Novanta (NASDAQ:NOVT) PT Raised to $175.00

Novanta (NASDAQ:NOVT) had its target price hoisted by stock analysts at Robert W. Baird from $170.00 to $175.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s price objective would indicate a potential upside of 0.67% from the company’s previous close.

Novanta Stock Performance

Shares of NASDAQ NOVT traded up $3.65 during midday trading on Wednesday, hitting $173.84. 39,312 shares of the company’s stock were exchanged, compared to its average volume of 140,070. The company has a quick ratio of 1.77, a current ratio of 2.83 and a debt-to-equity ratio of 0.75. Novanta has a 12 month low of $111.20 and a 12 month high of $187.12. The company’s 50 day moving average price is $167.11 and its 200 day moving average price is $165.25. The firm has a market capitalization of $6.24 billion, a PE ratio of 90.40 and a beta of 1.31.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $235.86 million during the quarter, compared to the consensus estimate of $233.63 million. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. As a group, analysts predict that Novanta will post 3.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Robert Buckley sold 4,108 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $172.75, for a total transaction of $709,657.00. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,802,382.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Matthijs Glastra sold 1,086 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the transaction, the chief executive officer now owns 23,486 shares of the company’s stock, valued at approximately $3,777,488.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Buckley sold 4,108 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $172.75, for a total value of $709,657.00. Following the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $20,802,382.25. The disclosure for this sale can be found here. In the last three months, insiders sold 11,684 shares of company stock worth $1,978,901. 1.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Novanta

A number of institutional investors have recently modified their holdings of the business. Fifth Third Bancorp raised its holdings in shares of Novanta by 12.1% during the 1st quarter. Fifth Third Bancorp now owns 743 shares of the technology company’s stock worth $130,000 after buying an additional 80 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Novanta by 67.5% in the 4th quarter. First Horizon Advisors Inc. now owns 211 shares of the technology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Victory Capital Management Inc. raised its position in Novanta by 1.3% in the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock valued at $1,228,000 after purchasing an additional 99 shares during the last quarter. New York State Teachers Retirement System raised its position in Novanta by 1.7% in the first quarter. New York State Teachers Retirement System now owns 5,876 shares of the technology company’s stock valued at $1,027,000 after purchasing an additional 100 shares during the last quarter. Finally, Signaturefd LLC raised its position in Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.