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

Novanta (NASDAQ:NOVT) had its price objective lowered by Robert W. Baird from $169.00 to $160.00 in a report released on Monday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Novanta Stock Performance

NASDAQ NOVT opened at $142.67 on Monday. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of 85.43 and a beta of 1.34. Novanta has a twelve month low of $136.02 and a twelve month high of $187.12. The stock has a fifty day simple moving average of $147.87 and a 200 day simple moving average of $163.53. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

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

Institutional Trading of Novanta

A number of institutional investors have recently bought and sold shares of NOVT. Empowered Funds LLC bought a new stake in Novanta during the fourth quarter valued at $26,000. Johnson Financial Group Inc. boosted its position in Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after acquiring an additional 270 shares during the last quarter. Huntington National Bank boosted its position 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 acquiring an additional 150 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Novanta during the fourth quarter valued at $97,000. Finally, Venturi Wealth Management LLC boosted its position in shares of Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after purchasing an additional 715 shares in the last quarter. Institutional investors 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.