Citigroup Inc. Decreases Stock Position in Nova Ltd. (NASDAQ:NVMI)

Citigroup Inc. trimmed its position in shares of Nova Ltd. (NASDAQ:NVMI) by 55.1% in the third quarter, Holdings Channel.com reports. The firm owned 87,144 shares of the semiconductor company’s stock after selling 107,036 shares during the period. Citigroup Inc.’s holdings in Nova were worth $18,156,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in shares of Nova by 89.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 78 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in Nova in the second quarter valued at $68,000. FSC Wealth Advisors LLC acquired a new position in Nova during the 2nd quarter worth $79,000. Signaturefd LLC increased its position in shares of Nova by 15.9% in the 2nd quarter. Signaturefd LLC now owns 767 shares of the semiconductor company’s stock worth $180,000 after purchasing an additional 105 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Nova by 46.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,038 shares of the semiconductor company’s stock valued at $184,000 after purchasing an additional 328 shares in the last quarter. Hedge funds and other institutional investors own 82.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on NVMI shares. Benchmark boosted their price objective on Nova from $240.00 to $245.00 and gave the company a “buy” rating in a report on Friday, November 8th. Citigroup lowered Nova from a “buy” rating to a “neutral” rating and dropped their price target for the company from $273.00 to $224.00 in a research report on Monday, September 16th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Nova in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Nova presently has an average rating of “Moderate Buy” and an average target price of $227.80.

Nova Price Performance

NASDAQ:NVMI opened at $172.39 on Thursday. The firm has a market capitalization of $5.01 billion, a P/E ratio of 32.16, a P/E/G ratio of 1.66 and a beta of 1.47. The business has a 50 day simple moving average of $193.50 and a 200 day simple moving average of $208.56. Nova Ltd. has a 12-month low of $123.44 and a 12-month high of $247.21.

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.