Zacks: Brokerages Set $81.00 Price Target for Novanta Inc (NOVT)

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Novanta Inc (NASDAQ:NOVT) has earned an average broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.

Brokerages have set a 12 month consensus price target of $81.00 for the company and are predicting that the company will post $0.49 EPS for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 209 out of 255 based on the ratings given to its competitors.

A number of research firms have recently weighed in on NOVT. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research report on Wednesday, February 6th. BidaskClub upgraded Novanta from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Finally, Robert W. Baird boosted their target price on Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, February 28th.

NOVT traded up $1.53 during trading on Friday, hitting $88.89. The company’s stock had a trading volume of 184,965 shares, compared to its average volume of 155,959. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.70 and a current ratio of 2.70. Novanta has a 12 month low of $54.90 and a 12 month high of $89.02. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 41.15 and a beta of 1.49.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, February 27th. The technology company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.04. Novanta had a return on equity of 19.48% and a net margin of 7.99%. The firm had revenue of $156.20 million during the quarter, compared to the consensus estimate of $154.51 million. During the same quarter in the previous year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, research analysts predict that Novanta will post 2.35 EPS for the current fiscal year.

In other news, CAO Peter L. Chang sold 5,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $81.14, for a total transaction of $405,700.00. Following the completion of the sale, the chief accounting officer now owns 24,760 shares in the company, valued at $2,009,026.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 6.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in shares of Novanta by 106.3% during the fourth quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock worth $29,000 after acquiring an additional 238 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Novanta by 0.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 73,373 shares of the technology company’s stock valued at $4,623,000 after purchasing an additional 269 shares during the last quarter. Sapphire Star Partners LP increased its holdings in Novanta by 2.2% in the fourth quarter. Sapphire Star Partners LP now owns 16,711 shares of the technology company’s stock valued at $1,052,000 after purchasing an additional 362 shares during the last quarter. Strs Ohio bought a new stake in Novanta in the fourth quarter valued at about $31,000. Finally, Bank of America Corp DE increased its holdings in Novanta by 0.8% in the fourth quarter. Bank of America Corp DE now owns 120,776 shares of the technology company’s stock valued at $7,610,000 after purchasing an additional 996 shares during the last quarter. Institutional investors own 85.95% of the company’s stock.

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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