Zacks Investment Research upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a report released on Saturday morning. The brokerage currently has $74.00 target price 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. “
Several other research analysts also recently issued reports on the company. BidaskClub raised Novanta from a buy rating to a strong-buy rating in a report on Thursday, April 19th. Robert W. Baird cut shares of Novanta from an outperform rating to a neutral rating and set a $54.00 target price for the company. in a research report on Wednesday, May 9th.
Novanta traded up $1.25, hitting $67.70, during trading hours on Friday, MarketBeat Ratings reports. 98,316 shares of the stock were exchanged, compared to its average volume of 174,210. Novanta has a twelve month low of $36.05 and a twelve month high of $69.90. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.18 and a current ratio of 3.18. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 42.31 and a beta of 1.50.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The firm had revenue of $150.40 million for the quarter, compared to the consensus estimate of $147.26 million. During the same quarter in the prior year, the business earned $0.41 EPS. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. equities analysts predict that Novanta will post 2 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the business. Yorktown Management & Research Co Inc raised its position in shares of Novanta by 12.0% during the 2nd quarter. Yorktown Management & Research Co Inc now owns 8,851 shares of the technology company’s stock valued at $551,000 after acquiring an additional 951 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Novanta by 58.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock valued at $160,000 after acquiring an additional 951 shares during the last quarter. Sapphire Star Partners LP raised its position in shares of Novanta by 7.9% during the 2nd quarter. Sapphire Star Partners LP now owns 15,682 shares of the technology company’s stock valued at $976,000 after acquiring an additional 1,143 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of Novanta by 0.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 553,591 shares of the technology company’s stock valued at $28,870,000 after acquiring an additional 1,470 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Novanta by 24.0% in the 1st quarter. Barclays PLC now owns 7,622 shares of the technology company’s stock valued at $397,000 after buying an additional 1,477 shares in the last quarter. Institutional investors own 84.28% of the company’s stock.
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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