Nova (NASDAQ:NVMI) Price Target Raised to $270.00

Nova (NASDAQ:NVMI - Get Free Report) had its price target hoisted by equities researchers at Bank of America from $250.00 to $270.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Bank of America's price objective points to a potential upside of 15.34% from the stock's previous close.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Nova from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Benchmark lowered their target price on shares of Nova from $295.00 to $280.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Cantor Fitzgerald cut their price target on shares of Nova from $315.00 to $300.00 and set an "overweight" rating on the stock in a research report on Friday, March 14th. Finally, Citigroup decreased their price target on Nova from $290.00 to $280.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $282.50.

Nova Stock Up 1.3%

Shares of Nova stock opened at $234.10 on Tuesday. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 35.36, a P/E/G ratio of 2.03 and a beta of 1.61. Nova has a twelve month low of $154.00 and a twelve month high of $289.90. The company's fifty day moving average is $201.08 and its 200 day moving average is $212.06.

Nova (NASDAQ:NVMI - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $2.18 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.10. Nova had a return on equity of 23.98% and a net margin of 28.46%. The firm had revenue of $213.36 million for the quarter, compared to analyst estimates of $210.10 million. During the same quarter in the previous year, the company posted $1.39 EPS. The business's revenue was up 50.5% on a year-over-year basis. As a group, equities analysts anticipate that Nova will post 7.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nova

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wasatch Advisors LP grew its position in Nova by 49.3% in the 4th quarter. Wasatch Advisors LP now owns 2,411,677 shares of the semiconductor company's stock valued at $474,980,000 after purchasing an additional 796,629 shares during the period. Polar Capital Holdings Plc grew its holdings in shares of Nova by 504.5% during the fourth quarter. Polar Capital Holdings Plc now owns 354,302 shares of the semiconductor company's stock valued at $69,780,000 after buying an additional 295,691 shares during the last quarter. Capital World Investors increased its position in shares of Nova by 33.3% during the fourth quarter. Capital World Investors now owns 600,868 shares of the semiconductor company's stock worth $118,341,000 after acquiring an additional 150,000 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Nova in the 1st quarter worth about $22,647,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its position in Nova by 7.8% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,490,554 shares of the semiconductor company's stock valued at $274,254,000 after acquiring an additional 107,215 shares in the last quarter. Institutional investors own 82.99% of the company's stock.

About Nova

Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.

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