Novanta (NASDAQ:NOVT) Price Target Cut to $160.00 by Analysts at Robert W. Baird

Novanta (NASDAQ:NOVT) had its price objective lowered by Robert W. Baird from $169.00 to $160.00 in a research report released on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the technology company’s stock.

Novanta Stock Down 0.9 %

NOVT stock opened at $143.37 on Monday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta has a fifty-two week low of $137.91 and a fifty-two week high of $187.12. The firm’s 50-day simple moving average is $148.44 and its 200 day simple moving average is $163.96. The stock has a market cap of $5.16 billion, a PE ratio of 85.85 and a beta of 1.28.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. As a group, sell-side analysts predict that Novanta will post 3.03 EPS for the current year.

Hedge Funds Weigh In On Novanta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in Novanta in the 3rd quarter valued at about $232,000. KBC Group NV grew its position in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Novanta by 4.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after buying an additional 4,648 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Novanta by 110.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock valued at $17,938,000 after buying an additional 52,573 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Novanta by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock valued at $78,616,000 after buying an additional 4,271 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.