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

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

Novanta Stock Down 5.5 %

NOVT stock opened at $164.67 on Wednesday. Novanta has a twelve month low of $111.20 and a twelve month high of $187.12. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. The company has a market cap of $5.91 billion, a PE ratio of 95.18 and a beta of 1.29. The business’s 50-day simple moving average is $174.21 and its 200 day simple moving average is $169.69.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $235.86 million for 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 quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 earnings per share. On average, research analysts anticipate that Novanta will post 3.3 earnings per share for the current year.

Insider Buying and Selling at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.45, for a total transaction of $200,479.95. Following the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,729,608.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 9,150 shares of company stock valued at $1,608,936 in the last 90 days. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. GAMMA Investing LLC raised its holdings in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after buying an additional 59 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in shares of Novanta by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock worth $4,183,000 after purchasing an additional 80 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Novanta by 2.6% during the second quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock valued at $599,000 after purchasing an additional 90 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Novanta by 1.3% in the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock valued at $1,228,000 after purchasing an additional 99 shares in the last quarter. Finally, Signaturefd LLC raised its position in Novanta by 38.3% in the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

About Novanta

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.