Novanta (NOVT) Upgraded to Strong-Buy by BidaskClub

Novanta (NASDAQ:NOVT) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday.

Other equities analysts also recently issued reports about the company. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Thursday, March 22nd. Robert W. Baird reissued a “buy” rating on shares of Novanta in a research report on Thursday, March 1st. Finally, William Blair started coverage on Novanta in a research report on Tuesday, February 27th. They issued an “outperform” rating on the stock.

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NASDAQ NOVT opened at $62.95 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93. Novanta has a 1 year low of $26.65 and a 1 year high of $63.60. The firm has a market capitalization of $2,140.08, a P/E ratio of 39.34 and a beta of 1.47.



Novanta (NASDAQ:NOVT) last released its earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The firm had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. During the same period in the prior year, the firm earned $0.35 EPS. The firm’s revenue was up 48.6% on a year-over-year basis. analysts expect that Novanta will post 1.92 earnings per share for the current fiscal year.

In related news, CFO Robert Buckley sold 8,764 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $56.83, for a total value of $498,058.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 26,394 shares of company stock worth $1,480,917. 6.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. New York State Common Retirement Fund grew its position in Novanta by 112.8% during the 3rd quarter. New York State Common Retirement Fund now owns 121,474 shares of the technology company’s stock worth $5,296,000 after purchasing an additional 64,377 shares during the period. American International Group Inc. grew its position in Novanta by 8.1% during the 3rd quarter. American International Group Inc. now owns 21,478 shares of the technology company’s stock worth $936,000 after purchasing an additional 1,606 shares during the period. JPMorgan Chase & Co. grew its position in Novanta by 132,342.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 27,813 shares of the technology company’s stock worth $1,209,000 after purchasing an additional 27,792 shares during the period. Schwab Charles Investment Management Inc. grew its position in Novanta by 16.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 147,246 shares of the technology company’s stock worth $6,420,000 after purchasing an additional 20,863 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Novanta by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,042,969 shares of the technology company’s stock worth $45,473,000 after purchasing an additional 11,407 shares during the period. 82.50% of the stock is currently owned by hedge funds and other institutional investors.

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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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