Destiny Wealth Partners LLC has significantly increased its investment in NVIDIA Corporation, raising its holdings by 25.5% during the third quarter of 2023. This move, disclosed in a recent filing with the Securities & Exchange Commission, brings the firm’s total shares in the leading computer hardware manufacturer to 103,097. Following the acquisition of an additional 20,960 shares, NVIDIA now constitutes approximately 2.4% of Destiny Wealth’s total assets, making it the firm’s 11th largest investment.
As reported, the value of Destiny Wealth Partners’ stake in NVIDIA reached $19,236,000 as of the latest filing. Other institutional investors have also recently engaged with NVIDIA. Notably, Harbor Asset Planning Inc. acquired a new position in the second quarter valued at about $28,000, while Winnow Wealth LLC secured shares worth approximately $32,000. Additionally, Longfellow Investment Management Co. LLC boosted its holdings by 47.9%, owning 207 shares valued at $33,000 after purchasing an extra 67 shares.
Institutional investors now hold 65.27% of NVIDIA’s stock, reflecting a strong interest from the investment community.
Wall Street Analysts Anticipate Continued Growth
Several analysts have recently adjusted their forecasts regarding NVIDIA’s stock price. Melius Research raised its price target from $300.00 to $320.00, maintaining a “buy” rating on the shares. Similarly, Rothschild & Co Redburn increased its price objective from $211.00 to $245.00, also issuing a “buy” rating. Other firms, including BNP Paribas Exane and Needham & Company LLC, have set price targets at $250.00 and $240.00, respectively.
Overall, five equity research analysts classify NVIDIA with a “Strong Buy” rating, while 45 analysts recommend a “Buy,” two suggest holding, and one advises selling. The average rating across these evaluations stands at “Buy” with a consensus price target of $262.14.
NVIDIA’s Financial Performance and Future Outlook
NVIDIA’s stock opened at $180.99 on November 19, 2023, reflecting a 3.9% increase. The company boasts a market capitalization of $4.40 trillion, with a price-to-earnings (P/E) ratio of 44.91. Over the past year, NVIDIA’s stock has fluctuated between a low of $86.62 and a high of $212.19.
In its latest quarterly earnings report, NVIDIA announced a substantial revenue of $57.01 billion, surpassing analysts’ expectations of $54.66 billion. The company reported earnings per share (EPS) of $1.30, exceeding the consensus estimate of $1.23 by $0.07. This represents a remarkable 62.5% increase in revenue year-over-year, and analysts predict an EPS of 2.77 for the current fiscal year.
Recently, NVIDIA declared a quarterly dividend of $0.01, set to be paid on December 26, 2023. Investors of record on December 4, 2023 will receive this payment, reflecting an annualized dividend yield of 0.0%.
In other corporate developments, CEO Jensen Huang sold 75,000 shares of NVIDIA on October 15, 2023, at an average price of $181.01, totaling approximately $13.58 million. Following this transaction, Huang retains 70,258,203 shares, valued at about $12.72 billion. Additionally, Executive Vice President Debora Shoquist sold 80,000 shares on December 9, 2023, realizing around $14.77 million from the sale.
NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a leader in technology, primarily known for its development of graphics processing units (GPUs) and system-on-chip (SoC) technologies. The company has evolved from a graphics-focused manufacturer to a major player in accelerated computing solutions across various industries, including gaming and artificial intelligence.
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