NVIDIA Loses Some Support from Pacific Wealth Strategies Group
Pacific Wealth Strategies Group Inc., a firm that manages investments for clients, has made adjustments to its portfolio. In the second quarter, it sold 9,248 shares of NVIDIA Corporation (NVDA), reducing its stake in the company by 26%. After selling these shares, Pacific Wealth Strategies Group Inc. owned 26,285 shares of NVDA, which accounts for approximately 3% of its investment portfolio.
The firm's holding in NVIDIA is valued at $5,259,000 as of the most recent reporting period. This makes it the company's 10th largest holding.
NVIDIA has been a popular choice among institutional investors and hedge funds. In the fourth quarter, Norges Bank bought a new stake in NVDA worth about $62,244,133,000. J. Stern & Co. LLP increased its stake by 13,709.1% during the same period.
Other analysts have also been optimistic about NVIDIA's prospects. Needham and Rosenblatt reaffirmed their 'Buy' ratings with price targets of $300 and $390, respectively. Recent earnings showed revenue growth above 100%, a 63.7% net margin, and results ahead of consensus.