Nova (NASDAQ:NVMI) Upgraded by Citigroup to “Buy” Rating

Nova (NASDAQ:NVMI) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has a $240.00 target price on the semiconductor company’s stock, up from their previous target price of $226.00. Citigroup’s target price points to a potential upside of 10.90% from the company’s previous close.

NVMI has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Nova in a research note on Friday, November 8th. Benchmark raised their price objective on shares of Nova from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Nova presently has a consensus rating of “Moderate Buy” and an average price target of $231.00.

Nova Stock Performance

Shares of NVMI opened at $216.41 on Monday. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 1.78 and a beta of 1.42. Nova has a 52 week low of $129.11 and a 52 week high of $247.21. The business’s fifty day moving average price is $191.19 and its two-hundred day moving average price is $204.20.

Institutional Investors Weigh In On Nova

Large investors have recently modified their holdings of the business. Quarry LP boosted its stake in Nova by 438.5% in the 3rd quarter. Quarry LP now owns 140 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 114 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Nova by 89.7% during the third quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company’s stock worth $34,000 after buying an additional 78 shares during the period. Employees Retirement System of Texas bought a new position in shares of Nova during the second quarter worth about $68,000. The Manufacturers Life Insurance Company acquired a new stake in Nova in the 2nd quarter valued at approximately $211,000. Finally, Maven Securities LTD bought a new stake in Nova in the 2nd quarter valued at approximately $227,000. 82.99% of the stock is currently owned by institutional investors.

About Nova

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.