Wall Street Zen lowered shares of Nova (NASDAQ:NVMI – Free Report) from a hold rating to a sell rating in a report published on Sunday,Wall Street Zen reports.
A number of other research firms also recently commented on NVMI. Evercore set a $475.00 price objective on Nova in a report on Friday, August 7th. Zacks Research cut Nova from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Jefferies Financial Group restated a “buy” rating and set a $600.00 target price on shares of Nova in a research report on Thursday, August 6th. Cantor Fitzgerald lowered their price target on Nova from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Morgan Stanley increased their price target on shares of Nova from $494.00 to $540.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $499.44.
Check Out Our Latest Report on NVMI
Nova Stock Performance
Shares of NVMI stock opened at $327.60 on Friday. Nova has a 52-week low of $266.43 and a 52-week high of $615.99. The stock has a market cap of $10.41 billion, a PE ratio of 40.54 and a beta of 1.79. The firm’s 50 day moving average price is $356.94 and its two-hundred day moving average price is $441.50.
Nova (NASDAQ:NVMI – Get Free Report) last released its earnings results on Friday, August 7th. The semiconductor company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.10. The business had revenue of $254.96 million for the quarter, compared to analyst estimates of $250.33 million. Nova’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.20 EPS. As a group, sell-side analysts predict that Nova will post 9.89 earnings per share for the current fiscal year.
Nova announced that its board has approved a share buyback plan on Wednesday, September 2nd that permits the company to repurchase $200 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
Insiders Place Their Bets
In other Nova news, insider Shay Wolfing sold 3,864 shares of the business’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $363.28, for a total value of $1,403,713.92. Following the completion of the transaction, the insider directly owned 21,409 shares of the company’s stock, valued at approximately $7,777,461.52. The trade was a 15.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gabriel Waisman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $342.27, for a total value of $513,405.00. Following the completion of the transaction, the chief executive officer directly owned 27,214 shares of the company’s stock, valued at approximately $9,314,535.78. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Nova
Several institutional investors have recently modified their holdings of the business. TimesSquare Capital Management LLC bought a new position in shares of Nova during the second quarter worth about $15,675,000. Cetera Investment Advisers lifted its stake in Nova by 51.1% in the 1st quarter. Cetera Investment Advisers now owns 14,332 shares of the semiconductor company’s stock valued at $6,224,000 after acquiring an additional 4,844 shares in the last quarter. Van ECK Associates Corp lifted its stake in Nova by 51.6% in the 2nd quarter. Van ECK Associates Corp now owns 12,444 shares of the semiconductor company’s stock valued at $6,577,000 after acquiring an additional 4,238 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Nova during the 2nd quarter worth approximately $2,647,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Nova by 338.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 190,399 shares of the semiconductor company’s stock worth $82,434,000 after acquiring an additional 146,959 shares in the last quarter. Institutional investors own 82.99% of the company’s stock.
Nova Company Profile
Nova Ltd. (NASDAQ: NVMI) develops and supplies metrology and process-control solutions for the semiconductor manufacturing industry. Its systems help chipmakers measure and control critical dimensions, film thickness, material properties and other characteristics during the production of integrated circuits.
The company’s product portfolio includes optical and X-ray metrology systems, chemical metrology solutions, and related software and analytics tools. These technologies are used in multiple stages of semiconductor fabrication, including front-end wafer processing and advanced packaging, to support process development, yield improvement and manufacturing control.
Founded in 1993, Nova is headquartered in Rehovot, Israel, and serves semiconductor manufacturers and other industry customers through operations and support activities across North America, Europe and Asia.
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