Novanta (NASDAQ:NOVT) Stock Price Target Cut by Robert W. Baird

Novanta (NASDAQ:NOVT) had its price target decreased by equities researchers at Robert W. Baird from $194.00 to $175.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Robert W. Baird‘s target price indicates a potential upside of 41.92% from the stock’s previous close.

A number of other research firms have also weighed in on NOVT. Wall Street Zen raised shares of Novanta from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Zacks Research cut shares of Novanta from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Finally, Weiss Ratings downgraded shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Novanta has a consensus rating of “Hold” and an average price target of $175.00.

Novanta Trading Down 0.3%

Shares of Novanta stock opened at $123.31 on Thursday. The stock has a fifty day simple moving average of $141.40 and a 200 day simple moving average of $142.45. Novanta has a 12-month low of $98.27 and a 12-month high of $176.38. The company has a market capitalization of $4.66 billion, a P/E ratio of 94.13 and a beta of 1.71. The company has a current ratio of 1.18, a quick ratio of 3.79 and a debt-to-equity ratio of 0.48.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Monday, November 9th. The technology company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.08. Novanta had a return on equity of 10.23% and a net margin of 4.89%. The business had revenue of $305.01 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period last year, the business earned $0.87 EPS. The business’s revenue was up 23.1% on a year-over-year basis. On average, sell-side analysts anticipate that Novanta will post 3.70 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NOVT. Public Employees Retirement System of Ohio bought a new position in Novanta in the 2nd quarter valued at $34,000. Gables Capital Management Inc. bought a new stake in shares of Novanta during the 3rd quarter worth $39,000. Pinnacle Wealth Planning Services Inc. raised its stake in shares of Novanta by 29.5% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company’s stock worth $43,000 after purchasing an additional 69 shares during the period. Signaturefd LLC boosted its holdings in shares of Novanta by 231.7% in the 3rd quarter. Signaturefd LLC now owns 345 shares of the technology company’s stock worth $49,000 after buying an additional 241 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Novanta in the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Novanta

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software. The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.