Summit Partners Public Asset Management LLC Sells 139,281 Shares of Nova Ltd. (NASDAQ:NVMI)

Summit Partners Public Asset Management LLC cut its stake in shares of Nova Ltd. (NASDAQ:NVMI) by 77.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,000 shares of the semiconductor company’s stock after selling 139,281 shares during the quarter. Summit Partners Public Asset Management LLC owned approximately 0.14% of Nova worth $8,334,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. increased its stake in Nova by 46.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,038 shares of the semiconductor company’s stock worth $184,000 after buying an additional 328 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Nova by 1.5% during the first quarter. Vanguard Group Inc. now owns 987,071 shares of the semiconductor company’s stock worth $175,087,000 after purchasing an additional 14,115 shares in the last quarter. Tidal Investments LLC purchased a new position in Nova in the 1st quarter worth approximately $2,589,000. Virtu Financial LLC bought a new position in Nova in the 1st quarter worth approximately $536,000. Finally, Burney Co. purchased a new stake in Nova during the 1st quarter valued at approximately $211,000. 82.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NVMI. Citigroup lowered shares of Nova from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $273.00 to $224.00 in a research report on Monday, September 16th. Benchmark lifted their target price on Nova from $240.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Nova in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Nova has an average rating of “Moderate Buy” and an average target price of $227.80.

Nova Price Performance

Shares of NVMI stock opened at $172.39 on Friday. The company has a market cap of $5.01 billion, a PE ratio of 32.16, a price-to-earnings-growth ratio of 1.63 and a beta of 1.47. Nova Ltd. has a 1 year low of $123.44 and a 1 year high of $247.21. The stock’s 50 day simple moving average is $192.84 and its two-hundred day simple moving average is $208.31.

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.