Novanta (NOVT) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research report released on Saturday. They currently have $74.00 price objective 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 have also issued reports on the company. BidaskClub upgraded Novanta from a buy rating to a strong-buy rating in a research note on Thursday, April 19th. Robert W. Baird lowered Novanta from an outperform rating to a neutral rating and set a $54.00 price target on the stock. in a research note on Wednesday, May 9th.

Shares of Novanta stock traded up $1.25 during trading on Friday, reaching $67.70. The company’s stock had a trading volume of 98,316 shares, compared to its average volume of 174,210. 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 firm has a market capitalization of $2.30 billion, a PE ratio of 42.31 and a beta of 1.50. Novanta has a one year low of $36.05 and a one year high of $69.90.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The business had revenue of $150.40 million for the quarter, compared to analyst estimates of $147.26 million. During the same period in the previous year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. research analysts forecast that Novanta will post 2 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Novanta by 2,010.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,102 shares of the technology company’s stock worth $158,000 after acquiring an additional 2,955 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Novanta by 58.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock worth $160,000 after acquiring an additional 951 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Novanta by 430.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,650 shares of the technology company’s stock worth $182,000 after acquiring an additional 2,150 shares in the last quarter. Quantbot Technologies LP boosted its holdings in shares of Novanta by 91.7% in the 1st quarter. Quantbot Technologies LP now owns 3,806 shares of the technology company’s stock worth $198,000 after acquiring an additional 1,821 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT acquired a new position in shares of Novanta in the 1st quarter worth approximately $201,000. 84.28% of the stock is currently owned by institutional investors.

About Novanta

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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