Guidance raised its holdings in NVIDIA by 2.6% in the 3rd quarter. Cardinal Strategic Wealth Guidance now owns 3,426 shares of the computer hardware maker’s stock worth $416,000 after purchasing an additional 86 shares during the period. Baxter Bros Inc. increased its stake in shares of NVIDIA by 5.8% in the 3rd quarter. Baxter Bros Inc. now owns 5,516 shares of the computer hardware maker’s stock worth $670,000 after acquiring an additional 301 shares during the last quarter. Indie Asset Partners LLC increased its holdings in shares of NVIDIA by 44.1% during the 3rd quarter. Indie Asset Partners LLC now owns 17,332 shares of the computer hardware maker’s stock worth $2,105,000 after buying an additional 5,306 shares during the last quarter. Prossimo Advisors LLC lifted its stake in shares of NVIDIA by 14.6% in the 3rd quarter. Prossimo Advisors LLC now owns 38,596 shares of the computer hardware maker’s stock valued at $4,687,000 after purchasing an additional 4,916 shares during the last quarter. Finally, New Covenant Trust Company N.A. grew its holdings in shares of NVIDIA by 23.7% during the 3rd quarter. New Covenant Trust Company N.A. now owns 20,836 shares of the computer hardware maker’s stock worth $2,529,000 after purchasing an additional 3,989 shares during the period. 65.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. This represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $135.40, for a total transaction of $9,027,118.00. Following the completion of the transaction, the chief financial officer now directly owns 3,351,572 shares in the company, valued at approximately $453,802,848.80. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,628,156 shares of company stock valued at $197,995,077 in the last 90 days. 4.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. TD Cowen upped their price objective on shares of NVIDIA from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Robert W. Baird increased their price target on shares of NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Piper Sandler upped their price objective on NVIDIA from $140.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. HSBC lifted their price objective on NVIDIA from $145.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of NVIDIA from $115.00 to $140.00 and gave the stock a “hold” rating in a research note on Thursday, November 21st. Four research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.15.

NVIDIA Stock Down 1.7 %

NVDA opened at $132.00 on Tuesday. NVIDIA Co. has a one year low of $47.32 and a one year high of $152.89. The company has a market cap of $3.23 trillion, a price-to-earnings ratio of 51.95, a PEG ratio of 2.43 and a beta of 1.63. The business’s fifty day moving average is $139.84 and its two-hundred day moving average is $126.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10.

NVIDIA (NASDAQ:NVDA) last released its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $35.08 billion during the quarter, compared to analysts’ expectations of $33.15 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. The business’s revenue for the quarter was up 93.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share. Analysts anticipate that NVIDIA Co. will post 2.78 EPS for the current fiscal year.

NVIDIA announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 28th that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

NVIDIA Dividend Announcement

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

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.