Zacks Investment Research upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research report report published on Wednesday morning. The firm currently has $57.00 price objective on the technology company’s stock.
According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “
Several other research analysts have also recently issued reports on NOVT. Robert W. Baird restated a buy rating on shares of Novanta in a report on Thursday, March 1st. BidaskClub upgraded shares of Novanta from a hold rating to a buy rating in a research note on Thursday, February 22nd. Finally, William Blair began coverage on shares of Novanta in a research note on Tuesday, February 27th. They set an outperform rating for the company.
Shares of Novanta stock opened at $51.05 on Wednesday. Novanta has a 12-month low of $26.00 and a 12-month high of $60.30. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1,807.69, a PE ratio of 31.91 and a beta of 1.47.
Novanta (NASDAQ:NOVT) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. Novanta had a net margin of 9.80% and a return on equity of 18.52%. The business had revenue of $146.92 million during the quarter, compared to analysts’ expectations of $146.35 million. During the same quarter in the prior year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 48.6% on a year-over-year basis. research analysts expect that Novanta will post 1.92 earnings per share for the current year.
In related news, CFO Robert Buckley sold 8,764 shares of the stock in a transaction on Monday, March 12th. The shares were sold at an average price of $56.83, for a total transaction of $498,058.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 26,394 shares of company stock valued at $1,480,917. 8.30% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of NOVT. Prudential Financial Inc. acquired a new stake in Novanta during the 3rd quarter worth $269,000. Principal Financial Group Inc. acquired a new stake in Novanta during the 3rd quarter worth $294,000. New York State Common Retirement Fund boosted its stake in Novanta by 112.8% during the 3rd quarter. New York State Common Retirement Fund now owns 121,474 shares of the technology company’s stock worth $5,296,000 after purchasing an additional 64,377 shares during the period. Bank of New York Mellon Corp boosted its stake in Novanta by 2.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 526,149 shares of the technology company’s stock worth $22,940,000 after purchasing an additional 14,179 shares during the period. Finally, American International Group Inc. boosted its stake in Novanta by 8.1% during the 3rd quarter. American International Group Inc. now owns 21,478 shares of the technology company’s stock worth $936,000 after purchasing an additional 1,606 shares during the period. Hedge funds and other institutional investors own 82.66% of the company’s stock.
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Novanta Company Profile
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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