Nova (NASDAQ:NVMI) Price Target Cut to $248.00 by Analysts at Bank of America

Nova (NASDAQ:NVMI) had its price objective dropped by stock analysts at Bank of America from $310.00 to $248.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price suggests a potential upside of 41.21% from the stock’s current price.

Other analysts also recently issued research reports about the company. Citigroup upgraded Nova from a “neutral” rating to a “buy” rating and lifted their price target for the company from $226.00 to $240.00 in a research report on Monday, January 6th. Cantor Fitzgerald dropped their target price on shares of Nova from $315.00 to $300.00 and set an “overweight” rating for the company in a research report on Friday, March 14th. Needham & Company LLC reissued a “hold” rating on shares of Nova in a report on Friday, February 14th. Finally, Benchmark raised their price objective on shares of Nova from $245.00 to $295.00 and gave the company a “buy” rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Nova currently has an average rating of “Moderate Buy” and an average price target of $264.60.

Nova Trading Up 0.6 %

Shares of NASDAQ:NVMI opened at $175.62 on Wednesday. The company has a 50 day moving average of $213.55 and a 200 day moving average of $207.85. The stock has a market cap of $5.14 billion, a P/E ratio of 30.60, a P/E/G ratio of 2.55 and a beta of 1.63. Nova has a 12 month low of $154.00 and a 12 month high of $289.90.

Nova (NASDAQ:NVMI) last released its quarterly earnings results on Thursday, February 13th. The semiconductor company reported $1.78 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.04). The firm had revenue of $194.77 million during the quarter, compared to the consensus estimate of $186.50 million. Nova had a return on equity of 22.33% and a net margin of 27.33%. On average, equities analysts forecast that Nova will post 7.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nova

A number of hedge funds have recently made changes to their positions in NVMI. Steward Partners Investment Advisory LLC raised its position in Nova by 24.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 401 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 78 shares during the period. Quarry LP grew its stake in shares of Nova by 187.1% during the fourth quarter. Quarry LP now owns 402 shares of the semiconductor company’s stock valued at $79,000 after buying an additional 262 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Nova in the fourth quarter worth about $112,000. Quadrant Capital Group LLC lifted its stake in shares of Nova by 5.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,030 shares of the semiconductor company’s stock valued at $203,000 after acquiring an additional 51 shares during the last quarter. Finally, Advisory Services Network LLC boosted its holdings in Nova by 5.0% during the 4th quarter. Advisory Services Network LLC now owns 1,149 shares of the semiconductor company’s stock valued at $226,000 after acquiring an additional 55 shares during the period. 82.99% of the stock is currently owned by institutional investors.

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.