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

Novanta (NASDAQ:NOVT) had its price target cut by Robert W. Baird from $175.00 to $169.00 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Novanta Price Performance

Novanta stock opened at $182.65 on Wednesday. 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. The stock has a market capitalization of $6.56 billion, a P/E ratio of 109.37 and a beta of 1.29. The stock has a fifty day moving average of $174.21 and a 200-day moving average of $170.13.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter in the prior year, the firm earned $0.85 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts expect that Novanta will post 3.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $20,954,110.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 9,150 shares of company stock valued at $1,608,936 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Novanta

Several institutional investors and hedge funds have recently made changes to their positions in NOVT. Norden Group LLC increased its stake in shares of Novanta by 39.4% in the first quarter. Norden Group LLC now owns 2,464 shares of the technology company’s stock valued at $431,000 after buying an additional 696 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Novanta by 9.6% during the 1st quarter. BNP Paribas Financial Markets now owns 33,255 shares of the technology company’s stock valued at $5,812,000 after purchasing an additional 2,919 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in shares of Novanta by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,341 shares of the technology company’s stock valued at $5,477,000 after purchasing an additional 406 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Novanta by 11.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 1,671 shares of the technology company’s stock valued at $292,000 after purchasing an additional 178 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Novanta by 750.4% during the 1st quarter. SG Americas Securities LLC now owns 15,588 shares of the technology company’s stock valued at $2,724,000 after purchasing an additional 13,755 shares in 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.