Novanta Inc (NASDAQ:NOVT) Given Consensus Recommendation of “Buy” by Analysts

Shares of Novanta Inc (NASDAQ:NOVT) have received an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.

Brokers have set a 12-month consensus target price of $83.00 for the company and are predicting that the company will post $0.54 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 109 out of 256 based on the ratings given to related companies.

A number of research firms have commented on NOVT. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a report on Wednesday.

In other news, CEO Matthijs Glastra sold 30,100 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the completion of the sale, the chief executive officer now owns 123,448 shares in the company, valued at approximately $11,506,588.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 16,277 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the sale, the chief financial officer now owns 158,803 shares of the company’s stock, valued at approximately $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zions Bancorporation N.A. lifted its position in Novanta by 6.0% in the second quarter. Zions Bancorporation N.A. now owns 3,646 shares of the technology company’s stock valued at $344,000 after acquiring an additional 206 shares during the last quarter. Punch & Associates Investment Management Inc. lifted its position in Novanta by 1.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 91,773 shares of the technology company’s stock valued at $7,776,000 after acquiring an additional 1,755 shares during the last quarter. OppenheimerFunds Inc. lifted its position in Novanta by 1.7% in the first quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock valued at $55,888,000 after acquiring an additional 11,278 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Novanta in the first quarter valued at $286,000. Finally, Federated Investors Inc. PA lifted its position in Novanta by 31.8% in the first quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock valued at $13,557,000 after acquiring an additional 38,600 shares during the last quarter. Institutional investors and hedge funds own 87.13% of the company’s stock.

Novanta stock traded up $0.56 during midday trading on Friday, reaching $87.68. The company had a trading volume of 277,552 shares, compared to its average volume of 158,962. The company has a market capitalization of $3.07 billion, a P/E ratio of 40.59 and a beta of 1.53. Novanta has a 12-month low of $55.68 and a 12-month high of $96.31. The business has a fifty day moving average of $86.90. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.04. The firm had revenue of $157.20 million for the quarter, compared to analyst estimates of $155.85 million. Novanta had a net margin of 7.92% and a return on equity of 19.26%. Novanta’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. On average, research analysts forecast that Novanta will post 2.41 earnings per share for the current fiscal year.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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