Novanta (NASDAQ:NOVT) Upgraded at Zacks Investment Research

Novanta (NASDAQ:NOVTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The brokerage presently has a $135.00 target price on the technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.96% from the company’s previous close.

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. “

NOVT has been the subject of several other reports. William Blair raised Novanta from a “market perform” rating to an “outperform” rating in a research note on Wednesday. StockNews.com initiated coverage on Novanta in a research note on Thursday, March 31st. They set a “hold” rating for the company.

Novanta stock opened at $123.90 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.03 and a quick ratio of 1.35. The company has a market capitalization of $4.42 billion, a PE ratio of 87.87 and a beta of 1.11. Novanta has a one year low of $114.31 and a one year high of $184.44. The business has a 50 day simple moving average of $133.28 and a 200 day simple moving average of $148.67.

Novanta (NASDAQ:NOVTGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.10. Novanta had a return on equity of 18.86% and a net margin of 7.12%. The firm had revenue of $204.20 million during the quarter, compared to the consensus estimate of $195.96 million. During the same quarter in the previous year, the company posted $0.58 EPS. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities analysts anticipate that Novanta will post 2.93 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOVT. Allspring Global Investments Holdings LLC acquired a new position in Novanta during the fourth quarter worth approximately $161,145,000. Ardevora Asset Management LLP acquired a new position in Novanta during the fourth quarter worth approximately $62,587,000. Champlain Investment Partners LLC acquired a new position in Novanta during the first quarter worth approximately $46,994,000. Norges Bank acquired a new position in shares of Novanta in the fourth quarter valued at approximately $54,935,000. Finally, Capital International Investors grew its position in shares of Novanta by 42.4% in the fourth quarter. Capital International Investors now owns 1,011,187 shares of the technology company’s stock valued at $178,303,000 after purchasing an additional 301,204 shares during the last quarter. Institutional investors and hedge funds own 94.10% of the company’s stock.

About Novanta (Get Rating)

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 beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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