Redwood Investments LLC Sells 7,433 Shares of Nova Ltd. (NASDAQ:NVMI)

Redwood Investments LLC lowered its position in shares of Nova Ltd. (NASDAQ:NVMI) by 27.9% in the fourth quarter, HoldingsChannel reports. The fund owned 19,219 shares of the semiconductor company’s stock after selling 7,433 shares during the period. Nova accounts for approximately 1.0% of Redwood Investments LLC’s investment portfolio, making the stock its 26th largest holding. Redwood Investments LLC’s holdings in Nova were worth $3,785,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Polar Capital Holdings Plc raised its holdings in Nova by 504.5% during the 4th quarter. Polar Capital Holdings Plc now owns 354,302 shares of the semiconductor company’s stock worth $69,780,000 after purchasing an additional 295,691 shares during the last quarter. Man Group plc grew its position in shares of Nova by 1,521.0% during the 4th quarter. Man Group plc now owns 25,580 shares of the semiconductor company’s stock worth $5,038,000 after buying an additional 24,002 shares during the period. Nicholas Investment Partners LP raised its stake in shares of Nova by 5.5% during the fourth quarter. Nicholas Investment Partners LP now owns 13,211 shares of the semiconductor company’s stock worth $2,602,000 after buying an additional 688 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Nova by 2.3% during the fourth quarter. Nuveen Asset Management LLC now owns 105,070 shares of the semiconductor company’s stock worth $20,736,000 after buying an additional 2,327 shares during the last quarter. Finally, Granahan Investment Management LLC lifted its holdings in Nova by 16.3% in the fourth quarter. Granahan Investment Management LLC now owns 20,068 shares of the semiconductor company’s stock valued at $3,952,000 after buying an additional 2,819 shares during the period. Institutional investors and hedge funds own 82.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on NVMI. Benchmark dropped their target price on shares of Nova from $295.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Citigroup decreased their target price on Nova from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Needham & Company LLC reiterated a “hold” rating on shares of Nova in a research report on Friday, February 14th. Bank of America decreased their price objective on shares of Nova from $310.00 to $248.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald cut their target price on shares of Nova from $315.00 to $300.00 and set an “overweight” rating on the stock in a report on Friday, March 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $277.00.

Nova Price Performance

NASDAQ NVMI opened at $199.16 on Thursday. Nova Ltd. has a one year low of $154.00 and a one year high of $289.90. The firm has a market cap of $5.83 billion, a P/E ratio of 34.70, a P/E/G ratio of 2.55 and a beta of 1.66. The stock’s 50-day moving average is $191.37 and its 200-day moving average is $207.12.

Nova (NASDAQ:NVMI) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.08 by $0.10. The firm had revenue of $213.36 million for the quarter, compared to the consensus estimate of $210.10 million. Nova had a net margin of 27.33% and a return on equity of 22.33%. The business’s quarterly revenue was up 50.5% on a year-over-year basis. During the same period last year, the company posted $1.39 EPS. Equities analysts anticipate that Nova Ltd. will post 7.52 EPS for the current year.

Nova Profile

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.