Lake Street Capital Boosts Nova Measuring Instruments (NASDAQ:NVMI) Price Target to $40.00

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Nova Measuring Instruments (NASDAQ:NVMI) had its price target upped by Lake Street Capital from $30.00 to $40.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Lake Street Capital’s price objective would indicate a potential upside of 9.59% from the stock’s previous close.

Other analysts have also issued research reports about the company. ValuEngine lowered Nova Measuring Instruments from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub downgraded Nova Measuring Instruments from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus upped their price objective on Nova Measuring Instruments from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Nova Measuring Instruments in a research report on Sunday, August 11th. Finally, Zacks Investment Research raised Nova Measuring Instruments from a “hold” rating to a “strong-buy” rating and set a $37.00 price objective on the stock in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Nova Measuring Instruments has a consensus rating of “Buy” and an average target price of $36.20.

Shares of NVMI traded up $0.45 during mid-day trading on Friday, hitting $36.50. 1,180 shares of the stock were exchanged, compared to its average volume of 75,311. The company has a market cap of $983.15 million, a PE ratio of 18.62 and a beta of 1.07. Nova Measuring Instruments has a 52-week low of $21.15 and a 52-week high of $36.95. The firm has a 50-day moving average of $32.74 and a two-hundred day moving average of $28.61.

Nova Measuring Instruments (NASDAQ:NVMI) last issued its quarterly earnings data on Thursday, November 7th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.17. The business had revenue of $52.51 million for the quarter, compared to analysts’ expectations of $50.73 million. Nova Measuring Instruments had a return on equity of 16.62% and a net margin of 18.21%. The company’s revenue for the quarter was down 17.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. On average, analysts predict that Nova Measuring Instruments will post 1.16 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of NVMI. Vaughan Nelson Investment Management L.P. boosted its position in Nova Measuring Instruments by 341.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 943,200 shares of the semiconductor company’s stock valued at $29,965,000 after purchasing an additional 729,325 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in Nova Measuring Instruments by 1.8% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,362,770 shares of the semiconductor company’s stock valued at $43,295,000 after purchasing an additional 24,174 shares in the last quarter. Eqis Capital Management Inc. bought a new stake in Nova Measuring Instruments during the third quarter valued at about $357,000. James Investment Research Inc. raised its stake in Nova Measuring Instruments by 10.8% in the third quarter. James Investment Research Inc. now owns 54,580 shares of the semiconductor company’s stock valued at $1,734,000 after buying an additional 5,330 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its stake in Nova Measuring Instruments by 31.7% in the third quarter. State of Tennessee Treasury Department now owns 88,379 shares of the semiconductor company’s stock valued at $2,808,000 after buying an additional 21,264 shares during the last quarter. 55.94% of the stock is currently owned by institutional investors and hedge funds.

About Nova Measuring Instruments

Nova Measuring Instruments Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel. Its product portfolio includes integrated and stand-alone metrology platforms for dimensional, films, and material metrology measurements for process control across various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, and deposition.

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