Manhattan West Boosts NVIDIA Stake Amid Strong Institutional Demand
Manhattan West Asset Management LLC has increased its stake in NVIDIA Corporation (NASDAQ: NVDA) by 6.6% during the second quarter of 2023. The firm now holds 179,151 shares of the company, valued at approximately $35,846,000. NVIDIA accounts for about 6% of Manhattan West's portfolio, making it the third-largest holding.
Other institutional investors have also made significant moves. Boyd Wealth Management LLC boosted its position by 273.4%, now owning 9,145 shares worth $1,830,000. Altshuler Shaham Ltd increased its stake by 6,451.9% during the first quarter, holding 637,236 shares valued at $111,134,000. Storen Legacy Partners LLC initiated a new stake worth $1,350,000, while Baker Tilly Wealth Management LLC grew its holdings by 7.4%, now owning 71,898 shares worth $14,386,000. Arrowstreet Capital Limited Partnership raised its stake by 3.6% in the fourth quarter, holding 26,652,420 shares valued at $4,970,704,000.
NVIDIA's stock has seen a surge in positive sentiment, driven by strong supplier data and large GPU orders. Foxconn reported record monthly revenue, attributed to AI server demand using NVIDIA systems. AM Intelligence announced firm orders for 20,000 NVIDIA Rubin GPUs for AI factories in India and Malaysia, indicating continued demand. Analysts remain bullish, highlighting NVIDIA's central role in AI, robotics, and physical AI, with a forward valuation deemed reasonable relative to projected earnings growth.
Analysts have recently upgraded NVIDIA's rating. Zacks Research upgraded it to a 'strong-buy,' while Rosenblatt Securities reiterated a 'buy' rating with a $390.00 target price. TD Cowen and DA Davidson also maintained 'buy' ratings with a $300.00 target price. The stock has an average 'buy' rating and an average target price of $321.89.