Novanta (NASDAQ:NOVT) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report released on Monday.

Novanta Price Performance

Shares of NOVT stock opened at $113.14 on Monday. Novanta has a 1-year low of $98.76 and a 1-year high of $186.75. The stock’s 50-day moving average is $125.28 and its 200 day moving average is $128.65. The company has a market cap of $4.07 billion, a P/E ratio of 66.55 and a beta of 1.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The company had revenue of $241.05 million during the quarter, compared to analysts’ expectations of $237.97 million. During the same period last year, the business posted $0.73 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. Research analysts predict that Novanta will post 3.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Novanta

A number of institutional investors and hedge funds have recently modified their holdings of NOVT. Wells Fargo & Company MN lifted its holdings in shares of Novanta by 9.2% during the fourth quarter. Wells Fargo & Company MN now owns 68,803 shares of the technology company’s stock worth $10,511,000 after purchasing an additional 5,820 shares during the period. Envestnet Asset Management Inc. raised its position in Novanta by 0.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 63,667 shares of the technology company’s stock valued at $9,726,000 after acquiring an additional 595 shares in the last quarter. Russell Investments Group Ltd. raised its position in Novanta by 19.2% during the fourth quarter. Russell Investments Group Ltd. now owns 10,755 shares of the technology company’s stock valued at $1,643,000 after acquiring an additional 1,729 shares in the last quarter. Bank of Montreal Can raised its position in Novanta by 15.9% during the fourth quarter. Bank of Montreal Can now owns 3,725 shares of the technology company’s stock valued at $569,000 after acquiring an additional 511 shares in the last quarter. Finally, Legal & General Group Plc raised its position in Novanta by 1.6% during the fourth quarter. Legal & General Group Plc now owns 146,776 shares of the technology company’s stock valued at $22,423,000 after acquiring an additional 2,330 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.