Bank of America Increases Nova (NASDAQ:NVMI) Price Target to $220.00

Nova (NASDAQ:NVMI) had its price target boosted by stock analysts at Bank of America from $190.00 to $220.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price target indicates a potential upside of 13.91% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Benchmark boosted their price objective on Nova from $150.00 to $187.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Evercore ISI started coverage on shares of Nova in a report on Tuesday, April 16th. They set an “outperform” rating and a $210.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.67.

Nova Stock Up 6.6 %

Nova stock opened at $193.14 on Friday. Nova has a 52-week low of $89.59 and a 52-week high of $198.71. The firm has a market cap of $5.54 billion, a PE ratio of 45.13, a price-to-earnings-growth ratio of 6.76 and a beta of 1.40. The company’s 50 day moving average is $175.82 and its two-hundred day moving average is $147.64.

Nova (NASDAQ:NVMI) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.29. Nova had a return on equity of 20.55% and a net margin of 26.32%. The business had revenue of $141.80 million for the quarter, compared to analysts’ expectations of $136.78 million. During the same period last year, the firm earned $1.12 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities research analysts anticipate that Nova will post 4.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Asset Dedication LLC purchased a new stake in Nova during the third quarter worth approximately $34,000. Signaturefd LLC lifted its position in shares of Nova by 20.6% during the 3rd quarter. Signaturefd LLC now owns 672 shares of the semiconductor company’s stock worth $76,000 after buying an additional 115 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Nova by 46.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,038 shares of the semiconductor company’s stock valued at $184,000 after buying an additional 328 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new position in shares of Nova in the 1st quarter valued at $252,000. Finally, Cerity Partners LLC acquired a new stake in Nova during the 4th quarter worth $201,000. Hedge funds and other institutional investors own 82.99% of the company’s stock.

Nova Company Profile

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.