Firestone Capital Management Takes Position in NVIDIA Corporation (NASDAQ:NVDA)

Firestone Capital Management bought a new stake in NVIDIA Corporation (NASDAQ:NVDA) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,979 shares of the computer hardware maker’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LJI Wealth Management LLC boosted its holdings in NVIDIA by 0.9% during the first quarter. LJI Wealth Management LLC now owns 32,798 shares of the computer hardware maker’s stock worth $3,555,000 after buying an additional 302 shares in the last quarter. Zeit Capital LLC purchased a new stake in NVIDIA during the first quarter worth about $98,000. Baer Investment Advisory LLC purchased a new stake in NVIDIA during the first quarter worth about $2,064,000. Lokken Investment Group LLC boosted its holdings in NVIDIA by 9.5% during the first quarter. Lokken Investment Group LLC now owns 10,036 shares of the computer hardware maker’s stock worth $1,088,000 after buying an additional 870 shares in the last quarter. Finally, Lauer Wealth LLC boosted its holdings in NVIDIA by 38.0% during the first quarter. Lauer Wealth LLC now owns 6,120 shares of the computer hardware maker’s stock worth $667,000 after buying an additional 1,685 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insider Activity

In other news, EVP Ajay K. Puri sold 168,195 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $152.64, for a total value of $25,673,284.80. Following the completion of the transaction, the executive vice president directly owned 4,018,547 shares in the company, valued at approximately $613,391,014.08. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark A. Stevens sold 935,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $140.92, for a total transaction of $131,760,200.00. Following the completion of the transaction, the director owned 9,214,697 shares of the company’s stock, valued at $1,298,535,101.24. This trade represents a 9.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,687,440 shares of company stock valued at $862,095,782 over the last ninety days. 4.17% of the stock is owned by company insiders.

NVIDIA Price Performance

NVIDIA stock opened at $182.67 on Monday. NVIDIA Corporation has a 52-week low of $86.62 and a 52-week high of $183.88. The firm has a fifty day moving average of $159.82 and a 200-day moving average of $133.62. The firm has a market capitalization of $4.46 trillion, a P/E ratio of 58.93, a PEG ratio of 1.61 and a beta of 2.14. The company has a quick ratio of 2.96, a current ratio of 3.39 and a debt-to-equity ratio of 0.10.

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

NVIDIA Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were paid a $0.01 dividend. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. NVIDIA’s dividend payout ratio is 1.29%.

Wall Street Analyst Weigh In

A number of research firms recently commented on NVDA. Truist Financial boosted their price objective on shares of NVIDIA from $205.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of NVIDIA in a research report on Wednesday, April 16th. Rosenblatt Securities lifted their target price on shares of NVIDIA from $178.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Arete Research upgraded shares of NVIDIA to a “strong-buy” rating in a research report on Wednesday, May 21st. Finally, BNP Paribas upgraded shares of NVIDIA to a “hold” rating in a research report on Friday, August 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $183.75.

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.