Bridges Investment Management Inc. Sells 114,080 Shares of NVIDIA Co. (NASDAQ:NVDA)

Bridges Investment Management Inc. trimmed its position in NVIDIA Co. (NASDAQ:NVDA) by 6.5% in the third quarter, Holdings Channel.com reports. The firm owned 1,643,246 shares of the computer hardware maker’s stock after selling 114,080 shares during the period. NVIDIA comprises approximately 2.8% of Bridges Investment Management Inc.’s portfolio, making the stock its 8th largest holding. Bridges Investment Management Inc.’s holdings in NVIDIA were worth $199,556,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lantz Financial LLC boosted its position in shares of NVIDIA by 833.1% in the 2nd quarter. Lantz Financial LLC now owns 41,188 shares of the computer hardware maker’s stock worth $5,088,000 after purchasing an additional 36,774 shares during the last quarter. WASHINGTON TRUST Co lifted its stake in NVIDIA by 849.2% in the second quarter. WASHINGTON TRUST Co now owns 728,910 shares of the computer hardware maker’s stock valued at $90,050,000 after buying an additional 652,119 shares during the period. Wedmont Private Capital boosted its holdings in NVIDIA by 966.0% during the second quarter. Wedmont Private Capital now owns 338,214 shares of the computer hardware maker’s stock worth $43,711,000 after buying an additional 306,487 shares during the last quarter. Roman Butler Fullerton & Co. boosted its holdings in NVIDIA by 949.5% during the second quarter. Roman Butler Fullerton & Co. now owns 128,128 shares of the computer hardware maker’s stock worth $17,286,000 after buying an additional 115,920 shares during the last quarter. Finally, JBR Co Financial Management Inc grew its position in shares of NVIDIA by 919.5% during the 2nd quarter. JBR Co Financial Management Inc now owns 194,354 shares of the computer hardware maker’s stock worth $24,010,000 after buying an additional 175,291 shares during the period. 65.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of NVIDIA from $189.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Benchmark increased their target price on shares of NVIDIA from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Raymond James boosted their price target on shares of NVIDIA from $140.00 to $170.00 and gave the company a “strong-buy” rating in a report on Thursday, November 14th. Truist Financial upped their price objective on shares of NVIDIA from $148.00 to $167.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, Mizuho lifted their target price on NVIDIA from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Four 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 company’s stock. According to MarketBeat, NVIDIA currently has an average rating of “Moderate Buy” and an average price target of $164.15.

NVIDIA Stock Performance

NASDAQ NVDA opened at $140.22 on Wednesday. The firm’s fifty day moving average price is $139.66 and its two-hundred day moving average price is $127.49. NVIDIA Co. has a 1 year low of $47.32 and a 1 year high of $152.89. The firm has a market capitalization of $3.43 trillion, a P/E ratio of 55.18, a price-to-earnings-growth ratio of 2.43 and a beta of 1.63. The company has a current ratio of 4.10, a quick ratio of 3.64 and a debt-to-equity ratio of 0.13.

NVIDIA (NASDAQ:NVDA) last issued its 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. The business had revenue of $35.08 billion during the quarter, compared to the consensus estimate of $33.15 billion. NVIDIA had a net margin of 55.69% and a return on equity of 114.83%. NVIDIA’s revenue was up 93.6% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. As a group, research analysts anticipate that NVIDIA Co. will post 2.78 EPS for the current year.

NVIDIA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be issued 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 of this dividend is Thursday, December 5th. NVIDIA’s payout ratio is presently 1.57%.

NVIDIA declared that its Board of Directors has authorized a share buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity 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, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $135.28, for a total transaction of $608,760.00. Following the sale, the insider now owns 480,899 shares of the company’s stock, valued at approximately $65,056,016.72. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,391,886 shares of company stock worth $181,666,050. Company insiders own 4.23% of the company’s stock.

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.