Zacks: Novanta Inc (NASDAQ:NOVT) Given $83.00 Average Price Target by Analysts

Novanta Inc (NASDAQ:NOVT) has earned an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One investment 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 $83.00 for the company and are anticipating that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 109 out of 256 based on the ratings given to its competitors.

Several brokerages recently issued reports on NOVT. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, July 4th. Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday.

NASDAQ NOVT traded up $0.56 on Friday, hitting $87.68. 277,552 shares of the company were exchanged, compared to its average volume of 158,962. The firm’s 50 day simple moving average is $86.90. The company has a market cap of $3.07 billion, a P/E ratio of 40.59 and a beta of 1.53. The company has a current ratio of 2.83, a quick ratio of 1.78 and a debt-to-equity ratio of 0.61. Novanta has a 1-year low of $55.68 and a 1-year high of $96.31.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. The business had revenue of $157.20 million for the quarter, compared to the consensus estimate of $155.85 million. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 EPS. On average, analysts expect that Novanta will post 2.41 EPS for the current fiscal year.

In other Novanta news, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the sale, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at approximately $14,460,601.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $93.21, for a total value of $2,805,621.00. Following the sale, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.

Large investors have recently made changes to their positions in the business. Zions Bancorporation N.A. boosted its holdings in shares of Novanta by 6.0% in the 2nd quarter. Zions Bancorporation N.A. now owns 3,646 shares of the technology company’s stock valued at $344,000 after buying an additional 206 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in shares of Novanta by 1.9% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 91,773 shares of the technology company’s stock valued at $7,776,000 after buying an additional 1,755 shares during the last quarter. OppenheimerFunds Inc. boosted its holdings in shares of Novanta by 1.7% in the 1st quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock valued at $55,888,000 after buying an additional 11,278 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Novanta in the 1st quarter valued at approximately $286,000. Finally, Federated Investors Inc. PA boosted its holdings in shares of Novanta by 31.8% in the 1st quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock valued at $13,557,000 after buying an additional 38,600 shares during the last quarter. 87.13% of the stock is owned by hedge funds and other institutional investors.

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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