Jupiter Topco LLC Acquires New Position in Nova Ltd. $NVMI

Key Points

• Jupiter Topco LLC acquired 57,106 Nova shares worth approximately $31.0 million, giving it a 0.18% stake. Institutional investors collectively own 82.99% of the company.
• Nova reported quarterly results above expectations, with EPS of $2.51 versus a $2.41 consensus and revenue of $254.96 million, up 15.9% year over year.
• NVMI shares opened at $349.06 after falling 5.9%; analysts maintain a “Moderate Buy” consensus with an average price target of $514.44, while insiders sold $2.91 million of stock over the past three months.

Jupiter Topco LLC bought a new position in shares of Nova Ltd. (NASDAQ:NVMI - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 57,106 shares of the semiconductor company's stock, valued at approximately $30,979,000. Jupiter Topco LLC owned about 0.18% of Nova as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC acquired a new stake in shares of Nova during the 4th quarter valued at approximately $29,000. Allworth Financial LP bought a new stake in Nova during the second quarter valued at $38,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Nova during the third quarter worth $40,000. CIBC Private Wealth Group LLC lifted its position in shares of Nova by 75.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company's stock worth $42,000 after buying an additional 56 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Nova by 2,042.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company's stock valued at $48,000 after buying an additional 143 shares during the period. 82.99% of the stock is currently owned by institutional investors.

Insider Activity at Nova

In other Nova news, 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 transaction of $1,486,855.80. Following the transaction, the chief executive officer owned 28,714 shares of the company's stock, valued at approximately $14,394,328.20. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Yaniv Garty sold 366 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $581.20, for a total transaction of $212,719.20. Following the sale, the director owned 2,006 shares in the company, valued at $1,165,887.20. This trade represents a 15.43% 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. Over the last three months, insiders sold 5,442 shares of company stock worth $2,905,622. 1.00% of the stock is owned by company insiders.

Nova Trading Down 5.9%

Shares of NASDAQ NVMI opened at $349.06 on Friday. Nova Ltd. has a 12-month low of $232.73 and a 12-month high of $615.99. The company has a market cap of $11.09 billion, a PE ratio of 43.20, a P/E/G ratio of 2.14 and a beta of 1.78. The stock has a 50 day simple moving average of $435.07 and a 200-day simple moving average of $468.19.

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 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 firm had revenue of $254.96 million for the quarter, compared to the consensus estimate of $250.33 million. During the same quarter in the previous year, the business earned $2.20 EPS. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Nova Ltd. will post 9.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Evercore set a $475.00 price objective on shares of Nova in a research note on Friday, August 7th. Needham & Company LLC dropped their price target on Nova from $640.00 to $570.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Wall Street Zen upgraded Nova from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Zacks Research upgraded Nova from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Finally, Morgan Stanley raised their target price on Nova from $494.00 to $540.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $514.44.

Nova Company 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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