Fred Alger Management LLC Sells 478,504 Shares of NVIDIA Co. (NASDAQ:NVDA)

Fred Alger Management LLC cut its position in NVIDIA Co. (NASDAQ:NVDA) by 3.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,902,566 shares of the computer hardware maker’s stock after selling 478,504 shares during the quarter. NVIDIA makes up 8.8% of Fred Alger Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Fred Alger Management LLC owned about 0.06% of NVIDIA worth $1,809,768,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in NVIDIA during the 2nd quarter worth $27,000. Christopher J. Hasenberg Inc purchased a new stake in shares of NVIDIA in the third quarter valued at about $27,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of NVIDIA during the second quarter worth about $31,000. West Financial Advisors LLC purchased a new position in shares of NVIDIA during the third quarter worth about $36,000. Finally, DHJJ Financial Advisors Ltd. increased its position in NVIDIA by 70.0% in the 3rd quarter. DHJJ Financial Advisors Ltd. now owns 340 shares of the computer hardware maker’s stock valued at $41,000 after acquiring an additional 140 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NVDA shares. TD Cowen boosted their target price on NVIDIA from $165.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price objective on shares of NVIDIA in a research report on Thursday, November 21st. Susquehanna upped their price objective on shares of NVIDIA from $160.00 to $180.00 and gave the stock a “positive” rating in a research report on Thursday, November 14th. Morgan Stanley lifted their target price on shares of NVIDIA from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Finally, Needham & Company LLC boosted their price target on shares of NVIDIA from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Four equities 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $164.27.

NVIDIA Price Performance

NASDAQ NVDA opened at $131.76 on Wednesday. The firm has a market cap of $3.23 trillion, a P/E ratio of 51.85, a price-to-earnings-growth ratio of 2.43 and a beta of 1.64. The stock’s 50-day moving average is $139.68 and its two-hundred day moving average is $128.82. NVIDIA Co. has a fifty-two week low of $54.74 and a fifty-two week 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.

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

NVIDIA Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Thursday, December 5th were given 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 was Thursday, December 5th. NVIDIA’s dividend payout ratio is currently 1.57%.

Insider Buying and Selling

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $135.28, for a total transaction of $608,760.00. Following the completion of the transaction, the insider now owns 480,899 shares in the company, valued at $65,056,016.72. This trade represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ajay K. Puri sold 36,462 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $151.10, for a total value of $5,509,408.20. Following the completion of the sale, the executive vice president now owns 3,902,888 shares in the company, valued at approximately $589,726,376.80. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,348 shares of company stock valued at $146,506,958 over the last three months. 4.23% of the stock is 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.