TimesSquare Capital Management LLC Takes Position in Nova Ltd. $NVMI

TimesSquare Capital Management LLC purchased a new position in shares of Nova Ltd. (NASDAQ:NVMI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 28,870 shares of the semiconductor company’s stock, valued at approximately $15,675,000.

Other large investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd bought a new stake in Nova in the 2nd quarter valued at about $639,000. Global Retirement Partners LLC purchased a new stake in Nova during the second quarter valued at about $354,000. Bank of New York Mellon Corp bought a new position in Nova during the second quarter worth about $25,214,000. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management bought a new position in Nova during the second quarter worth about $45,534,000. Finally, Bank Hapoalim BM purchased a new position in shares of Nova in the second quarter worth about $476,000. Hedge funds and other institutional investors own 82.99% of the company’s stock.

Insider Activity

In other news, Director Eitan Oppenhaim sold 1,290 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $581.20, for a total value of $749,748.00. Following the transaction, the director owned 6,421 shares of the company’s stock, valued at approximately $3,731,885.20. This represents a 16.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gabriel Waisman sold 2,966 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $501.30, for a total value of $1,486,855.80. Following the completion of the sale, the chief executive officer owned 28,714 shares in the company, valued at $14,394,328.20. This trade represents a 9.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 6,946 shares of company stock valued at $3,686,920. 1.00% of the stock is owned by company insiders.

Nova Stock Up 0.6%

Shares of NVMI opened at $420.79 on Tuesday. Nova Ltd. has a twelve month low of $232.73 and a twelve month high of $615.99. The stock has a market cap of $13.37 billion, a PE ratio of 52.08, a P/E/G ratio of 2.45 and a beta of 1.78. The business’s 50-day moving average price is $468.52 and its 200-day moving average price is $473.52.

Nova (NASDAQ:NVMI) last released its quarterly earnings data on Friday, August 7th. The semiconductor company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.10. The company had revenue of $254.96 million during the quarter, compared to analyst estimates of $250.33 million. Nova had a net margin of 28.84% and a return on equity of 21.41%. Nova’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business earned $2.20 earnings per share. Analysts expect that Nova Ltd. will post 9.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

NVMI has been the topic of several research reports. Morgan Stanley boosted their price target on shares of Nova from $494.00 to $540.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Cantor Fitzgerald reduced their price objective on shares of Nova from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Citigroup lowered their target price on shares of Nova from $595.00 to $550.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Barclays increased their target price on Nova from $465.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 15th. Finally, Weiss Ratings lowered Nova from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $514.44.

Nova 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.