Nova (NASDAQ:NVMI) Hits New 1-Year High – Should You Buy?

Nova Ltd. (NASDAQ:NVMI)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $479.32 and last traded at $481.2950, with a volume of 63609 shares changing hands. The stock had previously closed at $462.06.

Analyst Upgrades and Downgrades

NVMI has been the subject of several research reports. Bank of America raised their price objective 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. Benchmark increased their price target on shares of Nova from $280.00 to $345.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Jefferies Financial Group boosted their price objective on shares of Nova from $360.00 to $390.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Evercore ISI increased their price objective on Nova from $290.00 to $340.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Finally, Morgan Stanley initiated coverage on Nova in a research report on Monday, December 1st. They set an “equal weight” rating and a $335.00 target price for the company. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nova currently has an average rating of “Moderate Buy” and a consensus target price of $348.57.

Nova Trading Up 4.4%

The business has a 50 day simple moving average of $351.91 and a 200-day simple moving average of $314.34. The stock has a market capitalization of $14.18 billion, a price-to-earnings ratio of 63.23, a PEG ratio of 2.78 and a beta of 1.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 4.58 and a quick ratio of 4.00.

Institutional Trading of Nova

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its position in shares of Nova by 660.4% during the 1st quarter. Royal Bank of Canada now owns 10,668 shares of the semiconductor company’s stock worth $1,966,000 after purchasing an additional 9,265 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Nova by 51.6% in the first quarter. Advisors Asset Management Inc. now owns 376 shares of the semiconductor company’s stock valued at $69,000 after buying an additional 128 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Nova by 13.8% during the second quarter. Farther Finance Advisors LLC now owns 306 shares of the semiconductor company’s stock worth $84,000 after buying an additional 37 shares during the last quarter. Signaturefd LLC raised its position in Nova by 8.3% during the second quarter. Signaturefd LLC now owns 928 shares of the semiconductor company’s stock worth $255,000 after acquiring an additional 71 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Nova by 166.3% in the second quarter. Janney Montgomery Scott LLC now owns 3,459 shares of the semiconductor company’s stock valued at $952,000 after acquiring an additional 2,160 shares during the last quarter. 82.99% of the stock is currently 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.