Nova (NASDAQ:NVMI) Issues Q1 2024 Earnings Guidance

Nova (NASDAQ:NVMI) updated its first quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.210-1.330 for the period, compared to the consensus EPS estimate of 1.270. The company issued revenue guidance of $134.0 million-$140.0 million, compared to the consensus revenue estimate of $137.0 million.

Analysts Set New Price Targets

Separately, Benchmark upped their price target on shares of Nova from $150.00 to $187.00 and gave the company a buy rating in a research report on Friday, February 16th.

Nova Trading Up 0.3 %

Nova stock opened at $174.80 on Friday. The firm has a 50 day moving average of $169.80 and a 200 day moving average of $138.18. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of 40.84, a P/E/G ratio of 6.61 and a beta of 1.41. Nova has a 12-month low of $87.85 and a 12-month high of $190.51.

Nova (NASDAQ:NVMI) last released its earnings results on Thursday, February 15th. The semiconductor company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.14. The company had revenue of $134.22 million during the quarter, compared to analyst estimates of $128.00 million. Nova had a net margin of 26.32% and a return on equity of 20.55%. On average, analysts predict that Nova will post 4.87 EPS for the current year.

Institutional Investors Weigh In On Nova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in Nova by 14.3% during the 1st quarter. Citigroup Inc. now owns 10,293 shares of the semiconductor company’s stock valued at $1,120,000 after buying an additional 1,287 shares in the last quarter. BlackRock Inc. lifted its position in Nova by 554.3% in the first quarter. BlackRock Inc. now owns 42,844 shares of the semiconductor company’s stock worth $4,664,000 after buying an additional 36,296 shares during the last quarter. Vanguard Group Inc. lifted its position in Nova by 1.4% in the first quarter. Vanguard Group Inc. now owns 839,822 shares of the semiconductor company’s stock worth $91,439,000 after buying an additional 11,224 shares during the last quarter. First Trust Advisors LP purchased a new stake in Nova in the first quarter worth $957,000. Finally, Hsbc Holdings PLC increased its stake in Nova by 127.2% in the first quarter. Hsbc Holdings PLC now owns 5,304 shares of the semiconductor company’s stock worth $582,000 after purchasing an additional 2,969 shares during the period. 82.99% of the stock is owned by hedge funds and other institutional investors.

Nova Company 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.