Summit Wealth Partners Acquires NVIDIA Shares

In the latest quarterly report submitted to the SEC, Summit Wealth Partners LLC announced a substantial increase in its holdings of NVIDIA Co. (NASDAQ:NVDA). The firm increased its position by an impressive 697.1% during the second quarter. After acquiring an additional 16,318 shares, Summit now owns a total of 18,659 shares, valued at approximately $2,305,000.

This move reflects a growing trend among various institutional investors and hedge funds, many of whom have also adjusted their stakes in NVIDIA. For instance, Newbridge Financial Services Group Inc. significantly raised its position by 965.9%, bringing its total to 217,349 shares, worth around $26,851,000 after purchasing 196,958 shares in the last quarter. Similarly, Bluefin Capital Management LLC invested heavily in NVIDIA, acquiring shares valued at about $49,416,000.

Another noteworthy investor, SS&H Financial Advisors Inc., expanded its holdings by 933.0%, now possessing 147,220 shares worth approximately $18,188,000. Prio Wealth Limited Partnership has also made waves by increasing its stake by 774.6%, owning 1,495,432 shares valued at $184,746,000 after buying an additional 1,324,452 shares last quarter. Brightwater Advisory LLC has entered the fray as well, acquiring a new stake valued at roughly $862,000 during the same period. As it stands, 65.27% of NVIDIA's stock is currently held by institutional investors.

Recent Insider Activity

In terms of insider trading, CEO Jen Hsun Huang recently sold 120,000 shares of NVIDIA on August 5th, at an average price of $99.81 per share, totaling approximately $11,977,200. Following this transaction, he continues to hold about 77,094,995 shares with a value exceeding $7.69 billion. This sale marked no change in his percentage ownership of the company.

Additionally, CFO Colette Kress sold 66,670 shares on September 20th, for a total of $7,773,055.30 at an average price of $116.59. Post-transaction, she retains an ownership of about 4,954,214 shares valued at approximately $577.6 million. Over the last quarter, insiders have sold 2,516,270 shares, amounting to approximately $291.8 million, with insiders holding about 4.23% of the company’s stock.

Analysts' Recommendations

Wall Street analysts remain optimistic about NVIDIA, with several adjusting their target prices recently. Needham & Company LLC lifted its target price from $120.00 to $145.00 while rating the stock as a “buy.” Wells Fargo also increased its forecast from $155.00 to $165.00, assigning an “overweight” rating. Mizuho raised its price prediction from $132.00 to $140.00, rating the stock as “outperform.” Robert W. Baird and William Blair also set new target prices of $150.00 and initiated coverage with an “outperform” rating respectively. Presently, NVIDIA holds a consensus rating of “Moderate Buy” from analysts and a consensus target price of $143.07.

NVIDIA's Stock Performance

On the market, NVDA opened at $135.40 recently. The company maintains a debt-to-equity ratio of 0.15 and has a robust current ratio of 4.27, alongside a quick ratio of 3.79. With a market cap of $3.32 trillion, NVIDIA's shares have a P/E ratio of 63.57 and a price-to-earnings-growth ratio of 1.40. The stock’s 50-day simple moving average stands at $125.25, while the 200-day moving average is at $116.01. Over the past year, shares have ranged from a low of $42.89 to a high of $144.42.

NVIDIA’s most recent earnings report, released on August 28th, revealed earnings per share (EPS) of $0.68, surpassing the expected EPS of $0.64. The company noted a significant revenue of $30.04 billion for the quarter, beating analysts' forecasts of $28.74 billion, showcasing a year-over-year revenue increase of 122.4%.

Following the earnings announcement, NVIDIA's Board of Directors initiated a share repurchase program, authorizing up to $50.00 billion in stock buybacks, signaling confidence in the company’s valuation.

Dividend News

Additionally, NVIDIA has announced a quarterly dividend that was paid on October 3rd. Shareholders who were on record as of September 12th received a dividend of $0.01 per share. This dividend yields approximately 0.03% on an annualized basis, reflecting a low payout ratio of 1.88%.

About NVIDIA

NVIDIA Corporation specializes in graphics and compute solutions and is known for its innovative offerings in the gaming and tech industry. Its Graphics segment provides a variety of products, including GeForce GPUs for gaming, a game streaming service (GeForce NOW), and tools for creating metaverse applications.

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