Novanta (NASDAQ:NOVT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on the company. Robert W. Baird set a $194.00 price target on Novanta in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a research note on Tuesday, October 13th. Finally, Zacks Research cut Novanta from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $194.00.

Novanta Price Performance

NASDAQ:NOVT opened at $145.98 on Friday. Novanta has a 52 week low of $98.27 and a 52 week high of $176.38. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 41.73 and a beta of 1.71. The firm’s 50-day simple moving average is $142.25 and its 200 day simple moving average is $142.59. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Monday, November 9th. The technology company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.08. The business had revenue of $305.01 million during the quarter, compared to analysts’ expectations of $301.02 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The business’s revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.87 EPS. As a group, sell-side analysts predict that Novanta will post 3.70 earnings per share for the current year.

Institutional Investors Weigh In On Novanta

Large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new position in shares of Novanta in the 2nd quarter valued at approximately $34,000. Gables Capital Management Inc. acquired a new stake in shares of Novanta during the 3rd quarter worth approximately $39,000. Pinnacle Wealth Planning Services Inc. increased its stake in Novanta by 29.5% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company’s stock valued at $43,000 after acquiring an additional 69 shares during the last quarter. Signaturefd LLC increased its stake in Novanta by 231.7% in the third quarter. Signaturefd LLC now owns 345 shares of the technology company’s stock valued at $49,000 after acquiring an additional 241 shares during the last quarter. Finally, Harbor Investment Advisory LLC bought a new position in Novanta in the second quarter valued at approximately $54,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Company Profile

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software.

The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.

Novanta was formerly known as GSI Group and adopted the Novanta name in 2016.