Connable Office Inc. Decreases Stake in NVIDIA Co. (NASDAQ:NVDA)

Connable Office Inc. lessened its stake in shares of NVIDIA Co. (NASDAQ:NVDA) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 112,172 shares of the computer hardware maker’s stock after selling 946 shares during the quarter. NVIDIA comprises about 1.4% of Connable Office Inc.’s holdings, making the stock its 16th biggest holding. Connable Office Inc.’s holdings in NVIDIA were worth $13,622,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in NVDA. BluePointe Capital Management LLC raised its stake in shares of NVIDIA by 17.1% during the third quarter. BluePointe Capital Management LLC now owns 25,809 shares of the computer hardware maker’s stock worth $3,134,000 after purchasing an additional 3,762 shares during the last quarter. Black Diamond Financial LLC lifted its position in NVIDIA by 64.3% in the third quarter. Black Diamond Financial LLC now owns 17,809 shares of the computer hardware maker’s stock valued at $2,163,000 after purchasing an additional 6,969 shares during the period. First Business Financial Services Inc. grew its holdings in NVIDIA by 8.2% during the third quarter. First Business Financial Services Inc. now owns 81,760 shares of the computer hardware maker’s stock worth $9,929,000 after acquiring an additional 6,217 shares during the period. CIBC Asset Management Inc increased its holdings in NVIDIA by 4.6% in the third quarter. CIBC Asset Management Inc now owns 6,375,893 shares of the computer hardware maker’s stock valued at $774,193,000 after buying an additional 280,589 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of NVIDIA by 1.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 442,256 shares of the computer hardware maker’s stock worth $53,708,000 after acquiring an additional 8,136 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NVDA shares. Wedbush raised their price objective on shares of NVIDIA from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. HSBC raised their target price on shares of NVIDIA from $145.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Benchmark lifted their target price on NVIDIA from $170.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Piper Sandler raised their price target on shares of NVIDIA from $140.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Finally, DA Davidson upped their target price on NVIDIA from $90.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and a consensus target price of $164.15.

NVIDIA Stock Down 2.3 %

Shares of NASDAQ NVDA opened at $134.29 on Wednesday. The firm has a 50 day moving average price of $139.66 and a 200 day moving average price of $128.04. 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 cap of $3.29 trillion, a P/E ratio of 52.85, a P/E/G ratio of 2.43 and a beta of 1.63. NVIDIA Co. has a 52-week low of $47.32 and a 52-week high of $152.89.

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

NVIDIA Announces Dividend

The company 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. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.57%.

Insiders Place Their Bets

In related news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $131.26, for a total value of $131,260,000.00. Following the sale, the director now owns 28,671,360 shares in the company, valued at approximately $3,763,402,713.60. This represents a 3.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $135.28, for a total value of $608,760.00. Following the transaction, the insider now owns 480,899 shares in the company, valued at approximately $65,056,016.72. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,351,886 shares of company stock valued at $176,825,650 in the last quarter. 4.23% of the stock is currently owned by insiders.

NVIDIA 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.