Nvidia CFO Colette Kress Sells Over $7.7 Million in Shares

Nvidia Corp’s (NASDAQ:NVDA) Executive Vice President and Chief Financial Officer, Colette Kress, has recently sold a significant number of shares of the company, according to a recent filing. On September 20, 2024, Kress sold a total of 59,670 shares valued at over $7.7 million under a pre-arranged trading plan.

Details of the Share Sales

The sales occurred at weighted average prices ranging from $116.19 to $118.05:
– 45,510 shares sold at an average price of $116.19, with individual sales prices between $115.67 and $116.67.
– 14,291 shares sold at an average of $117.15, with prices ranging from $116.68 to $117.65.
– 6,869 shares sold at an average price of $118.05, between $117.68 and $118.52.

These transactions follow an earlier sale on September 18, where Kress had 68,609 shares withheld by Nvidia to cover tax obligations related to restricted stock units, valued at approximately $7.9 million.

After these transactions, Kress now holds directly 4,954,214 shares in Nvidia, along with indirect holdings through a limited liability company associated with an irrevocable trust totaling 767,680 shares, plus additional shares held by immediate family members.

Insider Transactions and Market Insights

Investors closely watch insider transactions for insights into executive sentiment regarding the company’s outlook. Kress’s sales were pre-planned in compliance with SEC Rule 10b5-1, which permits insiders to establish predetermined trading plans for stock transactions.

In other news, OpenAI, the developer of ChatGPT, is pursuing a substantial funding round that could potentially elevate its valuation to $150 billion, contingent on restructuring and lifting a profit cap for investors. This funding round, expected to raise $6.5 billion, has attracted interest from existing investors such as Microsoft (NASDAQ:MSFT), Thrive Capital, and Khosla Ventures, along with new investors like Nvidia and Apple (NASDAQ:AAPL).

Nvidia’s stock rally has contributed significantly to the S&P 500’s 17% rise this year. Furthermore, following a recent Federal Reserve interest rate cut, U.S. stock index futures surged, with significant gains in tech stocks, including a 2.8% increase for Nvidia.

Additional Insights from InvestingPro

According to InvestingPro, Nvidia maintains a perfect Piotroski Score of 9, indicating robust financial health. The company’s impressive gross profit margins showcase its pricing power and cost management effectiveness. InvestingPro also emphasizes Nvidia’s role as a leader in the Semiconductors & Semiconductor Equipment industry, highlighting its attractiveness for investors seeking exposure to the technology sector.

For further insights and analysis, InvestingPro offers a list of 21 tips for Nvidia, including projections for sales growth and an understanding of the stock’s performance over various periods. These resources can help investors gain deeper insights into Nvidia’s stock potential.

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