Robert W. Baird initiated coverage on shares of Novanta (NASDAQ:NOVT) in a research report report published on Thursday, MarketBeat.com reports. The brokerage issued an outperform rating and a $54.00 target price on the technology company’s stock.

Separately, BidaskClub cut shares of Novanta from a strong-buy rating to a buy rating in a report on Saturday, December 2nd.

Shares of Novanta (NASDAQ:NOVT) traded up $2.15 during midday trading on Thursday, reaching $47.95. 316,900 shares of the company’s stock were exchanged, compared to its average volume of 184,875. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. Novanta has a 1 year low of $20.13 and a 1 year high of $55.10. The company has a market capitalization of $1,658.69, a PE ratio of 31.55 and a beta of 1.27.

Novanta (NASDAQ:NOVT) last issued its earnings results on Wednesday, November 1st. The technology company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.08. Novanta had a net margin of 12.45% and a return on equity of 18.29%. The firm had revenue of $146.30 million for the quarter, compared to analysts’ expectations of $132.10 million. During the same quarter last year, the company posted $0.29 earnings per share. Novanta’s revenue was up 49.5% on a year-over-year basis. research analysts anticipate that Novanta will post 1.56 earnings per share for the current year.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $52.55, for a total value of $26,275,000.00. Following the transaction, the director now owns 1,711,648 shares of the company’s stock, valued at $89,947,102.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of NOVT. Royal Bank of Canada raised its holdings in shares of Novanta by 111.7% during the second quarter. Royal Bank of Canada now owns 1,123,130 shares of the technology company’s stock valued at $40,432,000 after buying an additional 592,541 shares during the last quarter. Eagle Boston Investment Management Inc. bought a new stake in shares of Novanta during the second quarter valued at approximately $14,740,000. Artisan Partners Limited Partnership raised its holdings in shares of Novanta by 269.5% during the third quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock valued at $19,913,000 after buying an additional 333,128 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Novanta during the third quarter valued at approximately $13,819,000. Finally, Kennedy Capital Management Inc. bought a new stake in shares of Novanta during the second quarter valued at approximately $9,949,000. 79.01% of the stock is currently owned by hedge funds and other institutional investors.

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Novanta Company Profile

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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