Leelyn Smith LLC has decreased its ownership in NVIDIA Corporation (NASDAQ: NVDA) by 4.9% during the third quarter of 2023, as revealed in its latest 13F filing with the Securities and Exchange Commission. The firm now holds 85,418 shares of the prominent computer hardware maker after selling 4,415 shares during the period. NVIDIA accounts for approximately 2.4% of Leelyn Smith LLC’s total portfolio, making it the firm’s seventh largest holding with a value of $15,937,000.
In addition to Leelyn Smith LLC, several other institutional investors have made adjustments to their NVIDIA holdings. For instance, Websterrogers Financial Advisors LLC increased its stake by 2.6% in the same quarter, acquiring an additional 54 shares to reach a total of 2,118 shares, valued at $395,000. Similarly, Helen Stephens Group LLC raised its position by 3.9%, now owning 1,483 shares worth $277,000 after acquiring 56 shares.
Other firms, including Morton Brown Family Wealth LLC and Alpha Wealth Funds LLC, have also adjusted their positions, with the former increasing its stake by 1.5% and the latter by 1.3%. Currently, institutional investors and hedge funds collectively own 65.27% of NVIDIA’s stock.
Analyst Ratings and Price Performance
Recent evaluations from equity analysts reflect a mixed outlook for NVIDIA. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on January 12, 2024. In contrast, Arete Research raised its price target from $244.00 to $261.00, maintaining a “buy” rating. Other firms, including William Blair and Needham & Company LLC, echoed positive sentiments, reiterating their “buy” ratings and setting target prices of $220.00 and $240.00, respectively.
Overall, the consensus rating for NVIDIA stands at “Buy,” with an average price target of $264.20 according to MarketBeat.
On January 11, 2024, NVIDIA’s share price opened at $190.20. The company’s market capitalization is currently valued at $4.62 trillion, with a price-to-earnings (PE) ratio of 47.20. Over the past year, NVIDIA shares have fluctuated significantly, hitting a 52-week low of $86.62 and a high of $212.19.
Financial Highlights and Future Outlook
NVIDIA reported robust financial results for the recent quarter, announcing an earnings per share (EPS) of $1.30, surpassing analyst expectations of $1.23 by $0.07. The company generated revenue of $57.01 billion, which exceeded the anticipated $54.66 billion. This represents a remarkable year-over-year revenue increase of 62.5% compared to the previous year’s quarter.
In terms of dividends, NVIDIA recently declared a quarterly dividend of $0.01 per share, which was distributed on December 26, 2023. Stockholders of record on December 4, 2023, were eligible for this dividend, reflecting a modest annualized dividend yield of 0.0%.
In insider activity, Colette Kress, the Chief Financial Officer, sold 30,500 shares on December 12, 2023, for a total value of $5,432,355. Additionally, Ajay K. Puri, Executive Vice President, sold 200,000 shares on January 7, 2024, for approximately $37.56 million. These trades indicate a slight decrease in their respective ownership stakes, with insiders now owning 4.17% of the company.
Founded in 1993 and headquartered in Santa Clara, California, NVIDIA Corporation has evolved from a focused graphics chipmaker to a leader in accelerated computing technologies across various industries. Its diverse product offerings include graphics processing units (GPUs) for gaming, AI training data center accelerators, and system-on-chip (SoC) technologies.
As NVIDIA continues to adapt to the rapidly changing technological landscape, investors and analysts alike will be closely monitoring its performance and market strategies in the coming months.
