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

Novanta (NASDAQ:NOVT) had its price objective reduced by equities researchers at Robert W. Baird from $175.00 to $169.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s target price indicates a potential upside of 2.63% from the company’s previous close.

Novanta Stock Performance

Shares of NOVT stock opened at $164.67 on Wednesday. Novanta has a 52 week low of $111.20 and a 52 week high of $187.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. The company’s 50 day moving average price is $174.21 and its two-hundred day moving average price is $169.69. The company has a market capitalization of $5.91 billion, a P/E ratio of 95.18 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $235.86 million during the quarter, compared to analysts’ expectations of $233.63 million. Novanta had a return on equity of 15.77% and a net margin of 6.91%. Novanta’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, analysts expect that Novanta will post 3.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $180.45, for a total value of $200,479.95. Following the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 9,150 shares of company stock valued at $1,608,936 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Novanta

A number of institutional investors have recently added to or reduced their stakes in NOVT. Oppenheimer Asset Management Inc. raised its holdings in shares of Novanta by 2.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 24,147 shares of the technology company’s stock valued at $4,320,000 after purchasing an additional 620 shares during the period. Geneva Capital Management LLC raised its stake in Novanta by 1.1% in the third quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock valued at $139,566,000 after buying an additional 8,574 shares during the period. Victory Capital Management Inc. lifted its position in shares of Novanta by 13.1% in the third quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company’s stock valued at $1,523,000 after buying an additional 986 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock worth $166,000 after acquiring an additional 213 shares during the period. Finally, Conestoga Capital Advisors LLC raised its stake in Novanta by 1.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock valued at $241,658,000 after acquiring an additional 20,825 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.