BlackRock Inc. Invests $391.37 Million in Nova Ltd. $NVMI

Key Points

• BlackRock acquired 720,830 shares of Nova during the second quarter, creating a new stake valued at approximately $391.4 million and representing 2.27% of the company. Institutional investors collectively own 82.99% of Nova.
• Nova reported quarterly earnings of $2.51 per share, beating estimates of $2.41, while revenue rose 15.9% year over year to $254.96 million. The company posted a 28.84% net margin and 21.41% return on equity.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $514.44 price target, although several firms recently lowered their targets. Nova shares opened at $368.26, well below their 12-month high of $615.99.

BlackRock Inc. purchased a new stake in Nova Ltd. (NASDAQ:NVMI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 720,830 shares of the semiconductor company's stock, valued at approximately $391,367,000. BlackRock Inc. owned 2.27% of Nova as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Performance Wealth Partners LLC bought a new stake in Nova during the 2nd quarter valued at $964,000. Deutsche Bank AG bought a new stake in shares of Nova during the 2nd quarter valued at $48,739,000. TimesSquare Capital Management LLC bought a new position in Nova in the 2nd quarter worth about $15,675,000. Plato Investment Management Ltd purchased a new position in Nova during the 2nd quarter valued at about $639,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Nova during the second quarter valued at about $354,000. 82.99% of the stock is owned by institutional investors.

Nova Trading Up 1.5%

Shares of NASDAQ NVMI opened at $368.26 on Wednesday. Nova Ltd. has a 12 month low of $232.73 and a 12 month high of $615.99. The firm has a market capitalization of $11.70 billion, a price-to-earnings ratio of 45.58, a PEG ratio of 2.10 and a beta of 1.78. The business has a 50-day moving average of $447.45 and a 200-day moving average of $470.07.

Nova (NASDAQ:NVMI - Get Free Report) last announced its earnings results on Friday, August 7th. The semiconductor company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.41 by $0.10. Nova had a net margin of 28.84% and a return on equity of 21.41%. The business had revenue of $254.96 million for the quarter, compared to the consensus estimate of $250.33 million. During the same period last year, the firm posted $2.20 earnings per share. Nova's quarterly revenue was up 15.9% on a year-over-year basis. On average, analysts predict that Nova Ltd. will post 9.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NVMI shares. Citigroup cut their price objective on shares of Nova from $595.00 to $550.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Needham & Company LLC decreased their target price on shares of Nova from $640.00 to $570.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Morgan Stanley increased their target price on shares of Nova from $494.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Jefferies Financial Group reissued a "buy" rating and issued a $600.00 price target on shares of Nova in a report on Thursday, August 6th. Finally, Zacks Research raised shares of Nova from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $514.44.

Insider Activity at Nova

In other Nova news, Director Sarit Sagiv sold 454 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total transaction of $243,580.08. Following the sale, the director owned 1,951 shares in the company, valued at $1,046,750.52. This trade represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gabriel Waisman sold 2,966 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $501.30, for a total value of $1,486,855.80. Following the sale, the chief executive officer owned 28,714 shares in the company, valued at $14,394,328.20. The trade was a 9.36% decrease in their position. 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. Over the last quarter, insiders sold 5,442 shares of company stock valued at $2,905,622. 1.00% of the stock is currently owned by insiders.

Nova Profile

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.

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