Novanta (NASDAQ:NOVT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “

Separately, BidaskClub raised shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, July 4th.

Shares of NOVT opened at $87.68 on Wednesday. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 39.67 and a beta of 1.53. 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 has a 1-year low of $55.68 and a 1-year high of $96.31. The firm’s fifty day moving average is $86.90.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates 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%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. On average, equities research analysts forecast that Novanta will post 2.41 EPS for the current fiscal year.

In other news, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction on Monday, July 8th. The shares were 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 directly owns 158,803 shares in the company, valued at $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in NOVT. Strs Ohio lifted its position in Novanta by 340.0% during the first quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock valued at $186,000 after purchasing an additional 1,700 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in Novanta during the fourth quarter valued at $202,000. Oppenheimer Asset Management Inc. lifted its position in Novanta by 98.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 2,379 shares of the technology company’s stock valued at $202,000 after purchasing an additional 1,183 shares during the period. BB&T Corp acquired a new position in Novanta during the first quarter valued at $227,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Novanta during the first quarter valued at $286,000. 87.13% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Company Profile

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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