Citigroup Lowers Nova (NASDAQ:NVMI) Price Target to $123.00

Nova (NASDAQ:NVMIGet Rating) had its target price cut by stock analysts at Citigroup to $123.00 in a research report issued to clients and investors on Sunday, The Fly reports. Citigroup’s target price would suggest a potential upside of 40.64% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. StockNews.com assumed coverage on Nova in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Needham & Company LLC raised their price objective on Nova from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 4th. Bank of America reduced their price objective on Nova from $130.00 to $107.00 and set a “buy” rating for the company in a research note on Friday, October 7th. Finally, Benchmark reduced their price target on Nova from $146.00 to $140.00 in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Nova currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.00.

Nova Price Performance

Shares of NVMI stock opened at $87.46 on Friday. Nova has a 1-year low of $67.40 and a 1-year high of $149.15. The stock’s 50-day moving average is $83.82 and its 200 day moving average is $94.05. The company has a market cap of $2.51 billion, a P/E ratio of 21.92, a PEG ratio of 4.25 and a beta of 1.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.80 and a quick ratio of 3.82.

Hedge Funds Weigh In On Nova

Several large investors have recently modified their holdings of the business. Brandywine Oak Private Wealth LLC increased its holdings in Nova by 36.3% during the 1st quarter. Brandywine Oak Private Wealth LLC now owns 2,247 shares of the semiconductor company’s stock worth $244,000 after purchasing an additional 599 shares during the period. National Asset Management Inc. acquired a new position in shares of Nova during the 1st quarter worth about $393,000. abrdn plc boosted its position in shares of Nova by 46.7% during the 1st quarter. abrdn plc now owns 489,018 shares of the semiconductor company’s stock worth $54,208,000 after acquiring an additional 155,759 shares in the last quarter. Aubrey Capital Management Ltd acquired a new stake in shares of Nova in the 1st quarter valued at about $316,000. Finally, Royce & Associates LP boosted its position in shares of Nova by 12.3% in the 1st quarter. Royce & Associates LP now owns 281,417 shares of the semiconductor company’s stock valued at $30,641,000 after purchasing an additional 30,860 shares during the period. Institutional investors and hedge funds own 68.37% of the company’s stock.

About Nova

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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.

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