The Center for Financial Planning Inc. has increased its stake in NVIDIA Corporation (NASDAQ: NVDA) by 4.6% during the second quarter of 2023, as reported in its recent filing with the Securities and Exchange Commission. The financial advisory firm now holds 8,429 shares of the prominent computer hardware maker, following the acquisition of an additional 367 shares. The value of these holdings stands at approximately $1.33 million.
Several other institutional investors have also made moves in NVIDIA shares. Twin City Private Wealth LLC raised its position by 2.0%, acquiring an additional 85 shares for a total of 4,297 shares valued at $679,000. Balentine LLC significantly increased its stake by 43.1%, now owning 33,947 shares worth $5.36 million after purchasing 10,227 additional shares. Other notable investors include Hutchinson Financial Advisors INC, which bought into NVIDIA for around $470,000, and Syverson Strege & Co, which boosted its holdings by an impressive 290.6%, now owning 20,133 shares valued at $3.18 million. Approximately 65.27% of NVIDIA’s stock is currently held by institutional investors.
Insider Trading Activity
Recent insider trading activity at NVIDIA has drawn attention. Director John Dabiri sold 626 shares on November 24, 2023, at an average price of $179.42, totaling approximately $112,316.92. After the sale, Dabiri’s ownership decreased by 3.40%, leaving him with 17,792 shares valued at around $3.19 million. Meanwhile, CEO Jen Hsun Huang sold 25,000 shares on October 29, 2023, for $5.20 million, which represented a 0.04% decrease in his ownership. Following this transaction, Huang holds 69,733,203 shares valued at approximately $14.50 billion. In total, insiders have sold 3,177,203 shares valued at $570.17 million over the last three months, while insiders currently own 4.17% of the company’s stock.
NVIDIA Stock Performance and Future Outlook
As of the latest trading session, NVIDIA shares opened at $176.67, reflecting a 2.0% decrease. The company boasts a market capitalization of $4.29 trillion, with a price-to-earnings ratio of 50.33 and a beta of 2.11. Notably, NVIDIA has experienced a 1-year price range between $86.62 and $212.19.
In its recent earnings report on November 19, 2023, NVIDIA reported earnings per share of $1.30, exceeding analysts’ expectations of $1.23. The company generated revenue of $57.01 billion, significantly higher than the anticipated $54.66 billion, marking a 62.5% increase from the same quarter last year.
Additionally, NVIDIA has announced a quarterly dividend of $0.01 per share, to be paid on December 26, 2023, to investors on record as of December 4, 2023. This represents an annualized dividend of $0.04 and a yield of 0.0%.
Looking ahead, analysts maintain a positive outlook on NVIDIA stock. According to recent reports, Truist Financial raised their price target from $228.00 to $255.00, affirming a “buy” rating. Other firms, such as Morgan Stanley and Deutsche Bank, have also adjusted their targets upward, reflecting strong confidence in NVIDIA’s growth potential. The average rating for NVIDIA among analysts is “Buy,” with an average target price of $258.30.
NVIDIA Corporation continues to be a leader in the graphics and computing sector, providing innovative solutions across various industries, including gaming and artificial intelligence. The company’s robust performance and strategic investments position it well for future growth in an increasingly competitive market.
