Hidden Cove Wealth Management LLC Takes Position in NVIDIA Co. (NASDAQ:NVDA)

Hidden Cove Wealth Management LLC bought a new stake in shares of NVIDIA Co. (NASDAQ:NVDA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 23,595 shares of the computer hardware maker’s stock, valued at approximately $3,169,000. NVIDIA makes up 2.6% of Hidden Cove Wealth Management LLC’s holdings, making the stock its 10th largest position.

A number of other hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in NVIDIA by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 546,079,492 shares of the computer hardware maker’s stock valued at $66,101,133,000 after acquiring an additional 11,525,969 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in NVIDIA by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 180,403,789 shares of the computer hardware maker’s stock valued at $21,908,236,000 after acquiring an additional 6,526,200 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in NVIDIA by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 146,069,090 shares of the computer hardware maker’s stock valued at $17,738,630,000 after acquiring an additional 2,042,348 shares during the period. Fisher Asset Management LLC lifted its stake in NVIDIA by 3.5% during the 3rd quarter. Fisher Asset Management LLC now owns 96,720,707 shares of the computer hardware maker’s stock valued at $11,745,763,000 after acquiring an additional 3,283,380 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in NVIDIA by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 63,615,639 shares of the computer hardware maker’s stock valued at $8,542,944,000 after acquiring an additional 186,761 shares during the period. Institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Up 5.3 %

Shares of NVDA opened at $121.67 on Friday. The company has a market cap of $2.97 trillion, a PE ratio of 47.88, a P/E/G ratio of 1.76 and a beta of 1.77. The business has a fifty day moving average of $129.26 and a 200 day moving average of $131.19. NVIDIA Co. has a 52-week low of $75.61 and a 52-week high of $153.13. 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 results on Wednesday, February 26th. The computer hardware maker reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.05. The company had revenue of $39.33 billion during the quarter, compared to the consensus estimate of $38.16 billion. NVIDIA had a return on equity of 114.83% and a net margin of 55.69%. On average, sell-side analysts expect that NVIDIA Co. will post 2.77 EPS for the current year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 12th will be given a $0.01 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio is presently 1.36%.

Insider Buying and Selling

In other NVIDIA news, EVP Ajay K. Puri sold 36,462 shares of the stock in a transaction on Monday, January 6th. The stock was 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 in the company, valued at $589,726,376.80. This trade represents a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Dabiri sold 2,663 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $110.00, for a total value of $292,930.00. Following the completion of the sale, the director now owns 17,279 shares in the company, valued at approximately $1,900,690. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,039,125 shares of company stock worth $137,062,338 over the last three months. 4.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on NVDA. Mizuho lowered their target price on shares of NVIDIA from $175.00 to $168.00 and set an “outperform” rating on the stock in a research note on Friday. Wells Fargo & Company upped their price target on shares of NVIDIA from $165.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Barclays upped their price target on shares of NVIDIA from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Tigress Financial reaffirmed a “buy” rating on shares of NVIDIA in a research report on Wednesday, February 26th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price target on shares of NVIDIA in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and an average target price of $171.51.

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.