Novanta (NASDAQ:NOVT) PT Raised to $175.00

Novanta (NASDAQ:NOVT) had its price target lifted by equities research analysts at Robert W. Baird from $170.00 to $175.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s price target indicates a potential upside of 0.67% from the stock’s current price.

Novanta Stock Up 2.1 %

Shares of Novanta stock traded up $3.65 during trading on Wednesday, hitting $173.84. 39,312 shares of the stock traded hands, compared to its average volume of 140,070. The firm has a market cap of $6.24 billion, a P/E ratio of 90.40 and a beta of 1.31. The company has a current ratio of 2.83, a quick ratio of 1.77 and a debt-to-equity ratio of 0.75. Novanta has a 52-week low of $111.20 and a 52-week high of $187.12. The stock’s fifty day simple moving average is $167.11 and its 200 day simple moving average is $165.25.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The company had revenue of $235.86 million for the quarter, compared to analyst estimates of $233.63 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts predict that Novanta will post 3.26 earnings per share for the current fiscal year.

Insider Transactions at Novanta

In related news, CEO Matthijs Glastra sold 1,086 shares of Novanta stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Robert Buckley sold 4,108 shares of Novanta stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $172.75, for a total transaction of $709,657.00. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $20,802,382.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthijs Glastra sold 1,086 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total value of $174,672.24. Following the completion of the transaction, the chief executive officer now directly owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,684 shares of company stock worth $1,978,901. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NOVT. Rise Advisors LLC purchased a new stake in shares of Novanta during the first quarter worth approximately $32,000. First Horizon Advisors Inc. increased its position in shares of Novanta by 67.5% during the fourth quarter. First Horizon Advisors Inc. now owns 211 shares of the technology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Novanta during the first quarter worth approximately $52,000. Signaturefd LLC increased its position in shares of Novanta by 38.3% during the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares in the last quarter. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of Novanta during the first quarter worth approximately $81,000. 98.35% of the stock is owned by institutional investors and hedge funds.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.