Summit Investment Advisory Services LLC Has $207,000 Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Summit Investment Advisory Services LLC lessened its stake in shares of NVIDIA Co. (NASDAQ:NVDA - Free Report) by 74.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,708 shares of the computer hardware maker's stock after selling 5,030 shares during the quarter. Summit Investment Advisory Services LLC's holdings in NVIDIA were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NVDA. University of Texas Texas AM Investment Management Co. boosted its position in shares of NVIDIA by 897.5% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 119,110 shares of the computer hardware maker's stock worth $14,715,000 after acquiring an additional 107,169 shares during the last quarter. Truepoint Inc. boosted its holdings in shares of NVIDIA by 914.1% in the 2nd quarter. Truepoint Inc. now owns 12,990 shares of the computer hardware maker's stock valued at $1,605,000 after purchasing an additional 11,709 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of NVIDIA by 683.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 238,829 shares of the computer hardware maker's stock valued at $29,505,000 after purchasing an additional 208,362 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of NVIDIA by 884.0% during the 2nd quarter. Legal & General Group Plc now owns 213,127,959 shares of the computer hardware maker's stock worth $26,329,751,000 after buying an additional 191,469,114 shares during the last quarter. Finally, Lombard Odier Asset Management Europe Ltd raised its position in shares of NVIDIA by 1,106.0% in the 2nd quarter. Lombard Odier Asset Management Europe Ltd now owns 532,285 shares of the computer hardware maker's stock worth $65,758,000 after buying an additional 488,148 shares during the period. 65.27% of the stock is currently owned by hedge funds and other institutional investors.

NVIDIA Stock Performance

Shares of NASDAQ NVDA traded down $1.95 during trading hours on Friday, hitting $144.72. 40,488,000 shares of the company's stock were exchanged, compared to its average volume of 396,077,906. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. NVIDIA Co. has a 1-year low of $45.01 and a 1-year high of $152.89. The company's 50-day moving average price is $133.55 and its 200-day moving average price is $121.72. The stock has a market capitalization of $3.55 trillion, a price-to-earnings ratio of 68.81, a PEG ratio of 1.54 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA - Get Free Report) last released its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The business had revenue of $35.08 billion during the quarter, compared to analysts' expectations of $33.15 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm's revenue was up 93.6% on a year-over-year basis. On average, sell-side analysts expect that NVIDIA Co. will post 2.68 earnings per share for the current fiscal year.

NVIDIA declared that its board has initiated a stock buyback program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

NVIDIA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA's payout ratio is 1.88%.

Insider Buying and Selling

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the sale, the insider now directly owns 492,409 shares of the company's stock, valued at approximately $57,370,572.59. The trade was a 0.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of the firm's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $105.33, for a total transaction of $12,639,600.00. Following the completion of the transaction, the chief executive officer now directly owns 75,895,836 shares in the company, valued at $7,994,108,405.88. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,156,270 shares of company stock valued at $254,784,327 over the last ninety days. 4.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on NVDA. The Goldman Sachs Group upped their price target on NVIDIA from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday. Cantor Fitzgerald restated an "overweight" rating and issued a $175.00 price target on shares of NVIDIA in a report on Thursday. Mizuho boosted their price objective on shares of NVIDIA from $165.00 to $175.00 and gave the stock an "outperform" rating in a research note on Thursday. Redburn Atlantic started coverage on shares of NVIDIA in a research note on Tuesday, November 12th. They issued a "buy" rating and a $178.00 target price on the stock. Finally, Loop Capital reaffirmed a "buy" rating and set a $175.00 price target on shares of NVIDIA in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $160.82.

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.