Montecito Bank & Trust Has $21.76 Million Stake in NVIDIA Corporation (NASDAQ:NVDA)

Montecito Bank & Trust decreased its position in shares of NVIDIA Corporation (NASDAQ:NVDA) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 200,768 shares of the computer hardware maker’s stock after selling 12,648 shares during the quarter. NVIDIA comprises about 3.9% of Montecito Bank & Trust’s investment portfolio, making the stock its 2nd largest holding. Montecito Bank & Trust’s holdings in NVIDIA were worth $21,759,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. FMR LLC raised its position in shares of NVIDIA by 0.7% during the 4th quarter. FMR LLC now owns 1,004,376,608 shares of the computer hardware maker’s stock worth $134,877,735,000 after buying an additional 6,665,252 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of NVIDIA by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 555,548,278 shares of the computer hardware maker’s stock valued at $74,439,273,000 after acquiring an additional 9,468,786 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in NVIDIA by 0.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 411,328,951 shares of the computer hardware maker’s stock worth $55,237,367,000 after purchasing an additional 3,721,331 shares in the last quarter. Norges Bank bought a new stake in NVIDIA during the fourth quarter worth approximately $43,515,504,000. Finally, Northern Trust Corp lifted its position in NVIDIA by 15.8% in the fourth quarter. Northern Trust Corp now owns 266,454,194 shares of the computer hardware maker’s stock worth $35,782,134,000 after purchasing an additional 36,266,817 shares during the period. Institutional investors own 65.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NVDA. Piper Sandler reiterated an “overweight” rating and set a $180.00 price target (up from $150.00) on shares of NVIDIA in a research report on Wednesday, May 28th. Stifel Nicolaus set a $180.00 target price on NVIDIA in a report on Wednesday, March 19th. Morgan Stanley reiterated an “overweight” rating and issued a $170.00 price target (up from $160.00) on shares of NVIDIA in a research report on Thursday, May 29th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of NVIDIA in a research report on Wednesday, April 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $160.00 price objective on shares of NVIDIA in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-four have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, NVIDIA has an average rating of “Moderate Buy” and an average target price of $175.78.

Insider Transactions at NVIDIA

In other NVIDIA news, EVP Ajay K. Puri sold 168,195 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $152.64, for a total transaction of $25,673,284.80. Following the transaction, the executive vice president owned 4,018,547 shares in the company, valued at $613,391,014.08. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director A Brooke Seawell sold 51,740 shares of NVIDIA stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $154.62, for a total transaction of $8,000,038.80. Following the completion of the transaction, the director directly owned 1,576,709 shares in the company, valued at approximately $243,790,745.58. This represents a 3.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,044,919 shares of company stock worth $584,414,209. 4.17% of the stock is owned by corporate insiders.

NVIDIA Trading Up 2.6%

Shares of NASDAQ NVDA opened at $157.25 on Thursday. The stock has a market cap of $3.84 trillion, a price-to-earnings ratio of 50.73, a PEG ratio of 1.36 and a beta of 2.13. The business has a 50 day simple moving average of $134.36 and a 200 day simple moving average of $127.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.96 and a current ratio of 3.39. NVIDIA Corporation has a 52 week low of $86.62 and a 52 week high of $158.71.

NVIDIA (NASDAQ:NVDA) last announced its quarterly earnings results on Wednesday, May 28th. The computer hardware maker reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). The business had revenue of $44.06 billion for the quarter, compared to analyst estimates of $43.09 billion. NVIDIA had a return on equity of 105.09% and a net margin of 51.69%. The business’s revenue for the quarter was up 69.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.61 EPS. On average, research analysts predict that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Wednesday, June 11th will be given a $0.01 dividend. The ex-dividend date is Wednesday, June 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.29%.

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.