Nova Ltd. (NASDAQ:NVMI) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Nova Ltd. (NASDAQ:NVMI) have earned an average rating of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $514.4444.

NVMI has been the topic of several research reports. Barclays increased their target price on Nova from $465.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Cantor Fitzgerald cut their price target on shares of Nova from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Citigroup reduced their price target on shares of Nova from $595.00 to $550.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Jefferies Financial Group reissued a “buy” rating and issued a $600.00 price objective on shares of Nova in a research note on Thursday, August 6th. Finally, Evercore set a $475.00 target price on shares of Nova in a report on Friday, August 7th.

Nova Stock Down 4.6%

NASDAQ NVMI traded down $17.46 on Monday, reaching $359.53. The stock had a trading volume of 54,369 shares, compared to its average volume of 442,448. The firm has a market capitalization of $11.43 billion, a price-to-earnings ratio of 44.50, a P/E/G ratio of 2.18 and a beta of 1.78. Nova has a 12-month low of $232.73 and a 12-month high of $615.99. The stock has a fifty day moving average price of $455.95 and a two-hundred day moving average price of $470.99.

Nova (NASDAQ:NVMI) last released its quarterly earnings results on Friday, August 7th. The semiconductor company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.41 by $0.10. Nova had a return on equity of 21.41% and a net margin of 28.84%.The business had revenue of $254.96 million during the quarter, compared to analyst estimates of $250.33 million. During the same period last year, the business posted $2.20 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Nova will post 9.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gabriel Waisman sold 2,966 shares of Nova stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $501.30, for a total value of $1,486,855.80. Following the completion of the transaction, the chief executive officer owned 28,714 shares in the company, valued at approximately $14,394,328.20. This trade represents a 9.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarit Sagiv sold 454 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total value of $243,580.08. Following the transaction, the director directly owned 1,951 shares of the company’s stock, valued at approximately $1,046,750.52. This represents a 18.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,946 shares of company stock valued at $3,686,920 in the last three months. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Nova by 660.4% in the first quarter. Royal Bank of Canada now owns 10,668 shares of the semiconductor company’s stock valued at $1,966,000 after buying an additional 9,265 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Nova by 51.6% in the 1st quarter. Advisors Asset Management Inc. now owns 376 shares of the semiconductor company’s stock valued at $69,000 after acquiring an additional 128 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Nova during the 2nd quarter worth about $5,445,000. EverSource Wealth Advisors LLC raised its position in shares of Nova by 62.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 100 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Nova during the second quarter worth approximately $1,886,000. Institutional investors and hedge funds own 82.99% of the company’s stock.

About Nova

Nova Measuring Instruments Ltd (NASDAQ: NVMI) develops and supplies advanced metrology and process control systems for the semiconductor manufacturing industry. The company’s core product line includes spectroscopic ellipsometry and scatterometry tools designed to measure film thickness, critical dimensions, overlay alignment and other key parameters that drive yield and performance in integrated circuit fabrication.

Founded in 1993 and headquartered in Rehovot, Israel, Nova Measuring Instruments has established itself as a critical partner to leading semiconductor foundries and device manufacturers.