Zacks: Analysts Set $60.00 Target Price for Novanta Inc (NOVT)
Novanta Inc (NASDAQ:NOVT) has been assigned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.
Brokers have set a 1-year consensus price target of $60.00 for the company and are predicting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 85 out of 255 based on the ratings given to related companies.
NOVT has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 19th. Zacks Investment Research lowered shares of Novanta from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, Robert W. Baird lowered shares of Novanta from an “outperform” rating to a “neutral” rating and set a $54.00 price objective on the stock. in a research note on Wednesday, May 9th.
Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Novanta had a net margin of 5.14% and a return on equity of 20.02%. The business had revenue of $150.40 million for the quarter, compared to analyst estimates of $147.26 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. The firm’s revenue was up 26.3% compared to the same quarter last year. equities research analysts anticipate that Novanta will post 1.99 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the business. Koch Industries Inc. acquired a new position in Novanta in the 1st quarter valued at approximately $333,000. Cavalier Investments LLC acquired a new position in Novanta in the 1st quarter valued at approximately $652,000. BlackRock Inc. increased its stake in Novanta by 1.4% in the 1st quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock valued at $106,792,000 after buying an additional 27,352 shares during the period. Fred Alger Management Inc. bought a new stake in Novanta in the second quarter worth approximately $2,788,000. Finally, Goldman Sachs Group Inc. grew its position in Novanta by 206.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 32,844 shares of the technology company’s stock worth $1,642,000 after acquiring an additional 22,138 shares in the last quarter. Hedge funds and other institutional investors own 84.28% of the company’s stock.
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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