Portfolio Design Labs Cuts NVIDIA Stake Amid Institutional Interest
Portfolio Design Labs LLC reduced its stake in NVIDIA Corporation (NASDAQ:NVDA) by 4.2% during the second quarter, selling 7,009 shares. The firm now holds 161,171 shares, which represent 5.3% of its portfolio, making NVIDIA its third-largest position. The holdings were valued at $32,249,000 as of the latest SEC filing.
Several other institutional investors also adjusted their positions in NVIDIA. LightSquare Wealth Management LLC increased its stake by 0.3%, while Defender Capital LLC and Kooman & Associates boosted their holdings by 0.7% and 0.6%, respectively. Roof Eidam Maycock Peralta LLC and Persium Advisors LLC also raised their stakes by 0.3% and 3.5%, respectively. Collectively, institutional investors and hedge funds own 65.27% of NVIDIA's stock.
Analysts have been active with their ratings and price targets for NVIDIA. Morgan Stanley set a target price of $230.00, while President Capital raised its target to $330.00. Citigroup issued a $315.00 price target, and Goldman Sachs reaffirmed a "buy" rating. The average target price among analysts is $320.71, with most recommending a "buy."
NVIDIA's stock opened at $233.95, with a 52-week range of $164.27 to $237.88. The company recently announced a $150 billion share buyback plan, signaling confidence in its undervaluation. Additionally, NVIDIA reported strong earnings for the latest quarter, with $2.22 earnings per share, exceeding estimates by $0.13.