Robert W. Baird Cuts Novanta (NASDAQ:NOVT) Price Target to $133.00

Novanta (NASDAQ:NOVT) had its price objective lowered by Robert W. Baird from $139.00 to $133.00 in a research report report published on Monday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Separately, Wall Street Zen cut shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday.

Novanta Stock Performance

Shares of NOVT opened at $124.87 on Monday. Novanta has a 12 month low of $98.76 and a 12 month high of $186.75. The firm has a fifty day simple moving average of $125.15 and a 200 day simple moving average of $128.57. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 73.45 and a beta of 1.48. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

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

Institutional Trading of Novanta

A number of large investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System lifted its stake in Novanta by 1.2% in the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock valued at $1,100,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Novanta by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 100 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Novanta by 4.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock valued at $304,000 after acquiring an additional 103 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Novanta by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock valued at $537,000 after acquiring an additional 105 shares during the last quarter. Finally, State of Wyoming lifted its stake in Novanta by 4.4% in the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock valued at $387,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Company Profile

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.