5 Best 5G Stocks To Buy Now

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 106

NVIDIA Corporation (NASDAQ:NVDA) was incorporated in 1993 and is headquartered in Santa Clara, California. The company provides graphics, compute, semiconductor, and networking solutions in the United States, Taiwan, China, and internationally. On February 22, NVIDIA Corporation (NASDAQ:NVDA) reported a Q4 non-GAAP EPS of $0.88 and a revenue of $6.05 billion, topping Wall Street estimates by $0.08 and $30 million, respectively. 

On March 21, BofA analyst Vivek Arya raised the firm’s price target on NVIDIA Corporation (NASDAQ:NVDA) to $310 from $275 and reiterated a Buy rating on the shares. The analyst considers NVIDIA Corporation (NASDAQ:NVDA) to be the top pick for compute, and highlighted the latest announcements of products and partnerships at the GTC conference. The analyst believes that these developments demonstrate NVIDIA Corporation (NASDAQ:NVDA)’s unique AI pipeline and also increase its total addressable market.

According to Insider Monkey’s fourth quarter database, NVIDIA Corporation (NASDAQ:NVDA) was part of 106 hedge fund portfolios, compared to 89 in the prior quarter. Matrix Capital Management is a prominent stakeholder of the company, with 5 million shares worth $741.3 million. 

ClearBridge Large Cap Growth Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2022 investor letter:

“Promoting diversification and managing risk continue to guide our transaction activity, with a focus on the earnings trajectory of existing and potential holdings leading to our most recent moves. We are directing our research efforts to identifying names that are closer to the bottom than the top in terms of earnings and valuations, adding to our positions in ASML, the leading supplier of high-end production equipment to chip makers, and NVIDIA Corporation (NASDAQ:NVDA), whose valuation has washed out due to weakness in gaming and crypto mining as well as slowing enterprise spending.”