5 Cash-Rich Stocks to Buy According to Hedge Funds

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In this article, we will take a look at the 5 cash-rich stocks to buy according to hedge funds. To read our analysis of the recent trends, and market activity, you can go to the 11 Cash-Rich Stocks to Buy According to Hedge Funds.

5. NVIDIA Corporation (NASDAQ:NVDA)

Latest Cash and Short-Term Investments: $18.28 billion

Number of Hedge Fund Holders: 180

NVIDIA Corporation (NASDAQ:NVDA) is a leading technology company focused on the design and manufacturing of accelerated computing hardware and software products. Its core businesses comprise of Gaming, Data Center, Professional Visualization, and Automotive, with Gaming and Data Center making up for more than 80% of its revenues.

NVIDIA Corporation (NASDAQ:NVDA) posted a revenue of $18.1 billion in Q3, 206% more than a year ago and $2.0 billion more than consensus. Its normalized EPS of $4.02 surpassed consensus by $0.63.

Following the earnings release, Wells Fargo analyst Aaron Rakers raised the price target for NVIDIA Corp (NASDAQ:NVDA) shares to $675 from $600 and maintained an ‘Overweight’ rating. The target price represents a potential upside of 47.03% based on the share price on December 5.

Hedge funds are bullish about NVIDIA Corporation (NASDAQ:NVDA) shares as the number of hedge funds that own its shares has increased from 106 in Q1 to 180 in Q3 2023. These hedge funds together held shares worth $29.6 billion according to Insider Monkey data.

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