Nvidia Corp (NASDAQ:NVDA) CEO Jen-Hsun Huang has sold a significant number of shares in the company, amounting to over $28 million. The transactions, which took place between July 19 and July 22, were executed in a series of sales with prices ranging from $117.858 to $124.0245 per share.
The sale was conducted under a pre-arranged trading plan, according to a filing with the Securities and Exchange Commission. Such plans allow company insiders to set up a schedule for selling shares over time and are often used to avoid concerns about insider trading.
The largest single transaction occurred on July 19, with Huang selling 44,362 shares at an average price of $118.4147, while the smallest transaction on July 22 involved just 300 shares sold at an average price of $119.9533. The sales on July 19 also included transactions of 17,307 shares at an average price of $117.858 and 35,282 shares at an average price of $119.4773. On the same day, additional sales were made of 20,475 shares and 2,574 shares at average prices of $120.4709 and $121.2065, respectively.
On July 22, apart from the 300 shares sold, Huang also sold 15,421 shares at an average price of $120.5776, 30,698 shares at an average price of $121.567, 44,933 shares at an average price of $122.5262, 28,334 shares at an average price of $123.3972, and a final batch of 314 shares at an average price of $124.0245.
Following these transactions, Huang's direct ownership in Nvidia remains substantial, with tens of millions of shares still held through various trusts and partnerships. The filing indicated indirect ownership through entities such as the Jen-Hsun & Lori Huang Living Trust, J. and L. Huang Investments, L.P., The Huang 2012 Irrevocable Trust, and The Huang Irrevocable Remainder Trust, among others.
Investors often follow insider sales for hints about executives' confidence in their company's prospects, although such sales can also reflect personal financial management decisions unrelated to the company's performance.
In other recent news, NVIDIA has launched its AI Foundry service and NVIDIA NIM inference microservices, with industry leaders like Aramco (TADAWUL:2222), AT&T, and Uber (NYSE:UBER) among the first to access these services. These developments are part of NVIDIA's continued efforts to enhance generative AI capabilities for global enterprises. Accenture (NYSE:ACN) is the first global professional services company to adopt NVIDIA AI Foundry for developing custom models tailored to specific industry requirements.
In the realm of financial projections, Barclays (LON:BARC) has raised its 2024 forecast for the S&P 500 index to 5,600, driven by anticipated sustained profit growth among major technology companies, including NVIDIA. The firm also increased its 2024 earnings per share forecast for these firms to $241. Furthermore, Citi maintained a positive outlook on NVIDIA, reiterating its Buy rating and $150.00 price target.
NVIDIA is also reportedly developing a version of its latest AI chip, the B20, specifically for the Chinese market, adhering to current U.S. export controls. Additionally, the company has taken a stand against illicit shipments of semiconductors to Russia via China and Hong Kong, underscoring NVIDIA's ongoing efforts to navigate the complex landscape of international trade and technology competition.
InvestingPro Insights
As Nvidia's CEO Jen-Hsun Huang executes a significant stock sale, investors and analysts are closely monitoring Nvidia Corp's financial health and market performance. According to InvestingPro, Nvidia boasts a perfect Piotroski Score of 9, indicating a strong financial position, which might provide some reassurance to investors concerned about the implications of Huang's stock sales.
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Moreover, Nvidia's stock has delivered a high return over the last year, with a 178.9% price total return, reflecting the company's strong market performance and investor confidence. Investors looking for deeper insights and additional InvestingPro Tips, such as sales growth projections and profitability predictions, can find more information on Nvidia at Investing.com/pro/NVDA. There are 15 additional tips available on InvestingPro that could provide valuable guidance for those considering Nvidia's stock. To access these insights and more, consider using the promo code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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