Thurston Springer Miller Herd & Titak Inc. has significantly reduced its stake in NVIDIA Corporation (NASDAQ: NVDA), selling 97.9% of its shares during the third quarter of 2023. The firm disclosed this reduction in its holdings to the Securities and Exchange Commission, indicating it now owns just 5,927 shares after divesting 272,504 shares. Following this sale, NVIDIA represents approximately 2.2% of Thurston Springer Miller Herd & Titak Inc.’s overall portfolio, making it the firm’s fourth largest position. As of the end of the most recent quarter, the remaining shares were valued at about $1,106,000.
This move comes amid other hedge funds also adjusting their positions in NVIDIA. For instance, Harbor Asset Planning Inc. acquired a new stake valued at approximately $28,000 during the second quarter. Likewise, Longfellow Investment Management Co. LLC increased its holdings by 47.9%, now owning 207 shares worth around $33,000 after purchasing an additional 67 shares. Other notable acquisitions include Spurstone Advisory Services LLC and EDENTREE ASSET MANAGEMENT Ltd., which made new stakes valued at $40,000 and $54,000, respectively. Currently, institutional investors and hedge funds collectively own 65.27% of NVIDIA’s stock.
Analysts have also weighed in on NVIDIA shares, with several upgrades reported recently. Citigroup raised its price target from $220.00 to $270.00 while maintaining a “buy” rating. Similarly, Raymond James Financial set a price objective of $272.00 and issued a “strong buy” recommendation. Other firms like New Street Research and DA Davidson have reaffirmed “buy” ratings, with target prices ranging from $250.00 to $307.00. As it stands, five analysts have rated NVIDIA with a “Strong Buy,” while forty-five have recommended a “Buy.” Overall, the stock holds an average rating of “Buy” and a consensus target price of $262.14 according to MarketBeat data.
NVIDIA’s Recent Performance and Financials
On the trading front, shares of NVIDIA opened at $180.99 on Friday, reflecting a market capitalization of $4.40 trillion. The stock’s performance metrics show a P/E ratio of 44.91 and a P/E/G ratio of 0.85. NVIDIA’s 50-day moving average stands at $185.58, while the 200-day moving average is at $174.93. Over the past year, the stock has fluctuated between a low of $86.62 and a high of $212.19.
In its latest earnings report, released on November 19, 2023, NVIDIA announced earnings per share (EPS) of $1.30, surpassing analysts’ expectations of $1.23 by $0.07. The company reported revenue of $57.01 billion, significantly higher than the projected $54.66 billion, reflecting a year-over-year revenue increase of 62.5%. Analysts predict that NVIDIA will post an EPS of 2.77 for the current fiscal year.
Dividend Announcement and Insider Activity
NVIDIA also declared a quarterly dividend of $0.01, set to be paid on December 26, 2023, to stockholders of record on December 4, 2023. This represents an annualized dividend of $0.04, resulting in a yield of 0.0%. The company’s dividend payout ratio currently stands at 0.99%.
In recent insider activity, Debora Shoquist, Executive Vice President, sold 69,840 shares for approximately $12.42 million at an average price of $177.85 on December 12, 2023. This transaction reduced her stake by 4.67%. Additionally, CFO Colette Kress sold 30,500 shares for about $5.43 million, decreasing her ownership by 2.32%.
Over the last three months, insiders have sold a total of 2,163,974 shares valued at approximately $396.09 million. Currently, company insiders hold 4.17% of NVIDIA’s stock.
Founded in 1993 and based in Santa Clara, California, NVIDIA Corporation has evolved from a graphics-focused chipmaker into a leader in accelerated computing hardware and software. The firm is co-founded by Jensen Huang, who also serves as president and CEO. NVIDIA’s product range includes GPUs for gaming and professional use, high-performance accelerators for AI applications, and SoCs for automotive solutions.
With ongoing developments and significant market activity, NVIDIA continues to attract attention from investors and analysts alike.
