NVIDIA Corporation (NASDAQ:NVDA) is Jennison Associates LLC’s Largest Position

Jennison Associates LLC cut its stake in shares of NVIDIA Corporation (NASDAQ:NVDA) by 8.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 89,367,948 shares of the computer hardware maker’s stock after selling 7,884,124 shares during the quarter. NVIDIA makes up about 6.8% of Jennison Associates LLC’s holdings, making the stock its largest holding. Jennison Associates LLC’s holdings in NVIDIA were worth $9,685,698,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Copia Wealth Management bought a new position in shares of NVIDIA during the 4th quarter valued at about $50,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of NVIDIA during the 1st quarter valued at about $51,000. Bruce G. Allen Investments LLC boosted its holdings in shares of NVIDIA by 198.2% during the 1st quarter. Bruce G. Allen Investments LLC now owns 492 shares of the computer hardware maker’s stock valued at $53,000 after purchasing an additional 327 shares during the last quarter. LSV Asset Management purchased a new stake in shares of NVIDIA during the 4th quarter valued at about $54,000. Finally, Delos Wealth Advisors LLC raised its position in shares of NVIDIA by 134.8% during the 4th quarter. Delos Wealth Advisors LLC now owns 493 shares of the computer hardware maker’s stock valued at $66,000 after buying an additional 283 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

NVIDIA Stock Performance

NVDA opened at $182.02 on Friday. The firm has a market capitalization of $4.44 trillion, a PE ratio of 58.72, a PEG ratio of 1.60 and a beta of 2.14. NVIDIA Corporation has a twelve month low of $86.62 and a twelve month high of $184.48. The firm’s 50-day moving average price is $163.18 and its 200 day moving average price is $135.00. The company has a current ratio of 3.39, a quick ratio of 2.96 and a debt-to-equity ratio of 0.10.

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

NVIDIA Dividend Announcement

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

Insider Buying and Selling

In related news, CFO Colette Kress sold 27,640 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $178.06, for a total transaction of $4,921,578.40. Following the sale, the chief financial officer directly owned 2,956,876 shares of the company’s stock, valued at $526,501,340.56. This represents a 0.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jen Hsun Huang sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $181.38, for a total transaction of $13,603,500.00. Following the sale, the chief executive officer directly owned 72,998,225 shares in the company, valued at approximately $13,240,418,050.50. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,837,440 shares of company stock worth $889,404,782 over the last three months. Insiders own 4.17% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NVDA. Piper Sandler set a $225.00 target price on shares of NVIDIA and gave the company an “overweight” rating in a research report on Wednesday. Wedbush reiterated an “outperform” rating on shares of NVIDIA in a research note on Thursday, May 29th. DA Davidson increased their price objective on shares of NVIDIA from $120.00 to $135.00 and gave the company a “neutral” rating in a research note on Thursday, May 29th. Citigroup raised their target price on shares of NVIDIA from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Finally, Mizuho raised their target price on shares of NVIDIA from $192.00 to $205.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, NVIDIA presently has an average rating of “Moderate Buy” and an average price target of $186.33.

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.