Robert W. Baird Lowers Novanta (NASDAQ:NOVT) Price Target to $160.00

Novanta (NASDAQ:NOVT) had its target price lowered by Robert W. Baird from $169.00 to $160.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s target price suggests a potential upside of 14.42% from the stock’s current price.

Novanta Price Performance

NASDAQ NOVT opened at $139.83 on Monday. The company has a 50-day moving average price of $148.13 and a two-hundred day moving average price of $163.68. Novanta has a 52 week low of $136.02 and a 52 week high of $187.12. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 83.73 and a beta of 1.34. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. Analysts forecast that Novanta will post 3.03 EPS for the current year.

Institutional Investors Weigh In On Novanta

Several large investors have recently modified their holdings of NOVT. Empowered Funds LLC acquired a new stake in shares of Novanta during the fourth quarter worth $26,000. Johnson Financial Group Inc. raised its holdings in Novanta by 482.1% during the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares during the period. Huntington National Bank lifted its stake in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after buying an additional 150 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Novanta in the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC increased its position in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after acquiring an additional 715 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.