Novanta (NASDAQ:NOVT) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
Several other analysts also recently weighed in on the stock. ValuEngine downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, October 6th. Zacks Investment Research downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Novanta has an average rating of “Hold” and a consensus target price of $64.00.
NASDAQ NOVT opened at $74.00 on Wednesday. Novanta has a 52-week low of $43.65 and a 52-week high of $78.85. The company has a quick ratio of 2.14, a current ratio of 3.18 and a debt-to-equity ratio of 0.61. The firm has a market cap of $2.15 billion, a PE ratio of 46.25 and a beta of 1.72.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.09. The company had revenue of $160.79 million during the quarter, compared to the consensus estimate of $154.43 million. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. On average, equities analysts expect that Novanta will post 2 EPS for the current year.
In other Novanta news, CFO Robert Buckley sold 13,487 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $72.90, for a total value of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Peter L. Chang sold 3,680 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $70.63, for a total transaction of $259,918.40. Following the completion of the sale, the vice president now directly owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Conestoga Capital Advisors LLC purchased a new position in shares of Novanta in the second quarter valued at about $22,610,000. Janus Henderson Group PLC purchased a new position in shares of Novanta in the second quarter valued at about $18,043,000. Public Employees Retirement Association of Colorado purchased a new position in shares of Novanta in the second quarter valued at about $12,647,000. BlackRock Inc. increased its position in shares of Novanta by 6.0% in the second quarter. BlackRock Inc. now owns 2,171,173 shares of the technology company’s stock valued at $135,264,000 after acquiring an additional 123,401 shares during the period. Finally, Meritage Portfolio Management purchased a new position in shares of Novanta in the second quarter valued at about $5,964,000. 86.63% of the stock is owned by institutional investors and hedge funds.
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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