Novanta (NASDAQ:NOVT) Stock Gets Price Target Reduction from Robert W. Baird

Novanta (NASDAQ:NOVT) had its target price cut by Robert W. Baird from $194.00 to $175.00 in a research report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Novanta from a “hold” rating to a “buy” rating in a research note on Saturday, November 7th. Zacks Research downgraded Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings cut Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Novanta has an average rating of “Hold” and a consensus price target of $175.00.

Novanta Stock Performance

Shares of NASDAQ NOVT traded up $1.46 during mid-day trading on Thursday, hitting $118.88. The stock had a trading volume of 606,606 shares, compared to its average volume of 505,197. The firm has a market cap of $4.50 billion, a PE ratio of 90.75, a PEG ratio of 2.55 and a beta of 1.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.79 and a current ratio of 1.18. The company has a 50 day moving average of $140.29 and a two-hundred day moving average of $142.25. Novanta has a twelve month low of $98.27 and a twelve month high of $176.38.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Monday, November 9th. The technology company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.08. The company had revenue of $305.01 million during the quarter, compared to analysts’ expectations of $301.02 million. Novanta had a return on equity of 10.23% and a net margin of 4.89%. The firm’s revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 EPS. Research analysts predict that Novanta will post 3.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Novanta

Several institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC grew its holdings in Novanta by 2.3% in the third quarter. Steward Partners Investment Advisory LLC now owns 13,837 shares of the technology company’s stock valued at $1,967,000 after purchasing an additional 316 shares during the period. State Street Corp raised its stake in shares of Novanta by 3.0% during the 3rd quarter. State Street Corp now owns 1,480,049 shares of the technology company’s stock worth $210,448,000 after buying an additional 43,264 shares during the period. Ieq Capital LLC acquired a new position in shares of Novanta during the 3rd quarter worth approximately $270,000. Voya Investment Management LLC raised its stake in shares of Novanta by 167.7% during the 3rd quarter. Voya Investment Management LLC now owns 18,420 shares of the technology company’s stock worth $2,619,000 after buying an additional 11,540 shares during the period. Finally, Intech Investment Management LLC raised its stake in shares of Novanta by 6.2% during the 3rd quarter. Intech Investment Management LLC now owns 32,117 shares of the technology company’s stock worth $4,567,000 after buying an additional 1,863 shares during the period. Hedge funds and other institutional investors 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.