Palmer Knight Co Sells 2,809 Shares of NVIDIA Co. (NASDAQ:NVDA)

Palmer Knight Co lessened its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 9.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,791 shares of the computer hardware maker’s stock after selling 2,809 shares during the period. Palmer Knight Co’s holdings in NVIDIA were worth $3,253,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Hoertkorn Richard Charles boosted its stake in NVIDIA by 2.0% during the third quarter. Hoertkorn Richard Charles now owns 3,490 shares of the computer hardware maker’s stock worth $424,000 after buying an additional 70 shares during the period. Smart Portfolios LLC lifted its holdings in shares of NVIDIA by 2.7% in the 3rd quarter. Smart Portfolios LLC now owns 2,805 shares of the computer hardware maker’s stock worth $341,000 after acquiring an additional 75 shares during the last quarter. Total Wealth Planning LLC lifted its holdings in shares of NVIDIA by 3.6% in the 3rd quarter. Total Wealth Planning LLC now owns 2,275 shares of the computer hardware maker’s stock worth $276,000 after acquiring an additional 78 shares during the last quarter. Boyd Watterson Asset Management LLC OH boosted its stake in shares of NVIDIA by 0.3% during the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 30,080 shares of the computer hardware maker’s stock worth $3,653,000 after purchasing an additional 80 shares during the period. Finally, Pavion Blue Capital LLC grew its holdings in NVIDIA by 0.4% during the 3rd quarter. Pavion Blue Capital LLC now owns 21,650 shares of the computer hardware maker’s stock valued at $2,629,000 after purchasing an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Analyst Upgrades and Downgrades

NVDA has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on NVIDIA from $165.00 to $180.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Needham & Company LLC boosted their target price on shares of NVIDIA from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Raymond James upped their price target on shares of NVIDIA from $140.00 to $170.00 and gave the stock a “strong-buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. lifted their price objective on shares of NVIDIA from $155.00 to $170.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Finally, Bank of America reissued a “buy” rating and issued a $190.00 price objective on shares of NVIDIA in a research 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 issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $164.15.

Insider Transactions at NVIDIA

In other NVIDIA news, Director Tench Coxe sold 1,000,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $131.26, for a total value of $131,260,000.00. Following the transaction, the director now directly owns 28,671,360 shares in the company, valued at $3,763,402,713.60. The trade was a 3.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Dabiri sold 716 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $142.00, for a total value of $101,672.00. Following the completion of the transaction, the director now directly owns 19,942 shares in the company, valued at $2,831,764. The trade was a 3.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,556,986 shares of company stock valued at $201,687,727 over the last 90 days. 4.23% of the stock is owned by corporate insiders.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $134.70 on Monday. NVIDIA Co. has a 52 week low of $47.32 and a 52 week high of $152.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.64 and a current ratio of 4.10. The stock has a market capitalization of $3.30 trillion, a price-to-earnings ratio of 53.01, a PEG ratio of 2.43 and a beta of 1.63. The firm has a fifty day moving average of $139.63 and a two-hundred day moving average of $127.32.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share (EPS) for the quarter, beating 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 company had revenue of $35.08 billion during the quarter, compared to analyst estimates of $33.15 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The firm’s revenue was up 93.6% on a year-over-year basis. As a group, equities research analysts predict that NVIDIA Co. will post 2.78 EPS for the current year.

NVIDIA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA’s dividend payout ratio is presently 1.57%.

NVIDIA declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.