Zacks: Analysts Set $54.00 Price Target for Novanta Inc (NOVT)

Novanta Inc (NASDAQ:NOVT) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Brokers have set a 1 year consensus price objective of $54.00 for the company and are predicting that the company will post $0.41 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 157 out of 265 based on the ratings given to its competitors.

A number of equities analysts have recently issued reports on NOVT shares. BidaskClub downgraded Novanta from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Robert W. Baird started coverage on Novanta in a research report on Thursday, December 7th. They set an “outperform” rating and a $54.00 price objective for the company.

In other news, Director Stephen W. Bershad sold 500,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the transaction, the director now directly owns 1,711,648 shares in the company, valued at $89,947,102.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.30% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of NOVT. Schwab Charles Investment Management Inc. raised its position in shares of Novanta by 9.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 126,383 shares of the technology company’s stock worth $4,550,000 after acquiring an additional 10,863 shares during the last quarter. Legal & General Group Plc raised its position in shares of Novanta by 4.8% during the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock worth $275,000 after acquiring an additional 353 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Novanta by 1.5% during the second quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock worth $1,534,000 after acquiring an additional 610 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Novanta by 6.0% during the second quarter. Teachers Advisors LLC now owns 77,122 shares of the technology company’s stock worth $2,776,000 after acquiring an additional 4,359 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Novanta by 0.4% during the second quarter. TIAA CREF Investment Management LLC now owns 150,894 shares of the technology company’s stock worth $5,432,000 after acquiring an additional 642 shares during the last quarter. Institutional investors own 78.95% of the company’s stock.

Novanta (NASDAQ NOVT) traded up $0.75 during trading on Friday, reaching $59.80. The company’s stock had a trading volume of 197,549 shares, compared to its average volume of 226,976. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2,042.67, a P/E ratio of 43.97 and a beta of 1.27. Novanta has a 1 year low of $22.10 and a 1 year high of $60.30.

Novanta (NASDAQ:NOVT) last posted its earnings results on Wednesday, November 1st. The technology company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. The firm had revenue of $146.30 million during the quarter, compared to the consensus estimate of $132.10 million. Novanta had a return on equity of 18.29% and a net margin of 12.45%. The business’s quarterly revenue was up 49.5% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. equities research analysts forecast that Novanta will post 1.58 EPS for the current year.

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About Novanta

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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