Shares of Novanta Inc (NASDAQ:NOVT) have earned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.
Brokerages have set a 1 year consensus price target of $81.00 for the company and are predicting that the company will post $0.49 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 197 out of 255 based on the ratings given to related companies.
Several analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Novanta from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Wednesday, February 6th. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Finally, Robert W. Baird lifted their price target on shares of Novanta from $61.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, February 28th.
NOVT stock opened at $87.34 on Friday. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 40.44 and a beta of 1.49. Novanta has a one year low of $51.65 and a one year high of $88.75. The company has a current ratio of 2.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Wednesday, February 27th. The technology company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.52 by $0.04. The firm had revenue of $156.20 million for the quarter, compared to the consensus estimate of $154.51 million. Novanta had a net margin of 7.99% and a return on equity of 19.48%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm posted $0.44 earnings per share. On average, analysts anticipate that Novanta will post 2.35 EPS for the current year.
In related news, CAO Peter L. Chang sold 5,000 shares of Novanta stock in a transaction on Friday, March 1st. The shares were sold at an average price of $81.14, for a total value of $405,700.00. Following the sale, the chief accounting officer now owns 24,760 shares in the company, valued at $2,009,026.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Novanta by 11.1% in the 4th quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock worth $23,890,000 after purchasing an additional 37,821 shares during the last quarter. Norges Bank purchased a new position in shares of Novanta in the 4th quarter worth about $15,912,000. Amalgamated Bank purchased a new position in shares of Novanta in the 4th quarter worth about $304,000. Millennium Management LLC purchased a new position in shares of Novanta in the 4th quarter worth about $949,000. Finally, Legal & General Group Plc raised its position in shares of Novanta by 2.1% in the 4th quarter. Legal & General Group Plc now owns 175,222 shares of the technology company’s stock worth $11,038,000 after purchasing an additional 3,570 shares during the last quarter. Institutional investors and hedge funds own 85.95% of the company’s stock.
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.
Further Reading: What does earnings per share mean?
Get a free copy of the Zacks research report on Novanta (NOVT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Novanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novanta and related companies with MarketBeat.com's FREE daily email newsletter.