Nova (NASDAQ:NVMI) Reaches New 52-Week High - Here's Why

Nova Ltd. (NASDAQ:NVMI - Get Free Report) shares hit a new 52-week high on Friday . The stock traded as high as $249.01 and last traded at $242.33, with a volume of 196734 shares. The stock had previously closed at $232.66.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NVMI. Cantor Fitzgerald began coverage on Nova in a research note on Monday. They issued an "overweight" rating and a $275.00 price objective on the stock. Benchmark upped their price target on Nova from $240.00 to $245.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Needham & Company LLC reiterated a "hold" rating on shares of Nova in a research note on Friday, November 8th. Finally, Citigroup upgraded shares of Nova from a "neutral" rating to a "buy" rating and upped their target price for the stock from $226.00 to $240.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $238.33.

Nova Trading Up 0.5 %

The firm has a market cap of $7.07 billion, a PE ratio of 45.45, a P/E/G ratio of 1.81 and a beta of 1.42. The business has a fifty day moving average price of $196.51 and a 200 day moving average price of $204.19.

Institutional Investors Weigh In On Nova

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clal Insurance Enterprises Holdings Ltd boosted its stake in Nova by 74.6% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,281,869 shares of the semiconductor company's stock valued at $267,487,000 after acquiring an additional 547,833 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Nova by 115.1% in the 3rd quarter. Franklin Resources Inc. now owns 661,282 shares of the semiconductor company's stock valued at $146,515,000 after purchasing an additional 353,906 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Nova by 45.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 645,203 shares of the semiconductor company's stock valued at $151,319,000 after purchasing an additional 200,816 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Nova during the 3rd quarter worth approximately $19,659,000. Finally, Meitav Investment House Ltd. increased its position in Nova by 16.3% during the third quarter. Meitav Investment House Ltd. now owns 647,722 shares of the semiconductor company's stock worth $135,513,000 after buying an additional 90,883 shares during the period. 82.99% of the stock is currently owned by institutional investors and hedge funds.

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.