Lord Abbett & CO. LLC Sells 430,404 Shares of NVIDIA Co. (NASDAQ:NVDA)

Lord Abbett & CO. LLC decreased its position in NVIDIA Co. (NASDAQ:NVDA) by 4.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,063,701 shares of the computer hardware maker’s stock after selling 430,404 shares during the quarter. NVIDIA comprises approximately 3.4% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its biggest position. Lord Abbett & CO. LLC’s holdings in NVIDIA were worth $1,100,696,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NVDA. Quest Partners LLC acquired a new stake in NVIDIA during the second quarter worth approximately $27,000. Christopher J. Hasenberg Inc acquired a new stake in NVIDIA during the third quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. acquired a new stake in NVIDIA during the second quarter worth approximately $31,000. West Financial Advisors LLC acquired a new stake in NVIDIA during the third quarter worth approximately $36,000. Finally, DHJJ Financial Advisors Ltd. grew its position in NVIDIA by 70.0% during the third quarter. DHJJ Financial Advisors Ltd. now owns 340 shares of the computer hardware maker’s stock worth $41,000 after buying an additional 140 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NVDA shares. Cantor Fitzgerald reissued an “overweight” rating and set a $175.00 price target on shares of NVIDIA in a research report on Thursday, November 21st. DA Davidson raised their target price on NVIDIA from $90.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $220.00 target price on shares of NVIDIA in a report on Wednesday, January 8th. Susquehanna raised their target price on NVIDIA from $160.00 to $180.00 and gave the company a “positive” rating in a report on Thursday, November 14th. Finally, Citigroup raised their target price on NVIDIA from $170.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and an average target price of $164.63.

NVIDIA Stock Performance

NVDA stock opened at $147.22 on Friday. The stock has a 50-day moving average price of $138.70 and a 200-day moving average price of $129.34. NVIDIA Co. has a 1-year low of $59.94 and a 1-year high of $153.13. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.61 trillion, a PE ratio of 57.94, a price-to-earnings-growth ratio of 2.54 and a beta of 1.64.

NVIDIA (NASDAQ:NVDA) last issued its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, beating the consensus estimate of $0.69 by $0.12. The company had revenue of $35.08 billion during 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 period last year, the business posted $0.38 EPS. As a group, equities research analysts expect that NVIDIA Co. will post 2.78 earnings per share for the current year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.01 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is currently 1.57%.

Insiders Place Their Bets

In related news, EVP Ajay K. Puri sold 36,462 shares of NVIDIA 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 sale, the executive vice president now owns 3,902,888 shares of the company’s stock, valued at approximately $589,726,376.80. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Dabiri sold 716 shares of NVIDIA stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $142.00, for a total transaction of $101,672.00. Following the completion of the sale, the director now directly owns 19,942 shares in the company, valued at $2,831,764. This trade represents a 3.47 % decrease in their position. 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 in the last 90 days. 4.23% of the stock is currently owned by corporate insiders.

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.