Novanta (NASDAQ:NOVT) Downgraded by Wall Street Zen to Hold

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

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

Novanta Stock Up 3.0%

Shares of NASDAQ NOVT opened at $140.80 on Friday. The company has a market capitalization of $5.33 billion, a P/E ratio of 90.26 and a beta of 1.72. Novanta has a 52-week low of $98.27 and a 52-week high of $176.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The company’s 50 day moving average price is $142.81 and its 200-day moving average price is $146.68.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company had revenue of $265.81 million for the quarter, compared to analyst estimates of $262.30 million. During the same period in the prior year, the firm posted $0.76 EPS. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. Equities analysts forecast that Novanta will post 3.70 earnings per share for the current year.

Hedge Funds Weigh In On Novanta

A number of hedge funds have recently bought and sold shares of NOVT. Bamco Inc. NY purchased a new stake in Novanta in the 2nd quarter worth about $137,984,000. William Blair Investment Management LLC purchased a new stake in Novanta during the second quarter valued at about $124,254,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Novanta during the second quarter valued at about $71,407,000. Allspring Global Investments Holdings LLC boosted its position in 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 during the period. Finally, Wasatch Advisors LP boosted its position in Novanta by 54.6% during the first quarter. Wasatch Advisors LP now owns 996,645 shares of the technology company’s stock worth $117,714,000 after purchasing an additional 351,863 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Company Profile

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.