Novanta (NASDAQ:NOVT) Stock Rating Upgraded by Wall Street Zen

Novanta (NASDAQ:NOVT) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

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

Novanta Price Performance

Novanta stock opened at $135.15 on Friday. The business’s 50-day simple moving average is $142.18 and its 200 day simple moving average is $142.57. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 86.64 and a beta of 1.71. Novanta has a 12-month low of $98.27 and a 12-month high of $176.38. The company has a quick ratio of 3.79, a current ratio of 4.57 and a debt-to-equity ratio of 0.12.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NOVT. Aberdeen Group plc bought a new stake in Novanta in the third quarter valued at approximately $552,152,000. Bamco Inc. NY acquired a new stake in Novanta in the second quarter worth $137,984,000. William Blair Investment Management LLC acquired a new stake in Novanta in the second quarter worth $124,254,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Novanta in the second quarter worth $71,407,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Novanta by 27.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,776,694 shares of the technology company’s stock worth $210,307,000 after purchasing an additional 377,232 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.