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

Novanta (NASDAQ:NOVT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

A number of other research analysts have also recently commented on NOVT. Zacks Research cut Novanta from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. Robert W. Baird decreased their price target on Novanta from $194.00 to $175.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Weiss Ratings lowered Novanta from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $175.00.

Novanta Trading Up 1.2%

Shares of NOVT stock traded up $1.46 during trading hours on Friday, reaching $118.88. 606,606 shares of the stock were exchanged, compared to its average volume of 505,197. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 90.75, a price-to-earnings-growth ratio of 2.55 and a beta of 1.71. Novanta has a 12-month low of $98.27 and a 12-month high of $176.38. The company's 50-day moving average price is $140.29 and its 200-day moving average price is $142.25. The company has a current ratio of 1.18, a quick ratio of 3.79 and a debt-to-equity ratio of 0.48.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The technology company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.08. Novanta had a net margin of 4.89% and a return on equity of 10.23%. The company had revenue of $305.01 million for the quarter, compared to analyst estimates of $301.02 million. During the same period in the prior year, the company posted $0.87 EPS. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities analysts anticipate that Novanta will post 3.68 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Wealth Planning Services Inc. lifted its stake in Novanta by 29.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company's stock worth $43,000 after purchasing an additional 69 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Novanta by 3.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 1,914 shares of the technology company's stock worth $311,000 after purchasing an additional 70 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of Novanta by 6.5% in the third quarter. Hantz Financial Services Inc. now owns 1,274 shares of the technology company's stock valued at $181,000 after purchasing an additional 78 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Novanta by 12.8% in the first quarter. Fifth Third Bancorp now owns 778 shares of the technology company's stock valued at $92,000 after purchasing an additional 88 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in shares of 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 $1,016,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Company Profile

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software. The company's technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.

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