NVIDIA Stock Rises as Institutional Investors Adjust Holdings
NVIDIA Corporation's (NASDAQ:NVDA) stock has been rising after several positive developments for the company. Johnson Financial Group Inc., a major investor in NVIDIA, decreased its stake in the company by 7.9% in the first quarter of this year.
According to Johnson Financial Group's most recent disclosure with the SEC, the fund sold 13,279 shares of NVIDIA stock during the quarter, reducing its total holding to 154,803 shares. The value of NVIDIA accounts for about 1.0% of Johnson Financial Group Inc.'s portfolio, making it the company's 16th biggest position.
This move by Johnson Financial Group comes as other institutional investors and hedge funds are also adjusting their stakes in NVIDIA. Brighton Jones LLC increased its stake in shares of NVIDIA by 12.4% during the fourth quarter, while Bank Pictet & Cie Europe AG raised its holdings in shares of NVIDIA by 1.0% during the same period.
NVIDIA's stock has been rising due to strong demand for its AI chips and positive earnings reports from the company. The company reported a revenue growth of 85.2% year-over-year in its latest quarter, beating analysts' estimates.