Hsbc Holdings PLC Sells 4,372 Shares of Nova Ltd. $NVMI

Hsbc Holdings PLC decreased its position in Nova Ltd. (NASDAQ:NVMI) by 20.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,438 shares of the semiconductor company’s stock after selling 4,372 shares during the period. Hsbc Holdings PLC’s holdings in Nova were worth $9,363,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NVMI. BlackRock Inc. bought a new stake in shares of Nova during the second quarter valued at approximately $391,367,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Nova by 47.5% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,166,073 shares of the semiconductor company’s stock worth $940,683,000 after buying an additional 697,210 shares in the last quarter. Bank of America Corp DE acquired a new stake in Nova during the second quarter worth $308,300,000. Invesco Ltd. increased its holdings in Nova by 185.4% in the 3rd quarter. Invesco Ltd. now owns 607,344 shares of the semiconductor company’s stock valued at $194,144,000 after buying an additional 394,544 shares during the period. Finally, Phoenix Financial Ltd. raised its stake in shares of Nova by 286.3% in the 4th quarter. Phoenix Financial Ltd. now owns 508,641 shares of the semiconductor company’s stock valued at $167,115,000 after buying an additional 376,974 shares in the last quarter. Institutional investors and hedge funds own 82.99% of the company’s stock.

Nova Stock Performance

Shares of NASDAQ:NVMI opened at $373.85 on Thursday. Nova Ltd. has a twelve month low of $266.43 and a twelve month high of $615.99. The firm has a market cap of $11.88 billion, a PE ratio of 46.27, a price-to-earnings-growth ratio of 1.88 and a beta of 1.76. The business has a fifty day moving average of $408.37 and a 200-day moving average of $463.14.

Nova (NASDAQ:NVMI) last issued its quarterly earnings results on Friday, August 7th. The semiconductor company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.10. Nova had a net margin of 28.84% and a return on equity of 21.41%. The business had revenue of $254.96 million for the quarter, compared to the consensus estimate of $250.33 million. During the same quarter in the prior year, the company earned $2.20 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, analysts anticipate that Nova Ltd. will post 9.89 EPS for the current fiscal year.

Nova declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 1.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Nova

In other Nova news, Director Sarit Sagiv sold 454 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total transaction of $243,580.08. Following the transaction, the director owned 1,951 shares of the company’s stock, valued at approximately $1,046,750.52. This represents a 18.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 1,500 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $342.27, for a total value of $513,405.00. Following the completion of the transaction, the chief executive officer owned 27,214 shares in the company, valued at $9,314,535.78. The trade was a 5.22% decrease in their ownership of the stock. 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. Insiders sold 6,942 shares of company stock valued at $3,419,027 over the last three months. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NVMI shares. Cantor Fitzgerald decreased their target price on shares of Nova from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Needham & Company LLC dropped their price target 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. Jefferies Financial Group restated a “buy” rating and set a $600.00 price target on shares of Nova in a research note on Thursday, August 6th. Wall Street Zen upgraded Nova from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Evercore set a $475.00 target price on Nova in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.