Novanta (NASDAQ:NOVT) Price Target Cut to $169.00 by Analysts at Robert W. Baird

Novanta (NASDAQ:NOVT) had its price objective lowered by Robert W. Baird from $175.00 to $169.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Novanta Stock Up 0.6 %

Shares of NASDAQ:NOVT opened at $182.65 on Wednesday. The business’s 50 day simple moving average is $174.21 and its two-hundred day simple moving average is $170.13. The firm has a market cap of $6.56 billion, a P/E ratio of 109.37 and a beta of 1.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.73 and a current ratio of 2.79. Novanta has a 52-week low of $120.19 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 earnings per share. As a group, research analysts forecast that Novanta will post 3.03 EPS for the current fiscal year.

Insider Transactions at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $180.45, for a total value of $200,479.95. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 9,150 shares of company stock valued at $1,608,936 over the last ninety days. 1.20% of the stock is currently owned by insiders.

Institutional Trading of Novanta

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its position in shares of Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after acquiring an additional 59 shares during the last quarter. GHP Investment Advisors Inc. purchased a new stake in Novanta in the third quarter worth $49,000. Headlands Technologies LLC purchased a new stake in Novanta in the first quarter worth $52,000. nVerses Capital LLC purchased a new stake in Novanta in the third quarter worth $54,000. Finally, Signaturefd LLC increased its position in Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after buying an additional 100 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.