FAS Wealth Partners Inc. has reduced its stake in NVIDIA Corporation (NASDAQ: NVDA) by 0.9% during the first quarter of 2023, according to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 130,909 shares of NVIDIA, following the sale of 1,185 shares. As of the most recent filing, the value of FAS Wealth Partners’ holdings in NVIDIA stands at approximately $14.19 million, making it the firm’s 20th largest investment.
The shift in FAS Wealth Partners’ portfolio comes as several large investors have also made moves regarding NVIDIA shares. Notably, FMR LLC increased its stake by 0.7% in the fourth quarter, now owning over 1 billion shares valued at $134.88 billion. Similarly, Geode Capital Management LLC raised its stake by 1.7%, while Price T Rowe Associates Inc. added 0.9% to their holdings. Norges Bank entered the market with a new stake worth approximately $43.52 billion, and Northern Trust Corp increased its stake by 15.8%.
Institutional investors and hedge funds currently own about 65.27% of NVIDIA stock, signaling strong confidence in the company within the investment community.
Insider Activity Raises Attention
In corporate insider news, Colette Kress, CFO of NVIDIA, sold 20,000 shares on August 4, 2023, at an average price of $178.06, amounting to $3.56 million. This transaction reduced her position by 11.56%. Following the sale, Kress retains ownership of 153,060 shares valued at approximately $27.25 million.
Additionally, Jen Hsun Huang, the CEO, sold 75,000 shares on August 13, 2023, for around $13.60 million. After this sale, Huang owns 72,998,225 shares worth approximately $13.24 billion, reflecting a minor decrease of 0.10% in his holdings. Over the past ninety days, insiders have sold a total of 5,837,440 shares valued at around $889.40 million, with corporate insiders currently holding 4.17% of the stock.
Analysts Optimize Price Targets
Market analysts have recently updated their outlooks on NVIDIA. Oppenheimer raised its price target from $175.00 to $200.00, maintaining an “outperform” rating. Similarly, Barclays increased its target from $170.00 to $200.00, while Jefferies Financial Group also adjusted its target from $185.00 to $200.00. Mizuho set a new target at $205.00 and assigned an “outperform” rating.
MarketBeat.com reports that one analyst has issued a sell rating on the stock, while five rate it as a hold. A total of thirty-two analysts have given NVIDIA a buy rating, with four issuing a strong buy. The consensus rating stands at “Moderate Buy,” with an average target price of $186.33.
NVIDIA’s stock performance remains robust, opening at $180.45 recently. The stock has shown volatility, with a 50-day moving average price of $163.96 and a 200-day moving average of $135.36. Over the past year, shares have fluctuated between a low of $86.62 and a high of $184.48. The company’s market capitalization is approximately $4.40 trillion.
NVIDIA’s financial health appears solid, evidenced by its recent earnings report. The company announced earnings of $0.81 per share for the last quarter, falling short of the consensus estimate of $0.87 by $0.06. However, the reported revenue of $44.06 billion exceeded expectations, reflecting a year-over-year increase of 69.2%.
NVIDIA’s Dividend Announcement
In other news, NVIDIA declared a quarterly dividend of $0.01 per share, which was paid out on July 3, 2023. Investors on record as of June 11 received this dividend, which equates to an annualized yield of 0.0%. The company’s payout ratio is currently 1.29%.
NVIDIA Corporation continues to be a leader in the provision of graphics and computing solutions, with operations spanning the United States, Taiwan, China, and several other international markets. The company offers a range of products, including GeForce GPUs for gaming, enterprise workstation graphics, and automotive platforms for infotainment systems.
As NVIDIA navigates the competitive landscape of the technology sector, investor interest and market activity around its stock remains a focal point for analysts and stakeholders alike.
