Nova (NASDAQ:NVMI) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Nova (NASDAQ:NVMI) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group restated a “buy” rating and set a $520.00 target price on shares of Nova in a research report on Thursday, February 12th. Barclays assumed coverage on Nova in a report on Wednesday, March 11th. They issued an “overweight” rating and a $465.00 price target on the stock. Morgan Stanley reissued an “outperform” rating and set a $453.00 price objective on shares of Nova in a report on Friday, February 13th. Bank of America upped their target price on shares of Nova from $380.00 to $450.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nova in a research note on Friday, April 10th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $442.25.

Nova Price Performance

NVMI opened at $514.22 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.28 and a quick ratio of 5.47. The stock has a market capitalization of $16.34 billion, a P/E ratio of 64.20, a price-to-earnings-growth ratio of 3.78 and a beta of 1.80. The company’s 50 day simple moving average is $454.30 and its 200-day simple moving average is $386.61. Nova has a one year low of $168.18 and a one year high of $524.76.

Nova (NASDAQ:NVMI) last posted its quarterly earnings data on Friday, February 13th. The semiconductor company reported $2.14 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.01. Nova had a net margin of 29.44% and a return on equity of 22.90%. The firm had revenue of $222.62 million during the quarter, compared to analysts’ expectations of $220.43 million. During the same quarter in the previous year, the company posted $1.94 EPS. Nova’s revenue was up 14.3% on a year-over-year basis. Sell-side analysts anticipate that Nova will post 7.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nova

A number of institutional investors have recently made changes to their positions in NVMI. Wasatch Advisors LP lifted its stake in Nova by 4.9% in the second quarter. Wasatch Advisors LP now owns 2,200,948 shares of the semiconductor company’s stock valued at $605,701,000 after buying an additional 102,250 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Nova by 7.0% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,493,657 shares of the semiconductor company’s stock worth $490,502,000 after buying an additional 98,000 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Nova by 2.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,468,863 shares of the semiconductor company’s stock worth $482,360,000 after buying an additional 40,256 shares during the period. Vanguard Group Inc. raised its position in shares of Nova by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,128,957 shares of the semiconductor company’s stock valued at $377,402,000 after acquiring an additional 15,195 shares during the period. Finally, Invesco Ltd. raised its position in shares of Nova by 4.4% in the 4th quarter. Invesco Ltd. now owns 634,284 shares of the semiconductor company’s stock valued at $208,293,000 after acquiring an additional 26,940 shares during the period. 82.99% of the stock is owned by institutional investors and hedge funds.

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.