Legal & General Group Plc Makes New Investment in Nova Ltd. $NVMI

Legal & General Group Plc acquired a new position in Nova Ltd. (NASDAQ:NVMI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 156,084 shares of the semiconductor company's stock, valued at approximately $82,530,000. Legal & General Group Plc owned approximately 0.49% of Nova as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NVMI. Allworth Financial LP purchased a new stake in Nova during the 2nd quarter worth $38,000. Smartleaf Asset Management LLC acquired a new stake in Nova in the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC purchased a new position in Nova in the third quarter valued at about $40,000. CIBC Private Wealth Group LLC raised its position in Nova by 75.7% in the third quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 56 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Nova by 2,042.9% during the third quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 82.99% of the company's stock.

Insiders Place Their Bets

In other news, CEO Gabriel Waisman sold 2,966 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarit Sagiv sold 454 shares of Nova stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total transaction of $243,580.08. Following the completion of the sale, the director owned 1,951 shares of the company's stock, valued at approximately $1,046,750.52. This trade represents a 18.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 5,442 shares of company stock valued at $2,905,622. Company insiders own 1.00% of the company's stock.

Nova Price Performance

Shares of Nova stock opened at $370.92 on Friday. The business has a 50-day moving average of $439.60 and a 200-day moving average of $469.03. The company has a market capitalization of $11.79 billion, a PE ratio of 45.91, a P/E/G ratio of 2.12 and a beta of 1.78. Nova Ltd. has a 1-year low of $232.73 and a 1-year high of $615.99.

Nova (NASDAQ:NVMI - Get Free Report) 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. The business had revenue of $254.96 million for the quarter, compared to analysts' expectations of $250.33 million. Nova had a return on equity of 21.41% and a net margin of 28.84%.The company's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.20 earnings per share. On average, equities analysts expect that Nova Ltd. will post 9.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NVMI. Jefferies Financial Group reiterated a "buy" rating and issued a $600.00 target price on shares of Nova in a research note on Thursday, August 6th. Citigroup reduced their price target on Nova from $595.00 to $550.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Needham & Company LLC decreased their price target on Nova from $640.00 to $570.00 and set a "buy" rating for the company in a report on Friday, August 7th. Evercore set a $475.00 price objective on shares of Nova in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Nova from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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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