Nova (NASDAQ:NVMI) Stock Price Expected to Rise, Bank of America Analyst Says

Nova (NASDAQ:NVMI) had its price target increased by stock analysts at Bank of America from $380.00 to $450.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s price target indicates a potential upside of 8.95% from the company’s previous close.

NVMI has been the topic of several other research reports. Evercore ISI upped their price objective on Nova from $290.00 to $340.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Benchmark increased their price target on Nova from $280.00 to $345.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Morgan Stanley initiated coverage on shares of Nova in a research report on Monday, December 1st. They set an “equal weight” rating and a $335.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Nova in a research report on Monday, December 22nd. Finally, Jefferies Financial Group lifted their target price on shares of Nova from $360.00 to $390.00 and gave the stock a “buy” rating in a report on Monday, December 15th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $348.57.

Nova Trading Up 2.1%

Shares of Nova stock opened at $413.04 on Tuesday. The stock has a market cap of $12.14 billion, a P/E ratio of 53.99, a P/E/G ratio of 2.44 and a beta of 1.84. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 0.62. Nova has a 12-month low of $153.99 and a 12-month high of $414.96. The business’s 50 day moving average is $328.09 and its 200-day moving average is $304.44.

Institutional Trading of Nova

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of Nova by 185.4% during the 3rd quarter. Invesco Ltd. now owns 607,344 shares of the semiconductor company’s stock worth $194,144,000 after purchasing an additional 394,544 shares in the last quarter. Groupama Asset Managment bought a new stake in shares of Nova in the third quarter valued at approximately $79,915,000. Rafferty Asset Management LLC acquired a new stake in Nova during the third quarter worth approximately $79,398,000. Barclays PLC increased its stake in Nova by 2,672.2% during the 3rd quarter. Barclays PLC now owns 175,843 shares of the semiconductor company’s stock worth $56,210,000 after acquiring an additional 169,500 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Nova by 13.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,437,657 shares of the semiconductor company’s stock worth $395,643,000 after acquiring an additional 166,672 shares during the period. Institutional investors and hedge funds own 82.99% of the company’s stock.

Nova Company Profile

Nova Measuring Instruments Ltd (NASDAQ: NVMI) develops and supplies advanced metrology and process control systems for the semiconductor manufacturing industry. The company’s core product line includes spectroscopic ellipsometry and scatterometry tools designed to measure film thickness, critical dimensions, overlay alignment and other key parameters that drive yield and performance in integrated circuit fabrication.

Founded in 1993 and headquartered in Rehovot, Israel, Nova Measuring Instruments has established itself as a critical partner to leading semiconductor foundries and device manufacturers.