Redwood Investments LLC Lowers Stake in NVIDIA Corporation (NVDA)
Redwood Investments LLC decreased its stake in NVIDIA Corporation (NASDAQ:NVDA) by 15.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 72,083 shares of the computer hardware maker’s stock after selling 12,814 shares during the period. Redwood Investments LLC’s holdings in NVIDIA Corporation were worth $10,420,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in NVIDIA Corporation by 499.0% in the first quarter. Wellington Management Group LLP now owns 4,104,980 shares of the computer hardware maker’s stock valued at $447,156,000 after buying an additional 3,419,701 shares during the period. Vanguard Group Inc. boosted its stake in NVIDIA Corporation by 7.4% in the first quarter. Vanguard Group Inc. now owns 37,580,211 shares of the computer hardware maker’s stock valued at $4,093,612,000 after buying an additional 2,597,209 shares during the period. Ameriprise Financial Inc. boosted its stake in NVIDIA Corporation by 46.6% in the first quarter. Ameriprise Financial Inc. now owns 5,257,325 shares of the computer hardware maker’s stock valued at $572,695,000 after buying an additional 1,672,231 shares during the period. Winslow Capital Management LLC purchased a new stake in NVIDIA Corporation during the first quarter valued at $126,231,000. Finally, WINTON GROUP Ltd boosted its stake in NVIDIA Corporation by 290.5% in the first quarter. WINTON GROUP Ltd now owns 1,552,770 shares of the computer hardware maker’s stock valued at $106,396,000 after buying an additional 1,155,115 shares during the period. Institutional investors own 68.55% of the company’s stock.
NVIDIA Corporation (NASDAQ:NVDA) opened at 161.50 on Monday. The company has a market cap of $96.42 billion, a P/E ratio of 46.45 and a beta of 1.24. NVIDIA Corporation has a 1-year low of $57.31 and a 1-year high of $174.56. The stock’s 50 day moving average price is $161.56 and its 200 day moving average price is $129.36.
NVIDIA Corporation (NASDAQ:NVDA) last released its quarterly earnings results on Thursday, August 10th. The computer hardware maker reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.32. NVIDIA Corporation had a return on equity of 39.59% and a net margin of 27.41%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. NVIDIA Corporation’s revenue for the quarter was up 56.2% on a year-over-year basis. On average, equities analysts anticipate that NVIDIA Corporation will post $3.60 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Thursday, August 24th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.35%. The ex-dividend date is Tuesday, August 22nd. NVIDIA Corporation’s dividend payout ratio is presently 15.86%.
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Several analysts recently commented on NVDA shares. Vetr upgraded NVIDIA Corporation from a “buy” rating to a “strong-buy” rating and set a $174.03 target price on the stock in a report on Monday, June 12th. Zacks Investment Research upgraded NVIDIA Corporation from a “hold” rating to a “strong-buy” rating and set a $169.00 target price on the stock in a report on Tuesday, July 11th. Canaccord Genuity reiterated a “buy” rating on shares of NVIDIA Corporation in a report on Saturday, June 3rd. Mizuho reiterated a “buy” rating and issued a $170.00 target price (up from $145.00) on shares of NVIDIA Corporation in a report on Wednesday, June 28th. Finally, BidaskClub upgraded NVIDIA Corporation from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $145.00.
In other news, Director Tench Coxe sold 50,000 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $164.53, for a total value of $8,226,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director A Brooke Seawell sold 3,107 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $140.00, for a total value of $434,980.00. Following the completion of the transaction, the director now directly owns 5,165 shares of the company’s stock, valued at approximately $723,100. The disclosure for this sale can be found here. Insiders have sold 560,556 shares of company stock valued at $85,649,706 in the last three months. 5.17% of the stock is currently owned by corporate insiders.
About NVIDIA Corporation
Nvidia Corporation focuses on personal computer (PC) graphics, graphics processing unit (GPU) and also on artificial intelligence (AI). The Company’s operates through two segments: GPU and Tegra Processor. The Company’s GPU product brands are aimed at specialized markets, including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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