Institutional Investors Boost Stakes in NVIDIA Amid Strong Analyst Support
OneAscent Family Office LLC significantly boosted its investment in NVIDIA Corporation (NASDAQ:NVDA), increasing its stake by 45.4% during the second quarter. The firm now holds 27,837 shares, worth $5,570,000, making NVIDIA its fifth-largest holding at 2.8% of its portfolio. This move comes amid a broader trend of institutional investors strengthening their positions in the company.
Other notable investors also expanded their NVIDIA holdings. Boyd Wealth Management LLC raised its stake by 273.4%, now owning 9,145 shares valued at $1,830,000. Altshuler Shaham Ltd increased its holdings by 6,451.9%, totaling 637,236 shares worth $111,134,000. Storen Legacy Partners LLC initiated a new position worth $1,350,000, while Baker Tilly Wealth Management LLC grew its stake by 7.4%, now holding 71,898 shares valued at $14,386,000. Arrowstreet Capital Limited Partnership increased its position by 3.6%, owning 26,652,420 shares worth $4,970,704,000.
Analysts remain bullish on NVIDIA, with several upgrading their ratings and raising price targets. Sanford C. Bernstein reaffirmed a "buy" rating, while Oppenheimer set a $315.00 price target with an "outperform" rating. JPMorgan Chase & Co. lifted its target to $320.00, and Zacks Research upgraded NVIDIA to a "strong-buy." Truist Financial increased its price target to $346.00. The consensus rating among analysts is a "buy" with a target price of $321.89.
Despite the positive sentiment, insider activity shows some selling. EVP Timothy Teter sold 30,460 shares for $6,786,488, reducing his ownership by 1.12%. Director Mark Stevens sold 622,239 shares for $144,122,997.18, decreasing his ownership by 21.03%. Insiders collectively sold 1,766,118 shares valued at $399,450,353 over the last three months.
NVIDIA's stock opened at $238.90 on Tuesday, with a market capitalization of $5.76 trillion. The company reported strong earnings, beating estimates with $2.22 EPS and $96.22 billion in revenue for the quarter. NVIDIA also announced a $150 billion stock buyback plan, signaling confidence in its undervaluation.