Novanta Inc (NOVT) Given $54.00 Consensus Target Price by Brokerages

Shares of Novanta Inc (NASDAQ:NOVT) have earned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Brokers have set a 1-year consensus target price of $54.00 for the company and are predicting that the company will post $0.41 EPS for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 182 out of 265 based on the ratings given to related companies.

A number of research analysts have commented on the stock. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 19th. Robert W. Baird assumed coverage on shares of Novanta in a research note on Thursday, December 7th. They set an “outperform” rating and a $54.00 price objective on the stock.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the transaction, the director now directly owns 1,711,648 shares in the company, valued at approximately $89,947,102.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its stake in Novanta by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,766 shares of the technology company’s stock valued at $892,000 after acquiring an additional 128 shares during the last quarter. Bfsg LLC lifted its position in shares of Novanta by 20.1% in the 4th quarter. Bfsg LLC now owns 6,656 shares of the technology company’s stock worth $333,000 after buying an additional 1,112 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Novanta by 1.8% in the 4th quarter. Teachers Advisors LLC now owns 78,344 shares of the technology company’s stock worth $3,917,000 after buying an additional 1,415 shares during the last quarter. Swiss National Bank lifted its position in shares of Novanta by 3.0% in the 4th quarter. Swiss National Bank now owns 55,300 shares of the technology company’s stock worth $2,765,000 after buying an additional 1,600 shares during the last quarter. Finally, American International Group Inc. lifted its position in shares of Novanta by 8.1% in the 3rd quarter. American International Group Inc. now owns 21,478 shares of the technology company’s stock worth $936,000 after buying an additional 1,606 shares during the last quarter. Hedge funds and other institutional investors own 80.50% of the company’s stock.

Shares of Novanta (NASDAQ NOVT) traded up $1.20 during mid-day trading on Wednesday, hitting $54.70. 275,000 shares of the stock traded hands, compared to its average volume of 256,329. The stock has a market capitalization of $1,920.00, a P/E ratio of 32.56 and a beta of 1.33. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. Novanta has a fifty-two week low of $23.75 and a fifty-two week high of $60.30.

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About Novanta

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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