Zacks Investment Research upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research report sent to investors on Thursday. The brokerage currently has $63.00 price target 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 equities analysts also recently commented on the company. Robert W. Baird started coverage on Novanta in a research note on Thursday, December 7th. They issued an outperform rating and a $54.00 price objective on the stock. BidaskClub cut Novanta from a buy rating to a hold rating in a research note on Thursday, February 15th. Finally, William Blair assumed coverage on Novanta in a research note on Tuesday, February 27th. They issued an outperform rating on the stock.
Novanta stock traded down $0.45 during mid-day trading on Thursday, hitting $53.90. The stock had a trading volume of 18,872 shares, compared to its average volume of 223,475. The company has a market capitalization of $1,959.92, a price-to-earnings ratio of 35.19 and a beta of 1.33. The company has a current ratio of 2.93, a quick ratio of 2.00 and a debt-to-equity ratio of 0.72. Novanta has a 52 week low of $25.95 and a 52 week high of $60.30.
Novanta (NASDAQ:NOVT) last released its earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The company had revenue of $146.92 million during the quarter, compared to analyst estimates of $146.35 million. During the same period in the prior year, the company posted $0.35 earnings per share. Novanta’s quarterly revenue was up 48.6% on a year-over-year basis. equities research analysts anticipate that Novanta will post 1.92 earnings per share for the current year.
In other news, CFO Robert Buckley sold 8,764 shares of the firm’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $56.83, for a total transaction of $498,058.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 26,394 shares of company stock worth $1,480,917. 8.30% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Sterling Capital Management LLC bought a new position in shares of Novanta during the fourth quarter valued at about $1,062,000. MetLife Investment Advisors LLC bought a new position in shares of Novanta during the fourth quarter valued at about $767,000. Vident Investment Advisory LLC bought a new position in shares of Novanta during the fourth quarter valued at about $19,439,000. Jane Street Group LLC grew its stake in shares of Novanta by 144.4% during the fourth quarter. Jane Street Group LLC now owns 13,128 shares of the technology company’s stock valued at $656,000 after buying an additional 7,757 shares during the last quarter. Finally, Teachers Advisors LLC grew its stake in shares of Novanta by 1.8% during the fourth quarter. Teachers Advisors LLC now owns 78,344 shares of the technology company’s stock valued at $3,917,000 after buying an additional 1,415 shares during the last quarter. 82.66% of the stock is currently owned by hedge funds and other institutional investors.
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Novanta Company Profile
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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