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

Novanta (NASDAQ:NOVT - Get Free Report) had its target price dropped by equities researchers at Robert W. Baird from $169.00 to $160.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. Robert W. Baird's target price would suggest a potential upside of 12.70% from the stock's current price.

Novanta Stock Performance

NASDAQ:NOVT traded down $0.70 during trading hours on Monday, hitting $141.97. 165,612 shares of the company were exchanged, compared to its average volume of 161,158. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. Novanta has a 52-week low of $136.02 and a 52-week high of $187.12. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 85.01 and a beta of 1.34. The company's 50 day moving average price is $147.87 and its 200-day moving average price is $163.53.

Novanta (NASDAQ:NOVT - Get Free Report) last announced 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 firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 earnings per share. As a group, research analysts forecast that Novanta will post 3.03 earnings per share for the current year.

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Institutional Trading of Novanta

Several large investors have recently made changes to their positions in NOVT. Empowered Funds LLC purchased a new position in shares of Novanta during the fourth quarter worth $26,000. Johnson Financial Group Inc. grew its position in Novanta by 482.1% during the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares during the period. Huntington National Bank raised its stake in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after buying an additional 150 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Novanta during the 4th quarter valued at about $97,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after buying an additional 715 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.