Novanta (NASDAQ:NOVT) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.
Separately, Robert W. Baird began coverage on Novanta in a research report on Thursday, December 7th. They set an “outperform” rating and a $54.00 price objective for the company.
Shares of Novanta (NASDAQ NOVT) opened at $59.20 on Friday. The stock has a market capitalization of $2,047.85, a price-to-earnings ratio of 38.95 and a beta of 1.27. Novanta has a 12-month low of $22.10 and a 12-month high of $59.20. The company has a current ratio of 2.93, a quick ratio of 2.00 and a debt-to-equity ratio of 0.76.
In related news, Director Stephen W. Bershad sold 500,000 shares of Novanta stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the sale, the director now owns 1,711,648 shares of the company’s stock, valued at $89,947,102.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.30% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in NOVT. Royal Bank of Canada lifted its position in shares of Novanta by 111.7% in the second quarter. Royal Bank of Canada now owns 1,123,130 shares of the technology company’s stock worth $40,432,000 after buying an additional 592,541 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Novanta by 269.5% in the third quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock worth $19,913,000 after buying an additional 333,128 shares during the last quarter. Neuberger Berman Group LLC acquired a new stake in shares of Novanta in the third quarter worth about $13,819,000. Bamco Inc. NY acquired a new stake in shares of Novanta in the second quarter worth about $5,832,000. Finally, Schroder Investment Management Group acquired a new stake in shares of Novanta in the third quarter worth about $4,838,000. 79.00% of the stock is owned by institutional investors.
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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