Zacks Investment Research lowered shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report released on Wednesday morning, 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 Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, July 4th.

Shares of NOVT stock opened at $87.68 on Wednesday. The firm has a market cap of $3.07 billion, a PE ratio of 40.59 and a beta of 1.53. Novanta has a 52-week low of $55.68 and a 52-week high of $96.31. The company has a current ratio of 2.83, a quick ratio of 1.78 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $86.90.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $155.85 million. Novanta had a return on equity of 19.26% and a net margin of 7.92%. Novanta’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 EPS. As a group, research analysts expect that Novanta will post 2.41 EPS for the current year.

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

Several institutional investors have recently made changes to their positions in the business. Zions Bancorporation N.A. raised its holdings in shares of Novanta by 6.0% during the second quarter. Zions Bancorporation N.A. now owns 3,646 shares of the technology company’s stock valued at $344,000 after acquiring an additional 206 shares during the last quarter. Punch & Associates Investment Management Inc. raised its holdings in shares of Novanta by 1.9% during the first quarter. Punch & Associates Investment Management Inc. now owns 91,773 shares of the technology company’s stock valued at $7,776,000 after acquiring an additional 1,755 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of Novanta by 1.7% during the first quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock valued at $55,888,000 after acquiring an additional 11,278 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Novanta during the first quarter valued at approximately $286,000. Finally, Federated Investors Inc. PA raised its holdings in shares of Novanta by 31.8% during the first quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock valued at $13,557,000 after acquiring an additional 38,600 shares during the last quarter. 87.13% of the stock is owned by institutional investors and hedge funds.

Novanta Company Profile

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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