Novanta (NOVT) Upgraded at BidaskClub

BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a buy rating to a strong-buy rating in a report released on Thursday.

Several other research firms have also recently commented on NOVT. Zacks Investment Research raised shares of Novanta from a hold rating to a buy rating and set a $63.00 target price on the stock in a research note on Thursday, March 22nd. Robert W. Baird reissued a buy rating on shares of Novanta in a research note on Thursday, March 1st. Finally, William Blair assumed coverage on shares of Novanta in a research note on Tuesday, February 27th. They set an outperform rating on the stock.

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Shares of NASDAQ:NOVT opened at $62.35 on Thursday. The stock has a market capitalization of $2,162.61, a P/E ratio of 38.97 and a beta of 1.47. Novanta has a fifty-two week low of $27.05 and a fifty-two week high of $63.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The firm had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. Novanta had a net margin of 9.80% and a return on equity of 18.52%. Novanta’s quarterly revenue was up 48.6% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. research analysts expect that Novanta will post 1.92 earnings per share for the current fiscal year.

In other Novanta news, CFO Robert Buckley sold 8,764 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $56.83, for a total transaction of $498,058.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 26,394 shares of company stock worth $1,480,917. 6.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN grew its stake in shares of Novanta by 25.5% in the 4th quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock worth $115,139,000 after purchasing an additional 467,585 shares during the last quarter. BlackRock Inc. grew its stake in shares of Novanta by 8.7% in the 4th quarter. BlackRock Inc. now owns 2,020,420 shares of the technology company’s stock worth $101,020,000 after purchasing an additional 160,881 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Novanta by 11.5% in the 4th quarter. Renaissance Technologies LLC now owns 1,117,700 shares of the technology company’s stock worth $55,885,000 after purchasing an additional 115,100 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Novanta by 1.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,042,969 shares of the technology company’s stock worth $45,473,000 after purchasing an additional 11,407 shares during the last quarter. Finally, Vident Investment Advisory LLC acquired a new position in shares of Novanta in the 4th quarter worth approximately $19,439,000. 82.50% of the stock is currently owned by institutional investors.

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Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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