Nova (NASDAQ:NVMI) Price Target Lowered to $280.00 at Citigroup

Nova (NASDAQ:NVMI) had its price target decreased by Citigroup from $290.00 to $280.00 in a report issued on Friday,Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

Other analysts have also issued reports about the company. Bank of America cut their price target on Nova from $310.00 to $248.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald cut their target price 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. Benchmark decreased their price target on shares of Nova from $295.00 to $280.00 and set a “buy” rating for the company in a research report on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Nova in a report on Friday, February 14th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.60.

Nova Price Performance

NVMI stock opened at $183.52 on Friday. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 31.97, a P/E/G ratio of 2.55 and a beta of 1.66. The company has a 50 day simple moving average of $192.81 and a 200 day simple moving average of $206.80. Nova has a 1 year low of $154.00 and a 1 year high of $289.90.

Nova (NASDAQ:NVMI) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.10. Nova had a net margin of 27.33% and a return on equity of 22.33%. The company had revenue of $213.36 million during the quarter, compared to the consensus estimate of $210.10 million. During the same period in the prior year, the business earned $1.39 earnings per share. The company’s revenue for the quarter was up 50.5% compared to the same quarter last year. On average, equities research analysts anticipate that Nova will post 7.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. ASR Vermogensbeheer N.V. acquired a new stake in shares of Nova during the first quarter worth $26,000. Steward Partners Investment Advisory LLC boosted its position in Nova by 24.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 401 shares of the semiconductor company’s stock valued at $79,000 after acquiring an additional 78 shares during the last quarter. Quarry LP grew its holdings in Nova by 187.1% during the 4th quarter. Quarry LP now owns 402 shares of the semiconductor company’s stock worth $79,000 after acquiring an additional 262 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Nova in the 4th quarter worth about $112,000. Finally, 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 purchasing an additional 51 shares during the period. 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.