Zacks Investment Research upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a report issued on Friday morning. They currently have $70.00 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. “
Other analysts have also recently issued reports about the company. BidaskClub raised Novanta from a buy rating to a strong-buy rating in a report on Friday. Robert W. Baird downgraded Novanta from an outperform rating to a neutral rating and set a $54.00 target price on the stock. in a research report on Wednesday. Finally, William Blair initiated coverage on Novanta in a research report on Tuesday, February 27th. They issued an outperform rating on the stock.
Shares of Novanta traded down $0.35, reaching $63.05, during trading hours on Friday, Marketbeat reports. 137,846 shares of the stock traded hands, compared to its average volume of 321,177. The company has a market cap of $2.17 billion, a P/E ratio of 39.41 and a beta of 1.46. Novanta has a one year low of $62.45 and a one year high of $63.90. The company has a quick ratio of 2.00, a current ratio of 3.25 and a debt-to-equity ratio of 0.70.
Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, May 8th. The technology company reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.07. Novanta had a return on equity of 20.02% and a net margin of 5.14%. The business had revenue of $147.00 million during the quarter, compared to the consensus estimate of $139.55 million. During the same period in the previous year, the company posted $0.31 EPS. The business’s quarterly revenue was up 34.9% compared to the same quarter last year. research analysts anticipate that Novanta will post 1.99 EPS for the current fiscal year.
In other Novanta news, CFO Robert Buckley sold 8,764 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $56.83, for a total value of $498,058.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 26,394 shares of company stock worth $1,480,917 in the last ninety days. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Novanta by 8.7% during the 4th quarter. BlackRock Inc. now owns 2,020,420 shares of the technology company’s stock worth $101,020,000 after buying an additional 160,881 shares in the last quarter. California Public Employees Retirement System raised its stake in Novanta by 19.7% in the third quarter. California Public Employees Retirement System now owns 30,400 shares of the technology company’s stock valued at $1,325,000 after buying an additional 5,000 shares during the last quarter. Wells Fargo & Company MN raised its stake in Novanta by 25.5% in the fourth quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock valued at $115,139,000 after buying an additional 467,585 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Novanta by 2.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 151,247 shares of the technology company’s stock valued at $7,563,000 after buying an additional 4,001 shares during the last quarter. Finally, Amalgamated Bank purchased a new stake in Novanta in the fourth quarter valued at about $218,000. 81.93% of the stock is currently owned by institutional investors and hedge funds.
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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