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Multiple institutional investors have bought shares in semiconductor giant Nvidia, according to its latest 13F filing.NASDAQ:NVDA) 4th quarter. In particular, the upward trend in NVDA stock price continues into 2024, with the stock price rising more than 49% since the beginning of the year. Additionally, Nvidia’s market cap exceeded Amazon’s (NASDAQ:AMZN) and the alphabet (NASDAQ:Google).
Among the leading hedge fund managers, Bridgewater Associates bought 220,400 shares of NVDA stock in the 4th quarter. At the same time, Rokos Capital Management sold 34 shares of its stock in the 4th quarter, and bought 254,500 shares of NVDA stock valued at $126 million in the 4th quarter. On the other hand, Arrow Street Capital is Microsoft (NASDAQ:MSFT), apple (NASDAQ:AAPL), and Meta Platform (Nasdaq:Meta), bought approximately 3.97 million shares of NVDA stock in the 4th quarter.
Additionally, Cardano Asset Management bought approximately 537.7K shares during the 4th quarter and APG Asset Management acquired 365.7K NVDA shares.
Is Nvidia stock expected to rise?
Based on analysts’ average price targets, upside for NVIDIA stock remains limited due to the stock’s significant price appreciation over the past year. The average analyst price target for NVDA is $703.30, implying a potential downside of 4.83% from current levels.
Nevertheless, analysts are optimistic about Nvidia’s prospects and expect the company to deliver strong earnings in the fourth quarter. Nvidia will announce its fiscal 2024 fourth quarter financial results on February 21st.
Of the 38 analysts covering the NVDA stock, 34 recommend a buy and 4 recommend a hold. The stock boasts a consensus rating of “Strong Buy.”
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