BidaskClub Downgrades Novanta (NOVT) to Buy

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BidaskClub downgraded shares of Novanta (NASDAQ:NOVT) from a strong-buy rating to a buy rating in a report published on Thursday, BidAskClub reports.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Novanta from a hold rating to a buy rating and set a $82.00 price target on the stock in a research report on Wednesday, February 6th. Robert W. Baird raised their price target on Novanta from $61.00 to $81.00 and gave the stock a neutral rating in a research report on Thursday, February 28th.

Shares of NASDAQ NOVT opened at $84.53 on Thursday. The company has a current ratio of 2.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. Novanta has a 52 week low of $55.68 and a 52 week high of $89.78. The firm has a market capitalization of $2.96 billion, a P/E ratio of 39.13 and a beta of 1.49.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Wednesday, February 27th. The technology company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.04. Novanta had a return on equity of 19.48% and a net margin of 7.99%. The company had revenue of $156.20 million for the quarter, compared to analysts’ expectations of $154.51 million. During the same quarter last year, the business earned $0.44 earnings per share. Novanta’s revenue was up 6.3% on a year-over-year basis. As a group, equities analysts anticipate that Novanta will post 2.35 EPS for the current year.

In other Novanta news, CAO Peter L. Chang sold 5,000 shares of Novanta stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $81.14, for a total value of $405,700.00. Following the transaction, the chief accounting officer now owns 24,760 shares in the company, valued at $2,009,026.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Novanta by 36.3% in the third quarter. Vanguard Group Inc. now owns 2,951,177 shares of the technology company’s stock valued at $201,861,000 after acquiring an additional 785,554 shares during the last quarter. Vanguard Group Inc grew its position in Novanta by 36.3% in the third quarter. Vanguard Group Inc now owns 2,951,177 shares of the technology company’s stock valued at $201,861,000 after acquiring an additional 785,554 shares during the last quarter. BlackRock Inc. grew its position in Novanta by 3.7% in the fourth quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock valued at $143,221,000 after acquiring an additional 82,008 shares during the last quarter. Neuberger Berman Group LLC grew its position in Novanta by 29.2% in the third quarter. Neuberger Berman Group LLC now owns 1,762,519 shares of the technology company’s stock valued at $120,556,000 after acquiring an additional 398,663 shares during the last quarter. Finally, Conestoga Capital Advisors LLC grew its position in Novanta by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 677,832 shares of the technology company’s stock valued at $57,433,000 after acquiring an additional 6,935 shares during the last quarter. Hedge funds and other institutional investors own 85.73% of the company’s stock.

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.

Read More: How to Calculate Compound Annual Growth Rate (CAGR)

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