Novanta (NASDAQ:NOVT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “

Separately, BidaskClub raised shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, July 4th.

Shares of NASDAQ NOVT opened at $87.68 on Wednesday. Novanta has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.07 billion, a P/E ratio of 39.67 and a beta of 1.53. The firm has a 50-day simple moving average of $86.90.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.04. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The company had revenue of $157.20 million during the quarter, compared to the consensus estimate of $155.85 million. During the same period in the prior year, the company earned $0.47 EPS. Novanta’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Novanta will post 2.41 EPS for the current year.

In other Novanta news, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the completion of the sale, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the sale, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of NOVT. Prudential Financial Inc. raised its stake in shares of Novanta by 28.2% during the fourth quarter. Prudential Financial Inc. now owns 4,869 shares of the technology company’s stock valued at $307,000 after acquiring an additional 1,070 shares in the last quarter. BlackRock Inc. raised its stake in shares of Novanta by 3.7% during the fourth quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock valued at $143,221,000 after acquiring an additional 82,008 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Novanta by 5.7% during the fourth quarter. Bank of New York Mellon Corp now owns 174,676 shares of the technology company’s stock valued at $11,004,000 after acquiring an additional 9,450 shares in the last quarter. Citigroup Inc. raised its stake in shares of Novanta by 62.2% during the fourth quarter. Citigroup Inc. now owns 17,150 shares of the technology company’s stock valued at $1,080,000 after acquiring an additional 6,575 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Novanta by 38.9% during the fourth quarter. Stifel Financial Corp now owns 290,693 shares of the technology company’s stock valued at $18,313,000 after acquiring an additional 81,433 shares in the last quarter. 87.13% of the stock is owned by institutional investors.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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