Key Points
- Nova CEO Gabriel Waisman sold 1,500 shares for $513,405 at an average price of $342.27 under a pre-arranged Rule 10b5-1 plan, reducing his position by 5.22% while retaining 27,214 shares.
- Nova’s latest quarterly results exceeded expectations, with adjusted EPS of $2.51 and revenue of $254.96 million, up 15.9% year over year. The board also authorized a $200 million share buyback, covering up to 1.9% of outstanding shares.
- Analysts maintain a consensus “Moderate Buy” rating with an average price target of $514.44, despite some firms recently lowering their targets.
Nova Ltd. (NASDAQ:NVMI - Get Free Report) CEO Gabriel Waisman sold 1,500 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $342.27, for a total transaction of $513,405.00. Following the completion of the sale, the chief executive officer owned 27,214 shares in the company, valued at approximately $9,314,535.78. The trade was a 5.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Gabriel Waisman also recently made the following trade(s):
- On Thursday, July 2nd, Gabriel Waisman sold 2,966 shares of Nova stock. The shares were sold at an average price of $501.30, for a total transaction of $1,486,855.80.
Nova Stock Up 3.5%
Shares of Nova stock opened at $349.60 on Thursday. Nova Ltd. has a twelve month low of $232.73 and a twelve month high of $615.99. The business has a 50-day moving average price of $423.19 and a 200-day moving average price of $465.79. The firm has a market cap of $11.11 billion, a price-to-earnings ratio of 43.27, a PEG ratio of 1.95 and a beta of 1.76.
Nova (NASDAQ:NVMI - Get Free Report) last posted its earnings results on Friday, August 7th. The semiconductor company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.41 by $0.10. Nova had a return on equity of 21.41% and a net margin of 28.84%.The company had revenue of $254.96 million for the quarter, compared to the consensus estimate of $250.33 million. During the same period in the previous year, the business earned $2.20 earnings per share. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Nova Ltd. will post 9.89 EPS for the current fiscal year.
Nova announced that its board has initiated a share buyback program on Wednesday, September 2nd that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 1.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on NVMI. Cantor Fitzgerald lowered their target price on Nova from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Barclays upped their price target on shares of Nova from $465.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. Needham & Company LLC lowered their price objective on shares of Nova from $640.00 to $570.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Morgan Stanley lifted their price objective on shares of Nova from $494.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $600.00 price objective on shares of Nova in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $514.44.
View Our Latest Stock Report on NVMI
Hedge Funds Weigh In On Nova
Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC bought a new position in shares of Nova during the 4th quarter valued at approximately $29,000. Allworth Financial LP purchased a new stake in Nova during the 2nd quarter valued at $38,000. Measured Wealth Private Client Group LLC bought a new stake in Nova in the third quarter worth $40,000. CIBC Private Wealth Group LLC lifted its position in Nova by 75.7% in the third quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company's stock worth $42,000 after buying an additional 56 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in Nova by 2,042.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company's stock worth $48,000 after buying an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 82.99% of the company's stock.
Nova Company Profile
(
Get Free Report)
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.
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